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Federal Income Tax

Federal Income Tax

IRS takes professional golfers to court

September 4, 2017
Golf photo by Lukรกลก Opekar via Unsplash.

Spanish golfer Sergio Garcia recently litigated a $1.7 million tax case arising out of a major endorsement contract with TaylorMade, a golf equipment manufacturer. At issue in the case is how Garcia should characterize the income that he received from the endorsement deal. The income could be classified as personal services, royalties, or a combination of both. (As a Swiss resident, Garcia would only have to pay U.S.…

Federal Income Tax

OECD Report: Income taxes in the U.S. are relatively low

April 12, 2017
Photo of 20 dollars by Vitaly, Sand City, United States - via Unsplash

Americans love to gripe about income tax rates, particularly in April. However a new report indicates that U.S. tax rates aren’t that high compared to other developed countries. The Organisation for Economic Co-operation and Development (OECD) released its annual Taxing Wages report yesterday. The study finds that the tax burden of U.S. workers is below average on a global scale. The average single U.S. worker with no children…

Case Summaries Federal Income Tax

Tax Deductions at the Ranch

March 31, 2017
Photo of a night sky at a ranch by John Moore via Unsplash

A Virginia woman is not responsible for a $30,467 tax deficiency assessed by the IRS according to a U.S. Tax Court Opinion summary opinion filed on Thursday. The case involves a Texas couple who moved to Purcellville, Virginia (an ex-urb of D.C.) in 2005 and built a home on a 5.5 acre plot of land. In addition to building their house, the couple also built a “run-in shed”…