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Tax

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

Georgia Tax Authority Explains Sales Tax Rules

August 25, 2017

The Georgia Department of Revenue (DOR) has issued several important rulings on the application of sale and use taxes to various commercial products, including online software, home construction features, and extended warranties. Businesses that offer these products and services should... Read More

IRS Launches Country-by-Country Reporting Tool

August 25, 2017

Countries across the globe banned together a few years ago to put in place a mechanism for tracking the income of multinational companies in each country in which they operate. The effort came under the umbrella of the very bureaucratic... Read More

Real Estate Partnership Loses Huge Charitable Deduction

August 25, 2017

Serious missteps by a real estate partnership caused it to lose a huge charitable deduction claimed for donation of property to the University of Michigan. The facts in the Tax Court case, Reri Holdings I, LLC, Jeff Blau, Tax Matters... Read More

Trump Has Chance for Big Victory with Tax Reform

August 25, 2017

The Trump Administration has few places for big victories this year, but tax reform may be one of them. This assessment comes from Washington insiders who have carefully analyzed the “Big Six” joint statement released in July while most of... Read More

House Appropriations Bill Stops IRS Action on Curbing Conservation Easements

July 25, 2017

The House Appropriations Committee has approved legislation that bans the IRS from enforcing rules to curb conservation easement syndications. Currently, the ban only applies to past transactions, those easements entered into before January 23, 2017, the date the IRS released... Read More

Partnership Audit Rules Shift Focus to the Entity

July 25, 2017

Two years ago, Congress enacted the Bipartisan Budget Act of 2015, which made significant changes to the way partnerships are audited. The Act requires that tax be assessed and collected at the partnership level instead of the partner level. The... Read More

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