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William F. Murphy, CPA/PFS, ABV, CFF, CGMA 
The Tax Advisor- Corporate Transparency Act, source of BOI reporting mandate, held constitutional
- Even an expert says: Digital asset reporting creates headaches
- IRS clarifies health savings account changes in H.R. 1 in new notice
- PTEs need more notice of changes, more time to respond, AICPA says
- Government withdraws defense of retirement fiduciary rule
- The NTA Blog
- Santa, Please Remember Taxpayers This Holiday Season
- National Taxpayer Advocate Erin M. Collins Recognized as a Standout Leader in Accounting Today’s Top 100
- Use caution when paying or receiving payments from friends or family members using cash payment apps
- Filing a Petition with the United States Tax Court
- Giving Tuesday: Giving Back and Staying Tax Smart
Monthly Archives: October 2020
WATCH OUT FOR THIS NEW DECISION ON IRA DISTRIBUTIONS FOR DISABLED SPOUSE OF IRA OWNER. YOU COULD BE SUBJECT TO A 10% ADDITIONAL TAX PENALTY.
The summary Tax Court opinion in the Merrell, TC Summary Opinion 2020-5 (https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=12156) ruled that the ten percent penalty on early withdrawal from an IRA applies when the withdrawal was on account of the disability of the spouse rather than … Continue reading
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Sound Familiar…The Ninth Circuit Court of Appeals challenged S Corp shareholders basis on the grounds it had insufficient basis to deduct loss !!
The Ninth Circuit Court of Appeals has held that S corporation shareholders had insufficient basis to deduct their claimed loss in the Messina Case. http://cdn.ca9.uscourts.gov/datastore/memoranda/2019/12/27/18-70186.pdf An ongoing theme with tax court cases this year seems to focus on whether our … Continue reading
Posted in Tax Blog
Comments Off on Sound Familiar…The Ninth Circuit Court of Appeals challenged S Corp shareholders basis on the grounds it had insufficient basis to deduct loss !!