February14 IRS Valentine’s Day Words of Wisdom by Jay Katz

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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.



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.



2.

In another very private letter ruling, the IRS determined that a penny for your thoughts is a

tax-free love-kind exchange.



3.

The IRS hints that a newly approved marital trust funded with expensive diamonds is just the QTIP

of the iceberg.



4.

For those who eat, drink and remarry on Valentine’s Day, the IRS is offering an all you

can bequeath marital deduction.



5.

With no semblance of creativity, the IRS declares the IRiS as its official flower.



6.

The IRS announces the launching of QDOTCOM, a new dating website for U.S

citizens seeking to marry noncitizens.



7.

Nail salon owners who marry on Valentine’s Day become joint filers.



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.



9.

The IRS reminds S corporation jewelry retailers that every kiss begins with a K-1.



10.

Citing the Garden of Eden apple as precedence, the IRS declared that

aphrodisiacs are not deductible medical expenses



11.

Florists who sell budding or blooming flowers have imputed income.



12.

The IRS announced it was never seriously questioning the marital status of Adam and

Eve, explaining it was just good natured ribbing.



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.



14.

In honor of Valentine’s Day, a QTIP trust has been officially renamed a QPID trust.



15.

Lois (Lane) Lerner admits the hard drive of her computer was crashed to protect the

secret identity of her boyfriend, Superman.



If this type of tax discussion strikes your fancy,

join Jay Katz’ Linkedin Group: The Tools & Techniques World of Financial and Tax Planning.


https://www.linkedin.com/groups/Tools-Techniques-World-Financial-Tax-8146260


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.


http://www.nationalunderwriter.com/the-tools-techniques-of-income-tax-planning-4th-edition.html

February14 IRS Valentine’s Day Words of Wisdom by Jay Katz

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