One of the most illusive deduction on a tax return is Casualty Loss deduction. Whenever client tells me that he / she had a casualty loss last year – all the system alerts goes up and on. And for a reason. One of the most illusive hurdle that needs to be […]

Duty of Consistency Required Taxpayers to Adhere to Improper Accounting The Tax Court determined that a calendar year S corporation could not exclude from income for the year at issue checks that were received in the prior year but not deposited or reported until the following year. Although the court, the […]

Rollover Requirement Not Waived Where Taxpayer Used IRA Funds as Short-Term Loan The IRS declined to waive the 60-day rollover requirement for a distribution a taxpayer took from her IRA. The taxpayer had used the funds to purchase her daughter’s home in order to avert its foreclosure and intended to sell […]