Don’t Trust Your Accountant
The video debunks the common belief that hiring an accountant shields a taxpayer from IRS liability. Jasmine Dilucci, a tax attorney and CPA, explains that the IRS audits the return signer, not the preparer, and that blaming the accountant offers no legal protection. She outlines the legal framework: basic filing deadlines are non‑delegable duties, while substantive tax advice may qualify for a reliance defense. The Tax Court’s three‑part test—competent advisor, accurate information, and good‑faith reliance—must be satisfied for penalties to be waived. Dilucci cites United States v. Boyle, where a court rejected reliance on an attorney for missed deadlines, and Neonatology Associates v. Commissioner, which set the reliance criteria. She also references the Murens case, where an accountant’s fraud led to decades‑long audits and massive penalties. The takeaway for businesses is clear: select a licensed, experienced professional, provide complete data, and review the return before signing. Proper reliance can reduce penalties, but the taxpayer remains responsible for the tax itself.
Don’t File a Joint Tax Return (Until You’ve Watched This)
The video warns married couples that filing a joint tax return creates a single legal taxpayer, subjecting both spouses to joint and several liability under IRC 6013(d)(3). When one spouse’s income is adjusted—e.g., a $150,000 business audit with 20% accuracy‑related penalties and...
Do Kids Automatically Inherit Assets Tax-Free?
The video clarifies that children do not automatically inherit assets tax‑free; inheritance becomes taxable only when the decedent’s estate exceeds the federal exemption, currently $15 million per individual. It distinguishes estate tax planning from income‑tax strategies, emphasizing that trusts and other...
Private Trust Vs. Regular Trust
The video tackles confusion surrounding private trusts versus the alleged “public trust,” asserting that standard living trusts prepared by attorneys are private instruments, not the public entities some claim. The presenter labels the “public trust” concept as a tax‑protester myth designed...
How to Win Against the IRS (Even if You Are Wrong)
The video demystifies tax disputes, showing taxpayers how to navigate an IRS audit, the subsequent appeals process, and, if necessary, tax‑court litigation. Jasmine Bilazarian, a tax attorney, CPA and enrolled agent, explains that the IRS is not a final authority...
1031 Replacement Property Explained
The video walks through a real‑estate investor’s dilemma—facing a potential $15 million tax bill and considering a 1031 exchange to defer that liability while building a multi‑family portfolio for his children. He explains that a 1031 replacement property allows the gain...
This Is How Wealthy People Never Pay Taxes
The video explains the “buy, borrow, die” tax strategy used by wealthy to avoid capital gains by borrowing against appreciated assets rather than selling them. It outlines how loans are tax‑free, the importance of cash flow to service debt, and the...
Step-Up in Basis Explained
The video explains the tax concept of step‑up (and step‑down) basis, which resets an asset’s cost basis to its fair market value at the owner’s death under IRC 1014. A step‑up eliminates future capital‑gains tax for heirs, while a step‑down applies...
New Updates for 2026 STR Tax Loophole
The video explains the 2026 update to the short‑term rental (STR) tax loophole, triggered by the One Big Beautiful Bill Act passed in late 2024. The legislation now permits owners who convert rental properties to short‑term businesses to claim 100% bonus depreciation on...
Does Putting Assets in a Trust Protect Them From Lawsuits?
The video examines whether placing assets in a trust shields them from lawsuits, emphasizing that the answer hinges on the type of trust and strict adherence to legal formalities. It explains that revocable (grantor) trusts offer no real protection because creditors...
Reacting to Comedian Russel Peters Arrest
Comedian Russell Peters lost a California tax case that re‑classified him as a state resident, overturning his claim that he was merely a non‑resident. Under California law, residents are subject to a 12% tax on worldwide income, not just income sourced...
Can Travel Time Count Towards Your Material Participation Log?
The video explains that travel time can be included in a material participation log, overturning the common belief based on a 2005 IRS memo that it was prohibited. Recent court decisions have clarified that travel counts only when it is integral...
How to Legally Write Off Travel
Jasmine Duchi, a tax attorney, CPA, and enrolled agent, explains that many taxpayers misuse travel deductions, treating vacations with a single meeting as business trips, which dramatically raises audit risk. She outlines the legal framework governing business travel deductions and...
Titling Your Business Vehicle Explained
The video explains how the ownership title of a business‑owned vehicle influences tax treatment and audit exposure. For sole‑proprietors filing Schedule C, the title—personal or corporate—doesn’t affect deductions because the business and owner are one tax entity. In contrast, S‑corporations, partnerships and...
Can You Pay Your Kids and Deduct It?
The video addresses a common tax question: whether parents can pay their children for work and claim the wages as a business deduction. While the IRS does allow such payments, they must meet the same standards as any other employee...