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Tool & Techniques World of Financial & Tax Planning
February 14 IRS Valentine’s Day Words of Wisdom
By Jay Katz
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
Who Says the IRS is Heartless?
I retort, you decide.
Here are the February 14 IRS Valentine’s Day Words of Wisdom.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
1.
In a very private letter ruling, IRS declared a company that rents flimsy lingerie for Valentine’s Day was
entitled to claim accelerated depreciation deductions for extraordinary wear and tear.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
2.
In another very private letter ruling, the IRS determined that a penny for your thoughts is a
tax-free love-kind exchange.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
3.
The IRS hints that a newly approved marital trust funded with expensive diamonds is just the QTIP
of the iceberg.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
4.
For those who eat, drink and remarry on Valentine’s Day, the IRS is offering an all you
can bequeath marital deduction.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
5.
With no semblance of creativity, the IRS declares the IRiS as its official flower.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
6.
The IRS announces the launching of QDOTCOM, a new dating website for U.S
citizens seeking to marry noncitizens.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
7.
Nail salon owners who marry on Valentine’s Day become joint filers.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
8.
In an irrevocable Valentine’s promise, two romantically involved inventory accountants pledged to devote the rest of their LIFOs to
each other – effective 2/14/2015.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
9.
The IRS reminds S corporation jewelry retailers that every kiss begins with a K-1.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
10.
Citing the Garden of Eden apple as precedence, the IRS declared that
aphrodisiacs are not deductible medical expenses
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
11.
Florists who sell budding or blooming flowers have imputed income.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
12.
The IRS announced it was never seriously questioning the marital status of Adam and
Eve, explaining it was just good natured ribbing.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
13.
As a consoling gesture, in assessing alternative minimum tax on a married couple, the IRS explained it should be
romantically thought of as AMT for two.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
14.
In honor of Valentine’s Day, a QTIP trust has been officially renamed a QPID trust.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
15.
Lois (Lane) Lerner admits the hard drive of her computer was crashed to protect the
secret identity of her boyfriend, Superman.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
If this type of tax discussion strikes your fancy,
join Jay Katz’ Linkedin Group: The Tools & Techniques World of Financial and Tax Planning.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com
Tool & Techniques World of Financial & Tax PlanningBy Jay Katz
Jay Katz is also the author of The Tools & Techniques of Income Tax Planning, 4th Edition--a single-volume reference that takes the reader through all the income tax topics your clients may encounter—no matter where they originate—providing easy-to-understand, practical guidance for situations that are often confusing.
The Tools & Techniques of Income Tax Planning, 4th Edition, provides everything you need to put the optimal strategic plan in place, while taking into consideration the tax-related elements of:
• The American Recovery and Reinvestment Act
• The Affordable Care Act
• The American Taxpayer Relief Act
Learn more today.
The Tools & Techniques of Income Tax Planning www.NationalUnderwriter.com