News & Perspective

Final regulations for charities. The IRS issues final regulations on the treatment of payments made to charitable organizations in return for consideration, including in return for state and local tax credits. The regulations finalize proposed reg... Read More

Trumps taxes show system problem. The New York Times got its hands on decades of President Trumps tax information, and it paints a portrait of a man who used every tool at his disposal to avoid a bill from the IRS. According to the Times, he paid ... Read More

Virus will  change next tax return. The coronavirus seems to be changing every aspect of life, even taxes. The pandemic prompted the IRS to push back the filing deadline for 2019 tax returns to July 15, and tax changes will continue into next year... Read More

Using life insurance for investment. There is, without a doubt, no type of insurance we like to think about less than life insurance. It's a financial product that, by its nature, is geared toward answering questions of when and how you'll die, po... Read More

Who qualifies for second stimulus check. Congress is expected to work on another coronavirus relief bill, and continue hammering out the disputes that have kept a compromise together. This includes a second stimulus check, the who will get one and... Read More

Trumps war on social security. President Trump's memorandum to Treasury Secretary Steven Mnuchin ordering that he suspend Social Security taxes for some employers and their employees for the rest of this year makes no sense if the goal is to offse... Read More

Disallowed transportation part two. The IRS has issued regulations implementing changes to Section 274 that disallow a deduction for QTF or Qualified Transportation Fringe. The Proposed regulations also include a special rule for certain mixed par... Read More

Theron Johnson v Commissioner. In our ongoing coverage of Tax Court cases, this case addresses a long standing issue--substantiating business travel expenses. If you own a business, deductions can be taken for the ordinary and necessary expenses r... Read More

Time sensitive acts part two. This is a two part series on IRS and Treasury Notices 2020-17 and 2020-18. These are both time sensitive acts. For purposes of Notice 2020-23, the impacted taxpayer si someone with a federal tax payment obligation or ... Read More

Time sensitive acts in notice 2020-23. In response to the Covid-19 outbreak, the Treasury and IRS initially provided individuals and businesses limited filing and payment relief in Notices 2020-17 and 2020-18. This relief generally applied only to... Read More