by Leif Jensen | Nov 6, 2023 | Tax Court |
A tax-saving rent scheme backfires on the three owners of an S corporation. Each man owned one-third of a firm that operated fitness center franchises. The S corp didn’t have a central office, but instead paid rent to each shareholder for use of their personal...
by Leif Jensen | Nov 1, 2023 | Tax Court |
A canceled debt of a single-member LLC is taxable COD income to its owner. A man wholly ,owned an LLC that was disregarded for federal tax purposes. The LLC borrowed money from a bank but didn’t repay it. Eight years later, the bank sent Form 1099-C to the LLC,...
by Leif Jensen | Oct 31, 2023 | Rant |
Looking into the history of Halloween, it figures that it stems from my people and their superstitious beliefs. Yes, I believe that my Irish relatives still believe in most of the ancient superstitions. Weddings and funerals have people making strange gestures and...
by Leif Jensen | Oct 26, 2023 | Taxes |
The IRS has issued guidance on staking rewards in July. When one stakes crypto native to a proof-of-stake blockchain and receives additional crypto units or tokens as validation rewards, the fair market value of those token awards is gross income in the year the...
by Leif Jensen | Oct 23, 2023 | Tax Court |
The courts do not determine when and how to tax staking rewards. Bad news for a man who was asking a court to rule on the taxation of staking rewards. A court tosses his case. He filed a refund claim alleging that token rewards he got from staking cryptocurrency are...
