Decisions — Hindsight and afterthought

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In Greek mythology, Epimetheus was a Titan who lacked forethought, and had instead the gift, or curse, of hindsight and afterthought. In tax law, “recharacterization” plays a similar role.

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Decisions — Firing up the reasonable cause

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According to an old cartoon, to err is human, and subject to penalty. If you’ve erred on your taxes and incurred a penalty, one avenue of relief is reasonable cause.

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Decisions — Exceeding the limit

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In life, exceeding limits may be good advice. In tax law, generally not so much.

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Decisions — Collecting the money

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This is not a trick question: What sum would you rather receive, $4.8 million or $17.8 million?

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Definitions – Do you know IRAs?

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Given the year IRAs were introduced, you may have had access to these retirement accounts your entire working life. But how much do you really know about IRAs?

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Decisions – The substance of the form

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You may not give much thought to tax forms, especially today, when you likely turn to a computer screen instead of a piece of paper and the IRS no longer mails tax packages.

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Decisions — Powering down

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When you abandon business property and your adjusted basis is more than the amount you realize, you can generally claim an ordinary loss.

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Decisions — The character of the payment

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Character makes the person. Character matters in the tax code too.

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Decisions — Excepting debt

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Whatever value you assign to forgiveness, in the world of tax, forgiveness generally results in income, even though the taking on of debt usually has no tax consequences.

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Decisions — The business of advertising

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In 2004, after the World Trade Organization determined that then-current US export subsidies were prohibited under treaty, the US congress enacted section 199 of the internal revenue code as part of the American Jobs Creation Act.

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Useful Tax Law Links

US Tax Code- Cornell University Law School Legal Information Institute. Searchable.

http://uscode.house.gov/ - Office of the Law Revision Counsel. Searchable. Downloadable.

US Tax Court - TC Opinions, Memorandum Opinions, Summary Opinions. Searchable. Downloadable.

Treasury Regulations - Government Printing Office provides the Federal Tax Regulations. Searchable. Downloadable.

Other Official US Tax Guidance - US Internal Revenue Service. Searchable. Downloadable.

Useful Downloads by Taxing Lessons

Foreign Earned Income Exclusion - free PDF - Graphic of Internal Revenue Code Section 911

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