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Married Couple Improperly Deducted Self-Employment Tax

In a recent case before the United States Tax Court, a married couple who improperly deducted one-half of their alleged self-employment tax for two years was denied this deduction.  The husband was a Certified Public Accountant who ran an accounting…

August 14, 2020

Can You Use Your IRA to Invest in Your Own Business? The Answer is a Resounding No!

In a recent Tax Court case, the taxpayers rolled over their retirement funds into an IRA.  They instructed the IRA to buy stock in a newly-formed corporation that would acquire a business run by the taxpayers.  The taxpayers relied on…

April 13, 2016

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