Author Archives: William Murphy

About William Murphy

William F. Murphy is the owner of Murphy Financial Group, P.C. The firm emphasizes in providing tax consulting and financial planning services to corporations, professional practices and individuals. He also provides consultation services on tax and financial planning issues to various news and publishing organizations on current tax law changes occurring within federal and state government. He is also the author of the “Murphy Minute” that is syndicated through various news organizations. Mr. Murphy is also associated with the law firm of Mallor Grodner LLP. The firm has offices in both Indianapolis and Bloomington Indiana. He assists in providing tax, valuation and financial analysis services focusing in the areas of Family law and business tax planning. https://www.linkedin.com/in/william-f-murphy-cpa-pfs-abv-cff-cgma-b38aa713/.

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.

Posted on October 20, 2020 by William Murphy

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 !!

Posted on October 20, 2020 by William Murphy

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 →

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SUSPENDED INSTALLMENT PAYMENTS TO THE IRS ARE BEING REVIEWED AND UPDATED

Posted on July 28, 2020 by William Murphy

If your clients have installment agreements with the  IRS be aware that IRS is updating  their criteria   on which it provides answers to taxpayers with existing installment agreements. The suspension through July 15, 2020 of due dates under those agreements … Continue reading →

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