In the 1980s, nineteen–year–old Kevin Cross got a job working as an accountant for Nick Navarro, one of the most powerful and influential sheriffs in the country. Kevin and his friend Paul, a teller at a local bank, hatch an intricate scheme to steal hundreds of thousands of dollars from the famous lawman. Their plan works to perfection until the Mafia catches wind and threatens to kill them unless they embezzle more. Kevin and Paul must find a way to pay off the mob, cover their tracks, and balance their chaotic lives.

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So, Your Client Owes the IRS?

“I owe the Internal Revenue Service. Where am I going to get the money to pay?” You may have heard a client tell you this. As their adviser, you should know what to do next.

There are essentially five options that the practitioner must analyze to determine which is the best choice for the client and often more importantly permissible by the Internal Revenue Service (“Service”).

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IRC Section 199A: An Opportunity or a Threat?

It’s the opening to a “A Tale of Two Cities,” but Charles Dickens might have uttered these famous words about Internal Revenue Code (IRC)

Section (§) 199A. Deduction limitations and phaseouts (such as W-2 wages and unadjusted basis of qualified property), coupled with the fact this deduction is easy to overlook, means without  nowledgeable income tax planning and execution, one can miss out on a whole lot of moolah. There is a magical percentage in which one’s W-2 wages and qualified business income limitations are identical, allowing one to achieve tax nirvana and avoid the Hades of tax regret.

The President vs. A “Learned Hand”

Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.
Gregory v. Helvering, 69 F.2d 809, 810 (2d Cir. 1934)

Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.
Commissioner v. Newman, 159 F.2d 848, 851 (2d Cir. 1947) – dissenting opinion

IRS Issues Final Regs on Deduction for Meal and Entertainment Expenses

Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.
Gregory v. Helvering, 69 F.2d 809, 810 (2d Cir. 1934)

Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.
Commissioner v. Newman, 159 F.2d 848, 851 (2d Cir. 1947) – dissenting opinion

CONTACT

kevin@kevincrosscpa.com

Call or text me at 770-861-1993


 * EA – Enrolled Agent – Licensed to represent taxpayers before the Internal Revenue Service

* Certified Public Accountant – Licensed by the States of Georgia and Florida

* Past chairman of the FICPA Federal Tax Committee – 2009

* Fellow of the National Tax Practice Institute- 1999

* Graduate member of the American Academy of Tax – 2001

* CFO of Better Way Health – 2018

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599 W Crossville Rd #111, Roswell, GA 30075

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Home     Personal     Business     About     Contact

599 W Crossville Rd #111, Roswell, GA 30075