All too often, people don’t keep adequate records to demonstrate they are entitled to deduct travel expenses. The general rule from the Supreme Court is that deductions are a matter of legislative grace, and taxpayers must maintain sufficient records to substantiate the amounts of their income and entitlement to any deductions or credits claimed. So… Continue Reading
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Does Filing for Bankruptcy Really Give You Tax Relief?
Posted in Criminal Tax, Tax Court, Tax PlanningWhen times get desperate and tax liabilities pile up – filing for bankruptcy is an option many people consider. Taxes are “dischargable” in bankruptcy, but there are important rules you need to know. TIMING Taxes are only dischargable if they have reached a certain vintage. Here are the basic rules: More than three years must… Continue Reading
Expansion of IRS Innocent Spouse Relief
Posted in Tax Court, Tax Planning, Tax PracticeOn September 13th the IRS issued a new revenue procedure that significantly changes equitable innocent spouse relief. I wrote an article that was published Tuesday in the Texas Bar Association’s Texas Tax Lawyer . I have excerpted part of the article which discusses the significant changes. Change #1: Greater deference is given to the presence of… Continue Reading
Cuban Beats SEC, But Can He Deduct His $8 Million in Attorney Fees?
Posted in Tax Court, Tax PlanningDallas Mavericks team owner Mark Cuban had a big victory here in Dallas Wednesday. He was cleared of all charges of insider trading. The Dallas Morning News called it a “slam-dunk victory.” This article by Natalie Posgate and Mark Curriden is a well written summary of the matter. Cuban had been involved in a nine-year… Continue Reading
How to Shift the Burden of Proof to the IRS
Posted in Tax CourtA common misperception for clients is that in Tax Court the IRS has the burden of proof to demonstrate that the changes they propose are correct. Not so. Unlike in the criminal arena where the Government has to prove “beyond a reasonable doubt” every element of a charged offense – in tax proceedings in the… Continue Reading