by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has concluded that a manufacturer was able to deduct chargeback reimbursements it made to its wholesalers and distributors. The IRS said the manufacturer met the “all events test” and further concluded that the recurring-item exception to the...
by apexcpas | Jul 4, 2018 | Tax Planning
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 of priorities....
by apexcpas | Jul 4, 2018 | Tax Planning
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 report all of his...
by apexcpas | Jul 4, 2018 | Tax Planning
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, 2012) involved a bail...
by apexcpas | Jul 4, 2018 | Tax Planning
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...