What Affects OIC
On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appeals abused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court found no abuse of…
Category: Assets
Disallowing Deductions.
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…
IRS’ application of petitioner’s remittance after the tax liabilities has been assessed constituted a payment of that tax liability.
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…
Business Assets
Assets are?resources or things of value that are owned by a company. When making assertions about an asset, management needs to remember several key points: Existence-Check depreciation and anything else related to the claimed asset…
Inventory
How Cost of Gods Sold Affects Income & Tax Bracket An increase in the Beginning Inventory decreases?income for the year. An increase in the Ending Inventory increases?income for the year. An increase in Beginning Inventory…
Foreigners Investing in US Real Estate
Common errors investors make: Realtors are usually not familiar with tax requirements regarding foreigners. When a foreigner is looking to invest in Real estate in the US, the first thing I notice is that the…
Tax Implications When Foreigners Investing In Real Estate in the US
Tax Implications When Foreigners Investing In Real Estate in the US The tax would be reported to the US because the property is located in the US. Under the treaty, it states ARTICLE 6 Income…
