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Monthly Archives: February 2012
S CORP OFFICERS ARE EMPLOYEES: IF THEY PERFORM SERVICES, DISTRIBUTIONS WILL BE RE-CHARACTERIZED AS WAGES IN AMOUNT OF DETERMINED REASONABLE COMPENSATION
Yet another court has held that under the Federal Insurance Contributions Act (FICPA), an officer of an S Corporation is an employee and must be paid reasonable wages if he or she performs services. Distributions will be re-characterized as wages, … Continue reading
TAX COURT GETS LINGUISTICS LESSON ON PARSONAGE ALLOWANCE AND USE OF PHRASE “A HOME”
The Eleventh Circuit Court of Appeals in Commissioner of IRS v Philip A. Driscoll & Lynn B. Driscoll a.k.a. Donna L. Driscoll (NO. 11-12454 filed February 8, 2012), has reversed the U.S. Tax Court (Driscoll v. Commissioner, 135 T.C. 557 … Continue reading
Posted in TAX
Tagged MINISTERS TAX RETURN, Robert S. Steinberg, STATUTORY CONSTRUCTION
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DIVORCE CASE INVOLVING TAX ISSUES: MEDIATION VERSUS TRIAL
In no small sense every divorce matter is also a tax matter. Without considering tax consequences, a divorce lawyer cannot tell the client what value he or she will be receiving from the divorce settlement or judicial determination. Routinely, divorce … Continue reading
TAX TIPS FOR NEWLY DIVORCED OR MARRIED TAXPAYERS WITH NAME CHANGE
IRS TAX TIP 2012-23: The IRS released 5 tips for newly divorced or married taxpayers which are reproduced below: If you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to … Continue reading
Posted in COMPLIANCE, TAX
Tagged MARRIAGE OR DIVORCE, Robert S. Steinberg, TAX RETURNS
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INNOCENT SPOUSE CASE OF THE MONTH: WHAT WAS IRS THINKING?
The Innocent Spouse case of the month is Wickman v. Commissioner, T.C. Summary Opinion 2012-8 (January 25, 2012). This case was heard under the Small tax case procedures, elected by the petitioner under Section 7463, and may not be cited as … Continue reading
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