At the end of 2018, to the dismay of the IRS and the Tax Court, the Second Circuit joined the First and Sixth in reversing the Tax Court’s decision in the Summa Holdings “substance over form” matter. In these three related appellate cases, the IRS sought to recharacterize millions of dollars that had been paid […]
Limiting the Substance Over Form Doctrine Read More »
As an entrepreneur, you have already established that you are an out-of-the-box thinker. After all, you developed a product or service that delivers value your competitors simply don’t offer. However, there is more to launching your business than a well-thought-out marketing mix. How you structure your company may impact your bottom-line results as much as
Beyond the Marketing Mix: How Your Business Entity Impacts Your Results Read More »
The IRS has put conservation easements on its annual “Dirty Dozen” list which, says the IRS, “represents the worst of the worst tax scams.” The DOJ has also declared war on the misuse of conservation easements and is investigating some investors. How did a seemingly benign charitable tax deduction go so wrong? A Bit of
Conservation Easements Make the IRS Dirty Dozen Tax Scam List Read More »
The IRS published Revenue Ruling 2019-11 at the end of March 2019 in order to answer questions that arose due to limitations imposed on itemized deductions for state and local taxes (SALT) by the 2017 Tax Cuts and Jobs Act (TCJA). The law limited the itemized deduction for SALT to $10,000 except in the case
How State and Local Tax Refunds Affect Gross Income for the Following Year Read More »
How do you know if your rental property qualifies for the 20 percent tax deduction under new tax code Section 199A? Just what we need–something else to learn along with all of the other tax code changes this year. Well, maybe not. There is a piece of good news: we won’t be required to learn
Does my Rental Property Qualify for the New Section 199A Deduction Under Tax Reform? Read More »