By: Robert E. McKenzie 1. A CHANGING IRS IRS Workforce 1.10 Because of Congressional cuts in IRS budgets its workforce continued to shrink until 2008. In 2009 and 2010 the IRS had its budgets grow and its workforce grew. In…
This article by Robert E. McKenzie was originally published in Forbes.
106 Swiss banks have signed agreements to provide information about U.S. account holders. "The current Offshore Shore Disclosure Program (OVDP) began in January 2012 continues until it is terminated by the Service. Taxpayers whose names have yet to be disclosed…
On September 13th, Robert E. McKenzie participated in an IRS panel on the dissolution of business partnerships and marriages. Topics discussed: Introduction Hazards to preparer similar in business breakup and marriage breakup Circular 230 provision Divorce Change in filing status When…
Robert McKenzie Forbes Blog on Reducing IRS Penalties Custom Search
9-19-13 Robert E. McKenzie Quoted in Forbes on Secret Israeli Bank Accounts
8-24-12 Robert E. McKenzie Appearance on Money For Lunch Talk Radio
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.”
“It’s a great result for my client,” said Robert McKenzie, a partner with Arnstein & Lehr, who represented a taxpayer in the Seventh Circuit Court of Appeals who lost to the government in a separate case.
For example, one Chicago-based hot-dog-stand owner said his cost of goods sold was 50% of gross receipts, said Robert McKenzie, a partner in the law firm Arnstein & Lehr. “I know Chicago hot dogs are great, but he had a high cost.”