Abstract
His ignorance is encyclopedic.
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- 1.
As noted in Chapter 16, you may owe state income tax. Some states charge minimum taxes for business entities regardless of income.
- 2.
There are some exceptions to the two-year carryback rule. A farming loss NOL can be carried back five years. An NOL due to a theft or casualty can be carried back three years. An NOL attributable to a federally declared disaster for a qualified small business can be carried back three years (a sole proprietorship or partnership with average annual gross receipts of $5 million or less during the three years of the carryback). Note that only the NOL attributable to the disaster itself can be carried back three years.
- 3.
The BSA E-Filing System (BSA stands for Bank Secrecy Act) is operated through the Financial Crimes Enforcement Network of the Department of the Treasury.
- 4.
Available at http://www.fms.treas.gov/intn.html .
- 5.
See “The Truth About Frivolous Tax Arguments” at http://www.irs.gov/Tax-Professionals/The-Truth-About-Frivolous-Tax-Arguments-1.
- 6.
See “The Tax Protester FAQ” at http://evans-legal.com/dan/tpfaq.html .
- 7.
I really would prefer a simple and straightforward Tax Code. Though it would cut down on some of my business, today’s Tax Code is so complex that the majority of taxpayers are forced to use a professional.
- 8.
See Bartlett v. Commissioner, T.C. Memo 2012-254 at http://www.ustaxcourt.gov/InOpHistoric/BartlettMemo.TCM.WPD.pdf .
- 9.
IRS, Installment Sales, Publication 537, http://www.irs.gov/pub/irs-pdf/p537.pdf.
- 10.
Mark-to-market assets are assets that have been adjusted to the their current value at the end of each year: marked (adjusted) to the market (current value). This will be found in banks and other financial institutions. Few other entities use mark-to-market accounting.
- 11.
This list is not complete; see the instructions for Form 8594 at http://www.irs.gov/pub/irs-pdf/i8594.pdf for the complete list.
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© 2013 Russell Fox
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Fox, R. (2013). Other Topics. In: Tax Strategies for the Small Business Owner. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4302-4843-9_18
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