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How to Cope With IRS Collapse
“Backlogs, Job Holes Plague IRS in Tax Season After DOGE Cuts” “Trump’s promise to modernize the IRS hasn’t materialized.” “We’re just not able to provide timely service to people” These were just three of the points Bloomberg Tax reported yesterday on the dismal state of the IRS. It is more important than ever before for…
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Changes Ahead for the Self-represented in Tax Court
More than three-quarters of tax court’s cases are pro se. These self-represented taxpayers are highly unlikely to be successful. Over half of these cases are dismissed during the pre-trial administrative process. If the case makes it to trial, only about one in ten of these taxpayers. In practicality, 99 percent of tax disputes resolve without…
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Salary for day traders
I had conversations with two day traders today who were relying on articles stating that some traders take a salary from their corporate trading entities. There was no tax problem here but I just felt that it was important to distinguish between tax fact and opinion before delving into tax planning. I pointed out that…