News & Perspective

Who gets credit for increased tax revenue. When you read the news these days, an awful lot of bad news is making the headlines. Increased violence, the war in Ukraine, political divide, and the massive inflation that everybody is angry at. But ... Read More

Tax proposal to reduce income inequality. An additional 573 people have claimed billionaire status since the Covid pandemic began. Yet, 263 million people are at risk of falling into extreme poverty. The widening gap between rich and poor has l... Read More

Tariffs taxes and solar panels. Could the tariffs on solar panels threaten Biden's climate change goals ? A Department of Commerce investigation as to whether China is circumventing tariffs on its solar energy products is slowing the expansion of ... Read More

When and how to pay estimated taxes. Payments are divided into four payment periods. Yet, some taxpayers may find it easier to pay their estimated taxes weekly, bi-weekly or even monthly. Alternative payment periods are allowed if enough tax is... Read More

Eleventh Circuit ruling on formula. In our ongoing coverage of Tax Court cases, we focus on the case of a easement contribution to Pelican Coast Conservancy by David Hewitt, and whether it adhered to rules that would allow the deductions claim... Read More

No step up basis part two. The case in question involves a prior IRS Letter Ruling made regarding the step up basis of a Private Foundation, and then a subsequent Foundation relying on that ruling to make Tax Filins judgements that were then re... Read More

Private foundation gets no step up basis. Heirs can generally benefit from a step up in basis of inherited assets to their fair market value as of the date of the decedent's death. A recent program manager technical advice makes clear that, for... Read More

Extra extension of time to file part two. We previously discussed the December 2021 tornadoes and flooding victims, who were given additional time to file their IRS returns by a memo put out by the IRS. But other reasons exist, given by the IRS,... Read More

Intuit tax company committed fraud. According to the New York Attorney General's Office, nearly four million people will receive a check from Intuit for a tax service they used to file taxes online this least year, thinking they were getting a... Read More

Treasury equity action plan part two. The Treasury and IRS are looking at ways to to make the tax system better, and fairer to taxpayers. They have started the "Equity Action Plan: One Year Progress Report", which will detail the progress on t... Read More