Supreme Court Rules in Local Tax Refund Refusal Case
Exhibit:
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 August 31, 2012
In the Face of Terrorism and Natural Disasters
Article:
Andrew was then. Now we have Katrina, tsunamis and terrorism. You never know when any of these will strike your city or hit a town near you. The last thing you want is a security breach of your clients’ information because of a lack of a good disaster recovery plan...
Published on January 28, 2011
Now Is the Time for Your Clients to Make Good on Their Back-Taxes
Article:
...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 January 28, 2011
Corporation Sole Cannot Shelter Pastor From Tax Trouble
Article:
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 December 31, 2012
AICPA News Update - January 4, 2013
Newsletter:
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 10, 2013
Rehabilitation Credits Disallowed
Article:
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 November 30, 2012
Cooperative Owner Cannot Deduct Cooperatives Casualty Loss
Article:
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 July 20, 2011
Tax Court Weighs In on STARS Transaction
Article:
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
Statute of Limitation Tolled by Fraudulent Tax Returns
Article:
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 April 30, 2013
All Aboard The Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers
Article:
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 January 28, 2011
Charitable Contribution of Qualified Conservation Easement
Article:
The Tax Court held that a conservation easement of air space over an historic structure that was donated by a taxpayer to a nonprofit organization did not meet the requirements to be considered a qualified conservation easement.
Published on January 28, 2011
What You Can Learn From Six Sigma
Article:
Six Sigma has become more of a buzz word in both the corporate world and the service industry. While Six Sigma has been around for some time, especially in the manufacturing sector, this article divulges how Six Sigma concepts are now being used in business and industry and service organizations.
Published on June 01, 2011
Website Reviews
Article:
Reviews of websites of interest to tax practitioners.
Published on May 02, 2010
IRS Allows Oil and Gas Company a Bulk Sale Exception
Article:
A recent IRS letter ruling provides helpful insights to independent producers of oil and gas that, by claiming allowable percentage depletion deductions, can lower their costs, while at the same time securing contracts for bulk sales of oil and gas with industrial, commercial, and government entities.
Published on October 04, 2011
A Road Map of Tax Consequences of Modifying Debt
Article:
As a result of the recession, many borrowers are “underwater” on their loans (the property is worth less than the loan balance). This has led to a substantial increase in debt restructuring activity.
Published on June 01, 2012