Tax “Saving” Arguments that Never Work

The IRS was nice enough to compile a list of arguments that will never work.  They are considered “frivolous”.  The courts tend to agree and both tend to look at these strategies as willful attempts to evade or defeat taxes, often leading to increased...

Are Gifts of Cash to your Kids Taxable?

This time of year, we often get questions on the tax consequences of cash gifts to kids. We can illustrate how this works with a very simple example.  Let’s say Bob is a single parent and wants to give his son $20,000 for Christmas this year. Bob is the one...