Space on the U.S. Supreme Court’s docket is a coveted commodity. With all the competition for its attention, the Court seldom hears tax cases.
To “sever” means to cut off or end. And in our society “severance” has come to mean the cutting off or ending of an employment relationship.
The term "tax shelter" is often used imprecisely. After all, seeking to take full advantage of tax deductions, tax credits and other provisions of tax law is a perfectly legitimate goal under the law.
When thinking about the consequences of failure to pay taxes, it is only natural to focus on the role of the IRS. After all, the IRS can seek to impose hefty tax penalties against taxpayers who don't pay up on time or work out an installment agreement or offer in compromise.
Charitable gifts are a wonderful expression of people's generosity. And to encourage people to be even more generous, there are tax deductions associated with such gifts. Many donors in South Florida are very familiar with these deductions.
Individuals across the country, including many in Miami, participate in the lottery. Whether it is a state-sponsored program or a nationwide one, lottery winnings are something that most people wouldn't turn down. In fact, the largest Powerball win ever recorded was in Florida.
Life is difficult, and there are certainly things that can get in the way of responsibility. When someone is struggling with something like depression or addiction, certain responsibilities no doubt seem like a less important issue. In some of these cases, one of those items that fall onto the back burner are taxes.
The tax community still awaits developments in the legal challenge to the authority of the IRS to impose additional regulations on professional tax preparers. As we discussed in our April 2 post, the agency’s attempt to extend testing and education requirements to all paid tax preparers remains on hold.