Ivers, Rickelmann & Petersen, CPAs
Tax Cuts and Jobs Act
2017 Year-End Tax Planning
GOP's 2017 Tax Reform Framework
Vehicle depreciation limits likely to drop for 2018
Some “luxury vehicle” depreciation caps for cars and trucks first placed in service in 2018 are likely to drop. The projection is based on consumer price data released by the Bureau of Lab...
Tax Court allows estimated COGS/expenses to offset unreported eBay sales
A taxpayer had unreported business income from online sales of coins. Nevertheless, the Tax Court allowed the Cohan rule to estimate the taxpayer’s cost of goods sold (COGS) and deductible posta...
New law protects family farms from IRS priority in bankruptcy
A new law allows family farms to sell off part of their farmland to fund their Chapter 12 bankruptcy reorganization without having to treat the resulting capital gain as a priority claim of the IRS. P...
Appeals court upholds $1 million FBAR fine
A $1 million penalty for failing to disclose a foreign financial account has been upheld by a federal appeals court. The Ninth Circuit rejected the taxpayer’s argument that the penalty was uncon...
Business owner liable for unpaid employment taxes despite lock-box
Despite a “lock-box” arrangement, a business owner was liable for unpaid employment taxes. A federal appeals court found that the individual had sufficient control over the business and al...
MI - Taxpayer not entitled to disabled veterans exemption
A taxpayer’s property was not entitled to the Michigan disabled veterans exemption for property tax purposes because the taxpayer was not the owner of the property. The disabled veterans exempti...
Providing tax and accounting services
for individuals, fiduciaries, and
Located in Ann Arbor, Michigan
Office Phone (734) 994-7500.