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Tax

Partnership Loses Millions for Faulty Conservation Easement on Famous Building Façade

November 20, 2017

The Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then housed retail, offices... Read More

Million Dollar FBAR Fine not Excessive, Court Rules

November 20, 2017

Letantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes by opening... Read More

Congress in Its Own Christmas Rush to Pass Tax Reform

November 15, 2017

Side-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee... Read More

Movement Afoot to Lessen IRS Power over Your Money

October 24, 2017

Everyone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories to stop. Their solution? A proposed a... Read More

New Withholding Regulations for Gambling Payouts a Win for the Industry

October 24, 2017

Until recently, the IRS’s latest regulations on gambling winnings were rules released back in 1983. Both technology and industry practice have changed significantly since then. To modernize its approach, the IRS has released new rules, first in December 2016 and... Read More

How Business Taxation Will Change Under Tax Reform Proposal

October 24, 2017

The House Ways and Means Committee and President Trump have released more details on the Republicans’ joint tax reform plan, agreed to in principle by the Big Six, made up of key Congressional and Administration tax officials. (See our earlier... Read More

Captive Insurance Case: Taxpayers Lose $2.4 Million Deduction in High Profile Legal Decision

September 25, 2017

A couple who owned three shopping centers and three jewelry stores in Phoenix, AZ lost big in the U.S. Tax Court in August 2017. In a long-awaited decision, Avranhami v. Commissioner, the Court found that amounts paid by the couple’s... Read More

W-2 Scam Lures Businesses into Releasing Employee Information

September 25, 2017

The IRS has issued a dire warning to businesses and nonprofits—don’t respond to e-mail requests for employee information without confirming the source—even if the request comes from within your own company. Here’s why. In the latest scams, an HR staffer... Read More

IRS Balks at Court Decision Allowing Long Construction Period for Like-Kind Exchange

September 25, 2017

The use of like-kind exchanges to defer gain on business and investment property is common, with about 4 million transactions between 1998 and 2013, according to the IRS. A large percentage of like-kind exchange transactions are real estate swaps, many... Read More

Conservation Easements Case: Texas Ranch Boundary Modifications Did Not Invalidate

September 25, 2017

Bosque Canyon Ranch in Texas is home to the habitat of the gold-cheeked warbler, a listed endangered species. It also is the subject of a far-reaching Circuit Court decision that halted the IRS’s attempt to invalidate a conservation easement put... Read More

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