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Lesson From The Tax Court: Excise Tax On Messed Up IRA Rollover Different From Income Tax

(TaxProf Blog) - The tax laws are conflicted. They encourage retirement savings by permitting taxpayers to deduct contributions to their Individual Retirement Accounts (IRA’s). But that encouragement is hedged by various restrictions and caps as well as a special excise tax imposed on contributions that exceed the applicable caps.


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Brooklyn Man Who Withheld Info from Tax Preparer Pleads Guilty to Tax Evasion 
(CPA Practice Advisor) -The man underreported to his return preparer the actual amount of income he received from the sale of his stock, which was worth $4.1 million.

Home Prices Cooled at a Record Pace in June  
(CNBC) - Price gains are still strong because of an imbalance between supply and demand. The housing market has had a severe shortage for years. Strong demand during the coronavirus pandemic exacerbated it.

Why So Many Supercars Have Montana License Plates 
(Bloomberg) - A legal loophole lets owners of expensive cars avoid taxes and emissions standards in other states. Tightening rules could send the practice into overdrive.

The Best Gifts for Remote Workers 
(PC Mag) - Give the gift of a nicer home office with these items that anyone who works from home will love.

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