Profile cover photo
Profile photo
Steven D Hamilton
A Cincinnati tax guy
A Cincinnati tax guy

Steven D's posts

Post has attachment
How Do You Really Know If You Filed A Tax Return?
Here is what
caught my attention: The Internal
Revenue Service … determined a deficiency of $541,552 in petitioner’s 2012
Federal income tax and an accuracy-related penalty of $107,995.” This is the Whitsett case. She is a doctor and
specializes in blood tr...

Post has attachment
Bill And The Gig Economy
I am
inclined to title this post “Bill.” I have known
Bill for years. He lost his W-2 job and has made up for it by taking one or two
(or three) “independent contractor” gigs. However, Bills
get into tax trouble fast. Chances are they burned through savings...

Post has attachment
No Soup For You!
“No soup for
you!” The
reference of course is to the soup Nazi in the Seinfield television series. His
name is Al Yegeneh. You can still buy his soup should you find yourself in New
York or New Jersey. However, it
is not Al who we are interested in. We inst...

Post has attachment
An Attorney, A CPA and Confidentiality
Do you have
privacy protection if you tell me something as your CPA? Your first
thought might be yes, as your CPA might be the financial doppelganger to an
attorney. Then again,
the answer might be no, as your CPA is not in fact an attorney – unless he/she

Post has attachment
How To Hack Off An IRS Auditor
Let’s discuss an excellent way to anger a revenue agent auditing
your tax return. Eric and Mary Kahmann have owned a jewelry business for 45
years. They report the business on their personal return as a proprietorship
(that is, a Schedule C). they primarily...

Post has attachment
Being Fired, Depressed And Owing The IRS
The case is
55 pages long. Even a tax
guy gets tired of marathon reading. The story
got me fired up, however, so let’s talk about it. A frequent
area of taxpayer request for IRS relief from penalties is rollovers of retirement
monies, especially IRAs. Used ...

Post has attachment
The Qualified Small Business Stock Exemption
Let’s say
that you are going to start your own company. You talk to me about different
ways to organize: (1) Sole proprietor – you wake up in the
morning, get in your car and go out there and shake hands. There is no
paperwork to file, unless you want to ge...

Post has attachment
The Foreign Income Exclusion When You Leave Mid-Year
We have a
client who worked as a contractor in Afghanistan last year. Let’s talk foreign
income exclusion. There are
ropes. The first is
simple: to get to that exclusion you (a) must be a bona fide resident of a
foreign country or (b) you have to be outside...

Post has attachment
When Is A Car Not A Car?
I had a
conversation today with someone who wanted to understand the “tax side” of a
series of transactions. More specifically, transactions that – to a non-tax
person – would appear to have no tax side at all. It made me
think of a tax case I read while gr...

Post has attachment
Data Security And Your Tax Preparer
I annually reflect
on what was unique about every tax season, other than this is a difficult profession.
I can understand why accounting graduates increasingly dismiss public
accounting as a career choice. I am concerned
with the increasing concentration of...
Wait while more posts are being loaded