Monthly Archives: July 2011

WALKING ON THE DEBT CEILING –

Posted on July 28, 2011 by taxpenaltylawyer

POLITICS OR REAL NECESSITY Since 1980 the federal debt ceiling has been increased from $706 billion to $13,529 trillion. These debt ceiling increases correspond with federal debt levels.  Of that increase, 16 debt ceiling increases totaling $3,361 trillion occurred during … Continue reading →

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IRS REVERSES POSITION: ALLOWS MORE TIME FOR SPOUSE TO CLAIM EQUITABLE RELIEF

Posted on July 26, 2011 by taxpenaltylawyer

Congress added section 6015 to the Code, to provide three escape hatches from the normal “joint and several liability” imposed on a joint return filers.  Section 6015(b) provides innocent spouse relief to married or divorced spouses who qualify and Section … Continue reading →

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GUESS? WHAT, NO RIGHT TO AUDIT?

Posted on July 8, 2011 by taxpenaltylawyer

Georges Marciano founder of the clothing brand Guess? should have guessed that he was barking up the wrong tree by suing IRS in U.S. District Court seeking declaratory and injunctive relief and a writ of mandamus, “to compel the IRS to provide him … Continue reading →

Posted in AMENDED RETURNS, AUDITS, TAX, Uncategorized | 1 Comment

WHERE HAVE ALL THE WISE MEN GONE?

Posted on July 6, 2011 by taxpenaltylawyer

GREATNESS IN AMERICANS I had recently watched the movie “1776” a musical rendering of the hard work and compromise that preceded signing of our Declaration of Independence.” Reading the latest grim news about the debt ceiling stalemate, I started thinking … Continue reading →

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ANOTHER “HE SAID, SHE SAID” INNOCENT SPOUSE DISPUTE

Posted on July 5, 2011 by taxpenaltylawyer

The Tax Court is becoming a continuation forum for divorce disputes that often  leapfrog from one court to another until tempers eventually burn out or the former spouses run out of money.  In Richard v. Commissioner, T.C. Memo. 2011-144 (June 27, 2011) the … Continue reading →

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COMPLICATING YOUR TAX LIFE

Posted on July 1, 2011 by taxpenaltylawyer

Steinberg Talks Tax (TM) Vol. 4, No. 6, August 1, 2010 (www.steinbergtaxlaw.com) admonished taxpayers to avoid certain investments and strategies that unduly complicate one’s tax life.  Among those I had suggested to avoid were foreign bank accounts, even if reported, ETF … Continue reading →

Posted in COMPLIANCE, TAX, Uncategorized | Leave a comment