Guest Article
All Articles / Guest Article

Redefining Your Financial Outlook for Greater Life Success
Guest Post

Redefining Your Financial Outlook for Greater Life Success Guest Writer:  Michael Longsdon of ElderFreedom.net* It's a powerful realization that our financial success is deeply intertwined with our money mindset. This article will guide you through the steps to rewire your perception of money and to redefine your financial outlook, opening up new possibilities for overall life success. By shifting your mindset and embracing a healthier relationship with money, you can unlock greater abundance and financial freedom. Take control of your financial future and start creating the life you've always envisioned. Unmask Financial Misconceptions Embarking on this transformation begins with identifying and challenging the negative beliefs about money that are holding you back. These could range from "money is evil" to "wealth isn't in my destiny." Replace these disempowering notions with positive affirmations that align with your aspirations. Remember, you have the power to shape your financial future. Start today and take control…

0 Comments
November 28, 2023
Estate Tax Issues
All Articles / Estate Tax Issues / Tax Articles

Can an Estate’s Creditor Compel a Florida Personal Representative to Produce an Estate Tax Return in a Probate Proceeding?

In this article, we examine whether an estate's creditor may compel a Florida personal representative to produce an estate tax return in a probate proceeding. On Hilda’s Passing & Packers’ Tickets When your Great-Aunt Hilda died, Uncle Bill was appointed as her co-personal representative along with Hilda’s long-time paramour, Wilhelm Müller, a “special friend” of Hilda’s from back in the hinterland. We discussed some of Uncle Bill’s potential issues in previous articles including “Nonqualified Disclaimers to a Charity as a Planning Technique” and “Deducting Charitable Contributions from a Trust that Does not Permit Charitable Contributions.” When Hilda was on her deathbed, she confided in Bill (who, in turn, confided in you) that she took great personal solace in the fact that once she cashed in her life’s chips, went to meet her maker, and gave up the proverbial ghost, the substantial gambling debts she had accrued over the years—oh, how…

0 Comments
October 16, 2023
Guest Article
All Articles / Business Related Issues / Tax Articles

Ultimate Guide to Managing Business Finances for Entrepreneurs
Guest Post

Guest Writer:  Michael Longsdon of ElderFreedom.net* As an entrepreneur, managing the finances of your business can be a daunting task, which is why this Guide to Managing Business Finances for Entrepreneurs was created. It is not uncommon to feel overwhelmed, especially if you lack experience in finance. However, good financial management is essential to keep your business afloat and thriving. Below are some tips to help entrepreneurs struggling with business finances. Easier Payment Processes One of the biggest challenges faced by entrepreneurs is getting paid. Payment processing can be a tedious process, taking up time that could be spent on more productive activities. Thankfully, there are payment processing solutions that can make payment acceptance and processing easier than ever. Today, there are many payment processing systems available that offer different features and benefits. These payment systems are easy to set up and integrate into your existing systems, saving you time…

0 Comments
June 26, 2023
Procedural Issues
Memorandum Opinions / Procedural Issues / Tax Opinions

Norberg v. Commissioner
T.C. Memo. 2022-30

On April 5, 2022, the Tax Court issued a Memorandum Opinion in the case of Norberg v. Commissioner (T.C. Memo. 2022-30). The primary issue presented in Norberg v. Commissioner was whether the settlement officer abused its discretion in upholding a notice of intent to levy and denying the petitioners’ request to be placed in currently not collectible status (despite having the ability to make payments). Held:  Background to Norberg v. Commissioner In February 2019, the petitioners filed a delinquent Federal income tax return for 2016. That return reported a tax liability of $42,000. The petitioners did not enclose full payment with the return, and as of September 2019, their outstanding liability for 2016 was about $9,200. In September 2019, in an effort to collect this liability, the IRS issued a levy notice to the petitioners, and they timely requested a CDP hearing. They expressed interest in a collection alternative, checking…

0 Comments
January 24, 2023
Income Tax Issues
Income Tax Issues / Memorandum Opinions / Tax Opinions

Salter v. Commissioner
T.C. Memo. 2022-29

On April 5, 2022, the Tax Court issued a Memorandum Opinion in the case of Salter v. Commissioner (T.C. Memo. 2022-29). The primary issues presented in Salter v. Commissioner were (i) whether the Code section providing exception from imposition of additional tax resulting from early distribution from retirement plan applied; and (ii) whether the taxpayer was entitled to itemized deductions when he failed to file a return, and the IRS filed a substitute for return on his behalf. Held: Nope on both counts, Shawn. Background to Salter v. Commissioner The IRS issued a notice of deficiency for 2013 to the petitioner after he failed to file a Federal income tax return for that year. He did not dispute the items of gross income shown in the notice of deficiency. However, he did dispute his entitlement to itemized deductions, the computation of an IRC § 72(t) additional tax for an early…

0 Comments
November 23, 2022
Penalties Under the Code
Memorandum Opinions / Penalties Under the Code / Tax Opinions

Middleton v. Commissioner
T.C. Memo. 2022-28

On April 4, 2022, the Tax Court issued a Memorandum Opinion in the case of Middleton v. Commissioner (T.C. Memo. 2022-28). The primary issues presented in Middleton v. Commissioner were (i) whether the taxpayer could challenge the Trust Fund Recovery Penalty at his CDP hearing; and (ii) whether the taxpayer established that he was not “responsible person” for collecting, accounting for, and paying over employees’ income and employment taxes. Background to Middleton v. Commissioner In March 2007, Lineation Marketing Co. (Lineation) was organized and registered with the California secretary of state. Lineation provided roadway striping and signage. The petitioner was the responsible managing officer for Lineation during the relevant tax periods. Bank records show that the petitioner opened a checking account for Lineation in December 2012, and a savings account in September 2013. He was the only signer on the bank accounts. In November 2015, a revenue officer interviewed the…

0 Comments
November 22, 2022
Income Tax Issues
Income Tax Issues / Memorandum Opinions / Tax Opinions

Villanueva v. Commissioner
T.C. Memo. 2022-27

On March 31, 2022, the Tax Court issued a Memorandum Opinion in the case of Villanueva v. Commissioner (T.C. Memo. 2022-27). The primary issue presented in Villanueva v. Commissioner was whether the petitioner was entitled to a net operating loss deduction. Held: Sorry, Edgardo, not today. Background to Villanueva v. Commissioner The IRS determined deficiencies against the petitioner for 2013 and 2014 of $61,832 and $90,408, respectively, and an IRC § 6662(a) accuracy-related penalty and an IRC § 6651(a)(1) addition to tax for failure to timely file a return for each year. The petitioner had his 2013 tax return prepared by an enrolled agent, who also assisted petitioner with the audit of his 2013 and 2014 tax returns. Strike one, Edgardo. The petitioner reported a loss of $112,357 on Form 4797, Sales of Business Property, attached to his 2013 return, from the disposition of a condominium in Newport Beach, California…

0 Comments
November 21, 2022