Exposure Drafts appears every other Wednesday. Send your accounting cartoon ideas and heavenly billing rates to editor@goingconcern.com. You can follow Greg Kyte on Twitter.
Exposure Drafts: May the Lord Bless You and Allow Your Deductions
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Questionable Tax Deduction of the Day: Engagement Cruise and Wedding Expenses
Every tax professional has run across questionable expenses provided by their clients. Maybe you’ve got a used car-lot proprietor who insists that his hairpiece is crucial to his business appearance and, thus, his ability to put people behind the wheel of their dream ride. Perhaps you’ve got a sociologist that is conducting weekly research in the champagne room of a local gentleman’s club. Or maybe you’ve recently concluded that the process of, and expenses related to, tying the knot have been such a burden that it is completely acceptable to ram it onto your 1040:
Dear Caleb,
I have now figured out why the divorce rate is so high in America. Apparently, according to one of my taxpayers, wedding expenses and cruises for celebrating your engagement are now considered “write-offs.” Unfortunately, I cannot find this particular subject in THE CODE – but I think I’ll take my taxpayer’s word for it.
Maybe you should pass on this tidbit – I sure wish I had known about this obscure write off before I got married, but obviously, it’s time for me to start planning my next one. It’s going to be HUGE!!
– One of the many tax preparers currently wishing they remembered what their home looks like.
Our tipster insists that her client provided the receipts but didn’t want to forward them (something about client confidentiality). Of course, if you’ve got something that tops this, you’re invited to share it with us. In the meantime, any tax sages out there that wish to advise/debate the credibility of including the cost of sheet cakes from Costco, amateur photographers and invitations that may or may not kill you on a Schedule A (or wherever) are free to do so.
Over a Third of Accountants Would Rather Get Divorced Than Experience a Sales Tax Audit, Says This
Fun statistic of the day courtesy Avalara: 37% of accounting professionals said a sales tax […]
Osbournes Pay Off Tax Lien, May Be on the Hunt for a New Accountant
It sounds like the Osbournes need to find themselves a new Mort Mort Feingold.
“I […] contacted my accountant who said they knew nothing about any lien. The lien has been paid. I do intend to find out how this lien happened without the knowledge of myself or my accountants. I hope none of this reflects negatively on mine and Ozzy’s moral character.” […] “Just because you’re paying someone doesn’t mean they’re doing the job correctly,” she wrote on Friday. Three days later she added, “You can’t rely on anyone but yourself. You have to be on top of your own business affairs. My fault … lesson learned.”
Ozzy Osbourne pays off U.S. tax debts [Reuters]
3 thoughts on “Exposure Drafts: May the Lord Bless You and Allow Your Deductions”
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FFS, Rome is burning and one of the funniest accounting talents of our generation continues to doodle around (literally). Hey Greg, get off your ass and write some funny articles for GC. This website may not be around much longer. It’s time for all hand on deck.
I actually look forward to these doodles every other Wednesday. If you don’t like them, don’t look at them.
FFS.