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...
by apexcpas | Jul 4, 2018 | Tax Planning
Tonda Dickerson was one lucky waitress – at least until she got to Tax Court. One day in 1999, while Dickerson was working at a Waffle House restaurant, a regular customer gave her a lottery ticket. Unbeknownst to both the customer and Dickerson, the numbers on...
by apexcpas | Jul 4, 2018 | Tax Planning
If you know people who might not file their returns because they don’t have the money to pay the tax, the IRS may offer them some assistance. The IRS has expanded its so-called Fresh Start initiative to help financially distressed taxpayers by providing...