Russell, Glover, P.A. - Untitled 7

Overly Aggressive Tax Planning Strategies

The Internal Revenue Service enforces existing tax laws against not only listed tax shelter transactions but also against all tax planning strategies they consider overly aggressive. In the recent resolution of a dispute with two corporate...

Offers in Compromise

In certain situations, the Internal Revenue Service may be willing to accept less than the full amount owed by a taxpayer for federal income taxes. The IRS is willing to compromise with a taxpayer under four circumstances: first, there is...

Partnership Tax Year

Usual Partnership Tax Year

Generally, a partnership is required to use the same tax year as a majority of its owners. If one or more of the partners having the same tax year owns a majority interest in the...

Expenses of Producing Income

If you hold property for the production of income, you know that these investments generate not only income but also expenses. Fortunately, the Internal Revenue Code permits you to deduct those expenses (with certain limitations) if they are...

Veterans' Organizations Exempt under IRC 501c19

Prior to the enactment of Internal Revenue Code Section 501(c)(19) in 1972, war veterans' organizations were grouped together with all other veterans' organizations and recognized as tax-exempt under the social welfare and social club sections of...