Benchmarks: IRS rejects attorney’s ‘self-generated’ records 
Published: July 24, 2012
Tags: business expense deduction, income tax, Internal Revenue Code, tax deduction, taxation
You’d think a lawyer of all people would appreciate the necessity of properly documenting his expenses when claiming a business deduction on his federal income taxes.
But one Wisconsin attorney has come to grief after making the mistake of relying on “self-generated” records to substantiate the expenses for his solo practice.
Non-compliant plan is exempt in bankruptcy
Published: April 27, 2012
Tags: Chapter 7, Internal Revenue Code, Keough retirement plan, retirement plan
A retirement plan that was not technically “tax qualified” under federal law is exempt from the taxpayer’s bankruptcy estate, the 10th Circuit has ruled in applying Utah law.
IRS eases rule making injury awards non-taxable
Published: February 7, 2012
Tags: gross income, Internal Revenue Code, Internal Revenue Service, IRS, Small Business Job Protection Act, tax on damages, taxation
Awards for physical injuries are no longer required to be derived from a vindication of “tort” rights in order to qualify for exclusion from a taxpayer’s gross income, according to a recent rule amendment issued by the Internal Revenue Service.
Non-compliant plan may be exempt in bankruptcy
Published: December 28, 2011
Tags: Chapter 7, Internal Revenue Code, Keough retirement plan, retirement plan, taxation
A retirement plan that was not technically “tax qualified” under federal law may still be exempt from the taxpayer’s bankruptcy estate, the Utah Supreme Court has ruled in answering a certified question from a U.S. District Court.
