ARTICLES

Wedding season is right around the corner. So, newlyweds and soon-to-be married couples need to think about their taxes - yes, really! For those who are recently married and others planning their nuptials, taxes are probably not high on your list...

Well-known criminal defense attorney F. Lee Bailey recently represented himself in a case before the Tax Court. The court concluded, in a 143-page opinion (F. Lee Bailey v. Commissioner, T.C. Memo 2012-96, April 2, 2012), that Bailey: Failed to...

A recent Tax Court decision serves as a reminder that refundable deposits are not deductible as a business expense as long as the payor has a right to recover the deposit. The case (Ernest N. Zweifel v. Commissioner, T.C. Memo 2012-93, March 28,...

Parents' involvement in their children's activities is usually good. But they shouldn't expect the IRS to consider it a legitimate part of their business. Many parents support their children by attending concerts, plays, sporting events and other...

A recent ruling deals with a married couple who became victims of a Ponzi scheme by investing with a fund manager - not directly with the perpetrator of the fraud. The IRS ruled in 2009 that investors who lost money in Bernard Madoff's Ponzi scheme...

Now that you have filed your tax return, and before you put away your tax files for another year, it's a good idea to check your withholding for 2012 - especially if you expect a large refund or owe a lot of tax. Neither getting a big tax refund...

With the tax return deadline rapidly approaching, you still have time to make a 2011 contribution to an IRA. While you might choose to contribute to a Roth IRA because of the future tax savings available, a contribution to a traditional IRA may...

In a new revenue procedure, the IRS has issued the annual tables for the depreciation deductions available to owners of passenger automobiles, trucks and vans first placed in service during calendar year 2012. For passenger automobiles, the...

A recent decision of the Tax Court demonstrates a tax risk sometimes encountered by employees of enterprises that have the potential for becoming financially unstable. This case (Patrick J. Sheedy and Karen J. Sheedy v. Commissioner, T.C. Memo...

Paul DiMundo set up a corporation in 2002, had all of the shares issued to a custodial Roth IRA account and had the corporation elect to be taxed as an S corporation. An S corporation is generally not subject to tax. Instead, the income of the S...

The message of a recent survey seems to be: Don't get caught littering. Forbes magazine reports that the Shelton Group, a green marketing firm based in Knoxville, Tenn., had 1,105 Americans complete online surveys in an effort to find out what...

Judge Robert A. Wherry, Jr., took a novel approach when outlining the facts of a recent Tax Court case involving a waitress who received a winning lottery ticket from a customer. The facts of the case (Tonda L. Dickerson v. Commissioner, TC Memo...