Got a beef with the IRS? Want to fight the penalty they assessed? Then you need to rely on “authority” to come out a winner. I explained this in an article last month titled “Arguing with the IRS: You Need Tax Authority (Part 1)". In this issue I’ll explain the role of the courts when you take on Uncle Sam, and how they can help you beat the IRS. If you feel you’ve … [Read more...]
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How to win a dispute with the IRS (Part 1)
The IRS is not always right. And when the IRS wants you to pay taxes you really don’t owe, or tries to assess a penalty you feel is undeserved, you don’t have to cave. You can fight. But to win a dispute with the IRS, you need to base your arguments on “substantial authority.” There are three types of substantial authority you can call upon to come out a winner: … [Read more...]
Want to survive an IRS audit? Know the law!
Usually, in a tax audit, you’re discussing facts, not the law. If the IRS auditor questions your deductions, you prove the facts with receipts, canceled checks, log books, etc. But once you get into matters of law, not matters of fact, you need a lot more information. That’s where my new article comes in. It will show you how to use the law, court rulings, and IRS documents … [Read more...]
How to get a tax deduction for your vacation home
Good news! Under IRS rules, your vacation home can avoid the dreaded “entertainment facility” disallowance rules. But you have to know exactly how to meet the law’s detailed requirements. In Part 4 of this series on entertainment-facilities, you’ll learn how to use the business-meeting and overnight-lodging rules to turn your cozy vacation home into a cozy tax-deductible … [Read more...]
Using your personal car for S corporation business
Here are four questions every S corporation business-owner needs to answer: Question #1: Is the vehicle you use for your S corporation business titled in your name? Question #2: Is the vehicle your spouse drives titled in her/his name? Question #3: Does your spouse use her/his personal vehicle for S corporation business? Question #4: If your vehicles are titled in your … [Read more...]