I recently posted about the circumstances under which Social Security benefits are taxable. A couple from Georgia recently lost a Tax Court case where they tried to argue that their Social Security benefits should not be taxable because the amounts they paid into Social Security had already been taxed. They made this argument even though their other […]
If you gamble a lot — like purchasing several-hundred-thousand dollars of chips during the year, the IRS might get suspicious if you report income that seems unusually low. Casinos are required to file “currency transaction reports” (CTR) with the IRS whenever someone purchases or redeems more than $10,000 worth of chips during a 24-hour period. […]
Taxpayers who bought their first home in part of 2008, 2009 and part of 2010 may have been eligible for the First-Time Homebuyer Credit — but not if the home was purchased from a relative. The Tax Court recently ruled that this is true even if the IRS forms and publications may not have included […]
The Dinesen Tax Times has been providing a series of articles about charitable contributions this month. A recent Tax Court case fits in nicely with that series of articles. The Tax Court case involved a couple (a Mr. and Mrs. Murphy) from California who had more than $27,000 of charitable contributions disallowed by the IRS […]
If you’re a regular visitor to The Dinesen Tax Times, you know that I like to chronicle the cases that appear in front of the U.S. Tax Court, and the more bizarre, the better. I ran across a case Wednesday that I think is certainly strange. The case involved a California woman named Sharon Griffin who lost […]
A couple from Carroll face a large amount of taxes and penalties after they lost a Tax Court case yesterday. The case involved transactions between three companies owned by the couple. The Tax Court issued a dense, 87-page ruling in which they determined that certain transactions between the three companies lacked “economic substance” and were mainly […]
Two lawsuits have been filed this week which challenge the Federal Defense of Marriage Act of 1996 (DOMA). DOMA defines marriage, for federal government purposes, as being ONLY between a man and a woman. As we have blogged about before at the Dinesen Tax Times, this creates unique headaches for same-sex couples who are legally married under […]
The Eighth Circuit Court of Appeals last week upheld the conviction of a man from Dallas County, Iowa, on tax-evasion charges. Richard Rosenquist faces a 51-month prison sentence. The indictment against Rosenquist accused him of concealing assets from the IRS, filing false tax returns for several years, and faling to file a tax retrn for 2003.