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How to Find Gray Areas in the Tax Law
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- čas přidán 16. 04. 2024
- A lot of times, accountants may think parts of the law aren't clear, leading them to believe it's simply a gray area. However, this is not the right assumption most of the time. Tax court provides clarity on the majority of these gray areas in tax law, meaning it's crucial for accountants to properly do their research and become educated about these areas before coming to a conclusion.
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ABOUT JASMINE DILUCCI, JD, CPA, EA
Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.
Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution
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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.
# #jasminedilucci
You're an incredibly clear communicator, it's very impressive.
thank you!
Love your expertise and for sharing it with us!
thank you!
Would love for you to make a video on what to do with unearned income like lawsuit settlements to minimize taxes
Can you make a video on optimal tax treatment for qualifying expenses of a full time MBA?
Gold taxes and maintenance to own it, either GLD or real gold is very expensive, is there away around this ?
Hello Ma’am, can you avoid taxes on sales of inherited property
Right lol. People think they thought of a cheeky method but its 99.9999999% already covered by statutory or case law
As always,very precise and perfect on your explanation.
U r the best
I’m just going to hire a tax lawyer like you for my taxes
Can you please do one about day trading
Jasmine! Question, can capitol gains be voided by taking a loan against your shares? Specifically if the loan company takes 2x the loan in shares for collateral and then sells 50%. Then lends you out your own money at a low interest rate. All to void capitol gains. Legal or not? And how would the process need to be changed to be legal?
What do you think of the book small business tax made simple by Ava Rosenberg ?
Wonderful way to put it. Research is a weak spot in a lot of tax Preparations or business owners. Its something that all those in the field should strive to do better. Mostly it IS the Court cases and the Supporting Documentation that they fail to find. I think its because when looking outside Of IRS regulations most never consider where to look.
Thanks! Most people just look at the IRS instructions page 😂
@@taxleverage Yeah. They forget that on top of the Instructions are separate Publications and then the Laws and following cases. And like you pointed out. Many "Grey areas" Have already been decided and there are many supporting Documents out there. I will say it would be nice if they could Consolidate them a little better. But yeah. The instructions are just the first stop of many.
Hello I am in the process of starting a side business I currently make six figures. I was told I should do an llc under scorp for my business due to my already high income on my w2. Is this true?
What do you mean I cant buy a Lamborghini and write the lease off?
Rent it often to others… now you can-
@@karamlevi lol still a dumb idea
Grey areas are whatever I colour in with my grey crayons!
Her words blabbering (annayyaing) doesn't matter even do it is a choir ...nice frame 👍👍
What??
The IRM , the
tax guide used by the IRS, shows in
document # 6209 that tax forms 1999,
w-4, W-2, W-2G are class 5 taxes which
is either a gift or estate tax. The tax you
pay on a W-4 ( withheld tax) is
voluntary because YOU the taxpayer
have signed the tax form under the
penalties of perjury, a voluntary act on
your part...
What a bright, intelligent, and beautiful woman...resoectfully! She looks like she's having the best time in her profession. She explains everything so well, with insight and humor. 😊
Professor Treece used to say "stay out of the gray."
If the law doesn’t prohibit it. And it’s “grey”. I present the client with my research and let them get all sides and then let them choose. I never go grey without client consent.
BUT!!! I saw it on TicTok…by one of those 23 year old “everything” experts! 😅
Participation in tax program is voluntary. -see:
26CFR601.602(a)
Wage tax is only for federal employees, not
man and woman.-see: 26 USC3401(c)
Any wage tax withheld is to be credited back
to earner/payer. -see: 26 USC31(a)
After realizing wage tax withholding (W4) is
NOT required to above conditions, election
to exempt from W4 withholding program is
voluntary. -see: 26 USC3402(f)2
Please do not try and post tax advice because you saw one word and watched a video and now think you understand. Some great mystery.
Section 26 USC31(a) Tax return forms and instructions. The Internal Revenue Service develops forms and instructions that explain the requirements of the Internal Revenue Code and regulations. The Service distributes the forms and instructions to help taxpayers comply with the law. The tax system is based on voluntary compliance, and the taxpayers complete and return the forms with payment of any tax owed.
It has been ruled by Courts and Is in Clarifying info that the Voluntary element is filing taxes your self. Its Voluntary reporting. Not Voluntary payment. While your Individual Reporting is Voluntary. The Requirement for tax payments is not. The Employers or others who pay you also are required to send the documentation to the IRS. Every w-2, 1099, w-4. It all also gets a copy sent to the IRS. And if you do not file. But are found to Owe payment. They have legal power to collect.
Now you can Have your employer NOT with hold taxes through out the year. But you will still OWE that money when tax due date comes. And if you have not paid 80% of the total amount due before the Due date you get a Penalty.
Do not get your tax advice from sovereign Citizens types. They have never won anything ever.
@@nunyabiz7699
The IRM , the
tax guide used by the IRS, shows in
document # 6209 that tax forms 1999,
w-4, W-2, W-2G are class 5 taxes which
is either a gift or estate tax. The tax you
pay on a W-4 ( withheld tax) is
voluntary because YOU the taxpayer
have signed the tax form under the
penalties of perjury, a voluntary act on
your part...
@@FulghumCraft You are correct in one small way.
The With holding tax through out the year is Voluntary on these forms. And you can opt out of it. you miss a key point. These are all source Documents ment to keep track of what you make through the tax year. You CAN opt out of paying taxes through them. BUT you still will owe the taxes to the IRS. Its only a WHEN and WHERE you pay it.
Tax With held does not mean paying taxes all together. It is simply An amount of tax that is with held during the Tax year and sent to the IRS as an advanced payment.
If you do not pay your taxes through out the year. Once you get to the 1040 you will see that you have a high tax bill. As well if you fail to pay 80% of your taxes through out the Year. You will also have the strong chance of having an under payment penalty.
1099,-w-2, And w-2g are Source Documents which are litterally just documentations of amounts of money paid to you. As well as other situations in that vain on income stream. THe IRS gets a copy of each one you get. So they CAN figure up what you owe. However they are not tax forms Proper.
w-4 (Which is the With holding document. On it you can opt out of with holding through out the year.) is an election form. True.
But Even if you elect out of paying taxes through out the year. You Still owe once tax time is due. And if you have not paid anything in but gotten any sort of official pay. They you will owe taxes (Provided the pay is over 13,850)
This can be seen in the fact that even People NOT paid in these forms ALSO get taxes. Realestate, Stock investment. Oil and Gas Mining. Farming. Business investment. All of these Do not include any of the documents you mentioned. And some do not even allow for With holding. However They still owe taxes.
Again. Do not latch on to one tiny section of words in one form and think you have found some cheat. You did not. Your not the first one to try and claim it. Not the first one to take it to court. And those people lost as well. And since you lack the power of the us law enforcement system. You will not be able to hold out against them no matter how right you claim to be. (Even if you are VERY VERY wrong in it. )
You did a great job explaining and breaking this down. Not sure if it will sink in but props for the effort and clarity in your response!
I am a accountant. I am working towards my CPA designation.
There is no such thing as "tax law". It is all code or better said tax code. You confuse law with code. You need to call it for what it is and not what you are led to believe it is. Law has no substance because there is no money. Equity has substance. All courts are courts of equity...not courts of law. There is no money because the U.S. has been operating in bankruptcy since 1933. A bankrupt entity, such as the United States, can't make a claim. The IRS actually has a form where you can transfer your tax liability from "law" to equity. The consequences of utilizing this form results in never receiving communication from the IRS ever again and you can make as much "money" as you please. People don't go to prison for not paying taxes, they go to prison for not filing. So if a person no longer has a filing obligation because the liability was transferred, then there will never be a reason to go to prison. If people ever figure out how to remove their filing obligation, then the tax code will no longer matter and all CPAs and accountants will cease to exist.
Just saying most CPAs and accountants would still have a job.
In fact I’m a CPA who does taxes primarily and I have zero problem with income tax going away. I still have plenty of non income tax work. Banks still need financials. Clients still need help with business decisions. States still have their taxes. Investors would still want confidence in the companies they have invested in.
@@renees8262 They are parroting talking points associated with the Sovereign Citizen movement and have no idea what they are saying.
Um. Tax CODE is preceded by Laws passed by Congress. While on a Philosophical level Money is a made up concept. On a Legal level it is VERY real.
And its Not "Not Filing Taxes" That get you sent to Prison. Or even not Paying taxes. It is Tax Fraud. When you deliberately Mislead or lie on tax returns or reporting in an effort to Illegally miss lead the Government. I have had Clients who have not filed in 15 years File all years at once. And I have had Clients who owed taxes for years past but were able to set up payment plans.
The rest of your incoherent Rambling is dismissed. Bankruptcy is not something you fall into. It is something you Declare. As in you are doing so to be relieved from your obligations to pay debtors or to have the burden of debt Reduced. You may be thinking of the Emergency Banking Act of 1933. Signed by Roosevelt. This was so Banks could reopen during great Depression. (Most banks were owned by Private Individuals) And also expanding the governments Role in the banking system so that the Citizens would have more faith in them. This also was an attempt to have a positive influence on the stock market.
No where in it does it say that US was declaring bankruptcy.
AND EVEN IF IT DID. Legally A bankrupt entity can still make claims. Depends on the Type of bankruptcy. Also depends on the Legal proceedings involved.
As for this magical Form if you really think it is real then why not ID the form its self. Whats the number and designation of the form.