Tax Insights

With so much going on in the world today it seems that a disaster could strike without warning at a moments notice.  Of course the best possible way to suffer the least effects from a disaster is to be prepared for one.  This takes time and careful planning.  Planning what to do when a disaster [...]

The Internal Revenue Service has done it again.  And yes, sometimes, it does appear as if they are really out to get you.
The latest is the reporting of uncertain tax positions.  The IRS has released a draft schedule and instructions under which certain business taxpayers (currently this is aimed at entities formed as “C” corporations [...]

I recently attended a breakfast during which Wesley Scott, with the Office of Chief, Estate and Gift Tax Program at the Internal Revenue Service spoke on this topic.  He began his presentation by noting that he could not comment on what’s happening with the legislature because he is part of the executive branch.  The IRS [...]

The other day, the subject of billing came up during a lunch with a colleague and two attorneys.  My colleague remarked that her clients do not want to pay for research.  One of her clients told her he should not have to pay for research that someone needs to learn.
According to the October 12, 2009 [...]

Besides the emotional and financial strains associated with a divorce, the parties to a divorce in a community property state, such as Arizona, can face certain income tax issues.
Recently, one of our clients (spouse A and spouse B) had a divorce that was finalized in the middle of the year. Once the marriage was terminated [...]

Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.
No one pays federal income tax on more than 85 [...]

For owners of real estate, a Cost Segregation study can increase the cash flow from the property by accelerating depreciation deductions. How does it work? A Cost Segregation study is the process of analyzing the cost components of a real estate project and classifying these costs for depreciation purposes as personal property, land improvements or [...]

Last month, Donna Laubscher blogged about the changes in her household with her daughter going off to college. I am going to flash forward 4 years and talk about the changes in my household after our son graduated from college.
With our daughter already off to college, my wife & I were enjoying the empty nest [...]

Automobile logs and other recordkeeping requirements are tedious. There is no getting around this. If you actually keep a log in your car, you need to remember to write down the mileage before you start to drive as well as when you get to your destination. And then subtract the difference.
Of course in order to [...]

Have you ever been tempted to reach into the tip jar at your local coffee house and pluck out a couple of bucks when no one is looking? Be honest! Well, the IRS is no different. Actually, how the tips in the jar might be taxed is dictated by who controls the jar and its [...]