You prepare the tax return for Mikey Taxpayer (Taxpayer). He has a… You prepare the tax return for Mikey Taxpayer (Taxpayer). He has a very successful business and it has been that way for many years. Net Income for years 2014-2019 have all been over $300,000. It is 2020 and Taxpayer is going through a contentious divorce and the Taxpayer confides in you that his wife has hired a hot shot attorney and is trying to get half the business and a substantial amount in Alimony.Alimony under the TCJA, that he can no longer take a deduction for, which in his words is “outrageous”.Mikey Taxpayer tells you, he “will do everything in his power” to not let this happen.When you go over his books in early 2021 (for the 2020 tax year), you see Johnny’s income for the business is a mere $75,000.Expenses in all areas (travel, advertising, business meals, supplies, payroll) has skyrocketed.Revenue has significantly decreased.You inquire as to the drastic change in circumstances, and Mikey replies… “Tough year, it is what it is”Based on solely these facts:What does Circ. 230 tell you to do in such a situation?As a practical matter, what should you do in such a situation?LawSocial ScienceTax law TAXA 9900
solved : You prepare the tax return for Mikey Taxpayer (Taxpayer). He
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