News



Replaced – but still responsible for reporting income

  The Tax Court ruled in a recent case that a doctor with a minority ownership interest in a medical practice organized as an S corporation was not deprived of the economic benefit of his share of ownership – although he was excluded by the majority owner from participating in the corporation's activities. Accordingly, he was obligated to...

Clarified tax guidance for same-sex married couples

  There have been new developments in the aftermath of the Supreme Court decision that struck down Section 3 of the Defense of Marriage Act (U.S. v. Windsor, et. al., 111 AFTR 2d 2013-2385, June 26, 2013), which required same-sex spouses to be treated as unmarried for purposes of federal law. Now the IRS has issued a ruling (Rev. Rul....

10 tax tips when planning to sell your home

  With the housing market beginning to show signs of coming off life support, you may begin to think about moving. The good news is that, even if you make a profit from the sale of your home, you may not have to report it as income. Here are 10 tax tips to consider when planning a sale of your principal residence:

  1. If you sell your...

It’s the final product that counts

  A business’s tax deduction hinged on whether assembling a gift basket was merely a packaging activity or was actually producing a distinct product. A federal district court in California has determined that the 9 percent domestic production activities deduction (DPRD) is available to a corporation whose production process involved...

Sometimes pursuing a lawsuit is business

  A federal district court has determined that an individual prosecuting a lawsuit was engaged in a trade or business, allowing him to claim a deduction for his attorneys’ fees as a business expense. Richard Bagley brought the lawsuit against his former employer under the provisions of the federal False Claims Act (FCA). The FCA imposes...

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