IRS rules that pregnancy qualifies for special tax break.

Posted by on Jul 18, 2016 in Blog | 0 comments

Federal tax law allows a married couple to exclude from income up to 500,000  in gain on the sale of their principal residence as long as they have lived in the residence at least two full years.  A partial exclusion is also available if the home is owned for less than two years, but was sold due to “unforeseen circumstances”.  In PLR 201628002 the IRS agrees that an unplanned pregnancy qualifies as an unforeseen circumstance...

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Judge holds IRS accountable for their mistake.

Posted by on Jul 11, 2016 in Blog | 0 comments

It’s refreshing to see someone in government held accountable for their mistakes.  David Buffano won a recent tax court case against the IRS and got his tax bill eliminated because the IRS failed to assess the tax correctly.  Even though the IRS had failed to file a Statutory Notice of Deficiency against the client which is required by law, they still tried to collect the tax.  That is, until the tax court judge stopped them....

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