by apexcpas | Jul 4, 2018 | Tax Planning
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 2012-69, March 14, 2012)...
by apexcpas | Jul 4, 2018 | Tax Planning
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 corporation is taxed...
by apexcpas | Jul 4, 2018 | Tax Planning
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 kind of...
by apexcpas | Jul 4, 2018 | Tax Planning
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 2012-60, March 6,...
by apexcpas | Jul 4, 2018 | Tax Planning
A case brought before a federal district court this month once again demonstrated the perils faced by anyone who becomes involved in running a financially distressed company. The court concluded that the volunteer chairman of the board of a tax-exempt organization was...