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Archive for the ‘taxes’ Category

It has been a couple of months since Tony Nitti did his last podcast but The Nitti Gritty is officially back! Listen to Tony Nitti, Withum Partner and writer for Forbes.com, discuss where we stand with tax reform. Tony will also cover the below court cases that took place over the last month:

  1. Mudrich vs. Commissioner TC Memo 2017-101 (alimony)
  2. Anderson vs. Commissioner TC Summary Opinion 2017-17 (deductible moving expenses)
  3. Austin vs. Commissioner TC Memo 2017-69 (business purpose and non-tax profit motive requirements of the economic substance doctrine)

Continue listening at Withum.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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What a rip-off. This was supposed to be my fifteen minutes. The summer of 2017 was when the discussion surrounding tax reform was going to dominate the airwaves, newswires and internet, with every TV station, publication and web site coming to me for my opinion on the pros and cons of potential changes. And I was going to shine.

But none of that materialized. Instead, tax reform has been largely forgotten, as the legislative progress has been stopped in its tracks by the never-ending, irreconcilable argument over Obamacare and, more recently, some potential light treason.

But yesterday, the veritable eggheads at the Tax Policy Center snapped me out of my summer doldrums and brought tax policy back to the forefront of the social consciousness by publishing its analysis of President Trump’s most recent tax plan. And it’s nothing if not revealing.

Continue reading on Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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On tonight’s episode of Family Fraud, we’ve got two cunning clans eager to prove who has the most flagrant disregard for the tax law! Let’s meet our contestants:

Say hello to the Paynes! Hailing from Florida, the Paynes thought nothing of claiming $90,000 in non-cash charitable contributions in 2011, despite sporting an adjusted gross income of $180,000! Among those contributions were nearly $40,000 in gifts of furniture, a fact made all the more remarkable by the fact that the Paynes lived in a 1,600 square foot home with a one-car garage!

Next let’s welcome the Ohdes! This West Virginia family claimed $142,000 in non-cash charitable contributions in 2011, alleging that they made over 20,000 separate gifts to one local Goodwill organization! In addition to 3,500 items of clothing, included among the donations were 36 lamps, 22 bookshelves, 20 desks, and 16 bed frames. And if you think it’s unrealistic that one family could accumulate that much junk, well, then you’ve never driven through West Virginia.

Who are we kidding, with both families equally willing to throw conventional wisdom and common sense to the wind in hopes of a big tax break, everyone’s a winner. Gary, tell them what they’ve won!

Both families will enjoy an all-expenses paid (by them) trip to Tax Court, where the IRS will teach them the finer points of the substantiation requirements for charitable contribution deductions under Section 170! And they won’t be leaving there empty handed…both the Paynes and Ohdes will exit the court with substantial underpayments, penalties and interest!

Continue reading on Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Moments after the Atlanta Hawks made Alpha Kaba the final pick in the 2017 NBA Draft, the attention of the basketball world turned to what promises to be a frenzied free-agency period. Beginning July 1st, a bevy of big-name players hit the open market, including Chris Paul, Blake Griffin, Gordon Hayward, and the tattered remains of Derrick Rose.

For these free agents, there is much to consider in choosing their next team. Who offers the most established leadership? (Miami) The best weather? (Miami) The most accessible network of HGH dealers? (Miami)

Then, of course, there’s the little matter of money, and when it comes to extracting the most coin possible out of a contract, it typically behooves a free agent to do nothing at all, and simply re-up with their previous employer.

That’s because the NBA’s collective bargaining agreement affords advantages to a team in re-signing it’s own free agents, provided the team has so-called “Larry Bird rights” in the player. Generally, this requires the player to have been with the team for three consecutive seasons, though there are a host of other ways a team can obtain these rights.

Continue reading on Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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I am not what one would describe as a “talented” man, but I do possess one time-tested, undeniable skill: Within mere minutes of arriving at a wedding, I can tell you with absolute certainty whether the couple will be divorced within three years.

My record is impeccable, but to be honest, it’s not all that difficult. Here are a couple of helpful tips:

  • If I learn that the bride insisted that she and her fiancé have a joint bachelor/bachelorette party, they ain’t making it.
  • If the best man spent the thirty minutes prior to the start of the ceremony repeating to the groom, “just leave, and I’ll cover for you,” that’s probably not a great sign.
  • If the bride, despite having no discernable singing ability, insists on sitting her new husband in a chair and belting out her favorite song, she’s probably far more interested in getting married than being married, and when the glow of the wedding wears off….look out.

Even those who survive beyond three years aren’t out of the woods, of course; after all, being married is hard. If there’s any advice I can offer young couples contemplating tying the knot, it’s this: the saying goes that life is too short. Well, I’ve got news for you: if you marry the wrong person, life is looong. You’ll wake up every morning,  look to the other side of the bed, and find yourself wishing that the whole thing would just speed up and get over with already.

Continue reading on Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Time’s up.

On February 9th, President Donald Trump made the following promise:

“We’re going to be announcing something over the next, I would say, two or three weeks that will be phenomenal in terms of tax.”

Now, say what you will about Trump’s presidency, but to date, he’s followed through on his promises. He said we’ll have a wall? We’re getting a wall. He said he’d keep terrorists out? He’s enacted sweeping — and potentially unconstitutional — immigration reform. Twice. He said he’d drain the swamp? He…well, two out of three ain’t bad.

But where’s the tax plan? Drastic individual and business tax cuts were a huge part of Trump successful campaign, but in the first 50 days of his presidency, he has produced nothing.

What’s the holdup?

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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In President Trump’s recent speech to Congress, he said very little about his much-anticipated plan for tax reform. One thing he did say was this:

We will provide massive tax relief for the middle class.

This promise was surely met by cheers from coast to coast, as it should have been. But it raises an interesting question: how does a middle-class taxpayer measure whether the President delivers on his promise? Do you simply view the tax cuts for the middle class in isolation? Or must the cuts be viewed in their larger context, relative to those bestowed upon the richest Americans?

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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