TAX COURT CASE ON PROCEEDS FORMULA

Tax Court case on proceeds formula. The Eleventh Circuit found the IRS‘s interpretation of the judicial extinguishment proceeds formula for conservation easements to be procedurally invalid under the Administrative Procedure Act. In 2012, David Hewitt made a conservation easement contribution to the Pelican Coast Conservancy Inc. The recorded deed of conservation easement reserved Hewitt’s and […]

CONFIDENTIALITY OF TAX RETURN INFORMATION

Confidentiality of tax return information. We are often asked by clients about the information that they provide us, and whether it is confidential. Let us provide you with some of the IRS guidelines for Tax Professionals that discuss the measures needed to safeguard a person’s tax return and other tax related information. Internal Revenue Code […]

IRS TAX COURT EASEMENT CASE

IRS tax court easement case. In our ongoing coverage of Tax Court cases, we highlight this case, which discusses easement issues. The Internal Revenue Service urged taxpayers involved in designated syndicated conservation easement arrangements to consult with their tax advisors following a recent U.S. Tax Court decision and agency plans to continue enforcement efforts in […]

RULES ELIMINATE ESTATE AND GIFT TAX CLAWBACK

Rules eliminate estate and gift tax clawback. IRS Reg-106706-16, amending Regs. Sec. 20.2010-1 to conform with the temporary increase in the basic exclusion amount for estate and gift tax enacted by the legislation known as the Tax Cuts and Jobs Act, P.L. 115-97. For gifts made and estates of decedents dying before Jan. 1, 2018, […]

FEDERAL COURT REJECTS REPORTING CHANGE

Federal court rejects reporting change. In our ongoing series of articles designed to cover any Tax Court issues, we need to mention that the IRS no longer wishes to require tax exempt organization to report information about their substantial financial donors. It must follow a proper notice and comment process, a federal court in Montana […]

TAX TIME WITH THE IRS FOR APRIL 15 DEADLINE

Tax Time with the IRS for April 15 deadline. The Internal Revenue Service today urged taxpayers to file an accurate tax return on time, even if they owe but can’t pay in full. The IRS also recommends that taxpayers do a Paycheck Checkup early in 2019 to avoid having too much or too little tax […]

TRUMPS TAX CUT GROWTH IS OVER

Trumps tax cut growth is over. The Trump Administration pushed a $1.5 trillion tax cut through Congress in 2017 on the promise that it would spark sustained economic growth. While the tax cuts have goosed the economy in the short term, officials now concede they will not be enough to deliver the 3 percent annual […]