by Leif Jensen | Feb 19, 2024 | Tax Court |
I thought this case was amusing. A cat rescue group doesn’t qualify as a tax-exempt agricultural organization, per the IRS in a private ruling. The group was formed to house and rescue cats that come from an animal shelter. It also runs a cat café, in which it charges...
by Leif Jensen | Feb 14, 2024 | Tax Court |
Recovering attorney fees after beating the IRS in court isn’t the easiest of tasks. Taxpayers can recover their legal costs if they substantially prevail on the issues, unless the government shows that its litigation position was substantially justified. They also...
by Leif Jensen | Feb 12, 2024 | General |
In 2024 the Annual Gift exclusion increases to $18,000 per done, so mom and dad can give $36,000 to a child to buy their first home with no gift tax consequences. Also it has no impact on your lifetime estate and gift tax exemption or filing a gift tax return. Annual...
by Leif Jensen | Feb 7, 2024 | Money Management |
I have a client that at one time tried this trick a couple times within a year. I do not recommend it, this is a cautionary tale. The client borrowed money from their traditional IRA. Normal withdrawal with no exceptions, if not rolled over into a new account within...
by Leif Jensen | Feb 5, 2024 | Retirement |
There is a trick available to those who are not eligible to make a Roth contribution for whatever reason. I strongly recommend that you use a financial advisor to assist with this trick. It starts by making a contribution that is nondeductible to your IRA, you can see...
