Tax Consequences of the Rush for Natural Gas in the Appalachians
This item provides an overview of some areas of taxation that taxpayers and their advisers must consider to ensure the most favorable terms if their clients are approached by an energy company seeking a land lease and royalty agreement.
Published on August 01, 2008
Sales Tax Incentives Available for Manufacturing and Energy Companies in Numerous States
Many states offer sales tax exemptions to companies that manufacture or are involved in the production or processing of oil and gas.
Published on August 01, 2013
Generations of Wealth in Marcellus Shale
Many in the Marcellus shale areas are being faced with difficult financial decisions due to the newfound wealth associated with the sudden interest in the Marcellus formation.
Published on August 01, 2010
QSub Election Does Not Increase Shareholder Stock Basis
The Tax Court held that shareholders of an S corporation improperly increased the adjusted basis of their S corporation stock when the S corporation made a QSub election for its wholly owned C corporation subsidiary.
Published on August 01, 2013
Now Is the Time for Your Clients to Make Good on Their Back-Taxes
It’s been almost 25 years since 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
Advisers Beware The Cost of Being Sued Is Going Up
This article explores the circumstances surrounding the awarding of interest on unpaid tax liabilities in malpractice cases. It analyzes the prior case law, discusses the decisions in two recent cases, and considers the future treatment of interest in accounting malpractice suits.
Published on December 01, 2007
Forfeited Gambling Winnings Not Included in Income
The IRS advised that gambling winnings that a taxpayer surrenders to a state as part of a program intended to help treat gambling addiction do not have to be reported by a casino to the taxpayer on Form W-2G and are not includible in gross income by the taxpayer.
Published on November 01, 2014
IRS Expands Identity Theft Law Enforcement Assistance Program
The IRS has expanded its Law Enforcement Assistance Program on identity theft to all 50 states and the District of Columbia.
Published on June 01, 2013
Trends in Sales and Use Tax for Remote Sellers
Click-through or affiliate nexus legislation has become a popular way for states to require certain remote sellers (i.e., internet vendors) to collect sales or use tax on their sales to in-state residents.
Published on February 01, 2013
Contribution Deduction Denied for Gifts to Family Public Charity
The Tax Court denied a taxpayer’s claim for a deduction for a contribution of stock to a charitable foundation that the foundation used to set up a family public charity account in which the taxpayer’s contribution was segregated for investment and future distribution at the taxpayer’s discretion.
Published on April 01, 2011