Forbes Quote Regarding Romney's Tax Return & Hobby Losses: 7-19-12

And Chicago tax lawyer Robert E. McKenzie, who has defended rich folks claiming losses on everything from deer farms to race horses to yachts, says the Romneys -–despite the fact that Ann Romney’s statements on what dressage has done for her personally suggests lack of profit motive– likely did all the paperwork right and can assert they thought they’d make a profit, even if they never do. “The way I would argue it is `this horse competed in the Olympics and we’ll breed it and make money off the foal’,’’ says McKenzie. “When you’re that rich you can afford to have talented tax advisers.”

Read More

5-27-12 Forbes Blog: New IRS Offer In Compromise Policies

Over the years the IRS offer in compromise program has been the subject of a great deal of criticism by Congress, the National Taxpayer Advocate and taxpayer representatives. The new initiative represents the most dramatic liberalization of IRS settlement policies ever announced. It represents a welcome change from an agency which has always placed substantial roadblocks to those seeking to compromise their tax obligations.

Read More

Robert E McKenzie Quoted in Two Forbes Articles on a Supreme Court Tax Case 4-26-12

The taxpayer win in Home Concrete & Supply will have a huge trickle down effect too, not just impacting these cases. Robert McKenzie, tax lawyer with Chicago’s Arnstein & Lehr LLP said four clients of his firm with similar issues would likely reap tax savings approaching $40 million. Indeed, some reports say the case calls into question up to $1 billion in tax revenues.

Read More

Law Talk Radio: Audit and Tax Issues with Tax Attorney Robert McKenzie

Despite your best efforts at diligently filing proper tax returns, the IRS can audit your tax returns and Robert McKenzie is a tax attorney who can help sort out the mess. Sometimes the audit results areworse than expected and other times with proper representation the process can be least intrusive. Inthis episode of Law Talk Radio we examine tax law from several perspectives

Read More