tax court

Liability for Tax Underpayments, Penalties, and Interest: Relief for the “Innocent” Spouse

Wednesday, January 10, 2018
In many households, married couples divvy up the responsibilities; one will handle the bills and banking while the other cooks and does the grocery shopping, or one will do the laundry while the other manages the yardwork and house. This split often extends to annual income tax responsibilities, even in couples who use a professional preparer. However, when couples submit joint returns, both are jointly and severally liable for the information included in the return. That means if there’s an underpayment, both spouses are going to be liable for the debt.
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How NOT to Invest Your IRA in Real Estate

Tuesday, June 17, 2014
Real estate is an allowable investment inside an IRA, but you’re going to have to find an IRA custodian willing to do it. A recent Tax Court case showed how not to invest IRA money in real estate. An individual wanted his IRA to directly buy a piece of undeveloped land, but the problem was his brokerage firm (the IRA custodian) had a policy of not allowing clients to invest in "alternative investments" which included real estate. Click to learn how NOT to invest your IRA in real estate.
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