Tag Archives: Tax Court

2014 Tax Tip #5 – Payments from an LLC

The Tax Court has stated that disbursements, or payments, from an LLC taxed as a partnership to its primary owner were considered guaranteed payments.  Guaranteed payments are subject to self-employment taxes.  If you need tax assistance, contact our office at … Continue reading

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2014 Tax Tip #1 – IRA Rollovers

The Tax Court has ruled that a taxpayer is limited to one IRA rollover for all IRA accounts.  This rule takes effect in 2015.  If you have a tax situation that needs fixing, contact our office for assistance at 816-524-4949.

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Frivolous Arguments

Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims to avoid paying the taxes they owe. The IRS has a list of frivolous tax arguments that taxpayers should avoid. These arguments are wrong and have been thrown … Continue reading

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A warning for real estate professionals who have short term rentals

Time spent on those activities won’t help them beat the passive loss rules, the Tax Court says. Real estate pros who spend over 50% of their working hours and 750 or more hours a year materially participating in real estate … Continue reading

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