Supreme Court Rules in Local Tax Refund Refusal Case
The Supreme Court decided only one significant state tax case in its recently ended term, a decision that is important for tax policy reasons, for taxpayers, and for state and local governments.
Published on September 01, 2012
Now Is the Time for Your Clients to Make Good on Their Back-Taxes
...the last Philadelphia Tax Amnesty. For tax delinquents who miss this one, there will never be another. Sponsored by Philadelphia Tax Amnesty For the first time since 1986, the City of Philadelphia is offering individuals a
Published on May 27, 2010
Corporation Sole Cannot Shelter Pastor From Tax Trouble
A pastor’s use of a “corporation sole” structure to avoid “government interference” and a vow of poverty were not enough to shelter his income from federal tax, the Tax Court held in a recent decision.
Published on January 01, 2013
AICPA News Update - January 4, 2013
In this issue: "Fiscal Cliff" Legislation Includes Huge Number of Tax Provisions; AICPA Flags Concerns about IFAC’s International Ethics Standards Board’s Exposure Draft on Responding to a Suspected Illegal Act; ASB Issues Omnibus SAS to Amend Two Clarified Auditing Standards; TPA Issued on Effective Date of AU-C Section 905 in
Published on January 04, 2013
Tax Court Weighs In on STARS Transaction
The Tax Court held that a bank was not entitled to the tax benefits generated by a STARS transaction because the transaction lacked economic substance.
Published on April 01, 2013
Rehabilitation Credits Disallowed
The Third Circuit held that a corporate partner in a partnership was not entitled to claim historic rehabilitation credits passed through to it from the partnership because the corporation was not a bona fide partner in the partnership.
Published on December 01, 2012
All Aboard The Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers
Assembly Bill A08180, establishing the Metropolitan Commuter Transportation Mobility Tax. The bill imposes a new tax on employers and self-employed individuals engaging in business within the 12 counties of the Metropolitan Commuter Transportation District.
Published on December 01, 2009
Cooperative Owner Cannot Deduct Cooperatives Casualty Loss
A shareholder in a cooperative housing corporation was not allowed to deduct as a casualty loss an assessment levied against her by the cooperative to pay for damages caused by the collapse of a retaining wall on its property.
Published on May 01, 2011
Statute of Limitation Tolled by Fraudulent Tax Returns
The Second Circuit held that the filing of fraudulent tax returns for a corporation by an accountant to embezzle money that was owed to the IRS was an intentional evasion of taxes that tolled the statute of limitation on assessment.
Published on May 01, 2013
Fifth Circuit Affirms Tax Courts Valuation of Faade Easement
The Fifth Circuit affirmed the Tax Court's determination of the value of a façade easement, finding that the Tax Court had properly followed its instructions on remand.
Published on August 01, 2014