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Disallowing Deductions. According to the United States Tax Court (Docket No. 329-19S) the IRS disallowed all deductions in the following circumstances. Facts of the case:…
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On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is…
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Tatiana Loughman, EA, ChE
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the…
Read MoreTaxability of Social Security Benefits. By Tatiana Loughman, EA (888) 786-9829 Docket No. 13970-19 December 6, 2021 US Tax Court petitioner resided in Colorado and filed her petition with the court in order to issue…
The IRS will send Letter 6419 (information letters) to taxpayers in 2022 with the total amount of advance CTC they received. To claim the third recovery/stimulus credit (if you have not received it), you'll need to submit a 2021 tax…
Disallowing Deductions. According to the United States Tax Court (Docket No. 329-19S) the IRS disallowed all deductions in the following circumstances. Facts of the case: The petitioner was stationed at Fort Sam Houston in San…
Source: https://www.irs.gov/individuals/itin-expiration-faqs You can renew your ITIN if it has expired when you file your tax return. You must send a completed Form W-7, Application for IRS Individual Taxpayer Identification Number, along with your U.S.…
When a husband says, “We are partners,” what does he REALLY mean? According to the United States Tax Court opinion (Docket No. 10417-18), on December 9th, 2021, a married (later divorced) couple got in trouble…
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the…
According to www.justice.gov, a Florida man has pleaded guilty to promoting a nationwide tax fraud scheme and $14.6 million in fraudulent tax refund claims with the IRS. He conspired to defraud the US government and…
Investment Strategy. Options. Important. This post is NOT investment advice. Investments in Etrade options are NOT FDIC-insured and may lose value all the way to $0. Buying puts/shorting a stock has severe or unlimited risks. Day…
IRS tax forms change all the time. The most beneficial way to find the latest forms is: IRS.gov/latestforms IRS.gov/allforms IRS.gov/draftforms IRS.gov/formchanges IRS.gov/formsupdates Sometimes forms are not updated by the April 15th. You can view a…
What's new in 2020 tax? Let's recap 2020 deductions from adjusted gross income: jury duty 199A deduction capital losses unemployment benefits repayments foreign housing (limitations applies) unreimbursed travel expenses (National Guards and Reserve members) certain…
