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Articles on Federal Taxation

Changes to Estate Tax Planning May Be Needed for Closely-Held Businesses with Key Man Insurance Policies Securing Buy-Out Agreements By Sandra D. Mertens, Esq. Federal Taxation, December 2024 Recognizing that the business may not have the funds to redeem the deceased owner’s shares, the buy-out agreement may require the business to obtain “key person” insurance on the owners, which would be earmarked for the purchase price of the redemption.
Roundup of Recent IRS Penalty Abatement Caselaw By Sandra D. Mertens Federal Taxation, June 2024 Summaries of several recent court decisions with interesting penalty abatement results.
Tax Legislation Remains Stalled in Senate By Philip Speicher Federal Taxation, June 2024 The Tax Relief for American Families and Workers Act of 2024 is a $78 billion bipartisan tax bill that would extend or increase certain tax benefits for families and businesses, but its future appears uncertain after stalling in the Senate.
The Tax Code and Bankruptcy Code Collide: Navigating the Maze of IRS Income Tax Dischargeability in Chapter 7 Bankruptcy By Robert V. Schaller Federal Taxation, March 2024 In the ever-evolving landscape of bankruptcy law, the dischargeability of IRS back taxes via Chapter 7 bankruptcy remains a beacon of hope for many grappling with financial burdens.
U.S. Supreme Court to Decide Whether 2017 Mandatory Repatriation Tax Is Constitutional and Satisfies Due Process in Moore v. United States By Sandra D. Mertens Federal Taxation, March 2024 The Tax Cuts and Jobs Act of 2017 significantly changed portions of the U.S. tax code, including adding the Mandatory Repatriation Tax, which imposes tax on certain U.S. shareholders of foreign corporations.
The Corporate Transparency Act Will Be a Big Deal for Small Businesses By Sandra D. Mertens Federal Taxation, October 2023 On January 1, 2021, Congress enacted the Corporate Transparency Act, intended to prevent criminals from using companies for money laundering, corruption, tax evasion, drug trafficking, fraud, and other crimes.
Heads Up on CCA 202142010 By Patrick D. Owens Trusts and Estates, December 2022 The IRS caused some tax professions consternation when they issued Chief Counsel Advice 202142010.
2022 Takeaways From CPAR By Colin Walsh Federal Taxation, November 2022 The Centralized Partnership Audit Regime created a new system for the IRS to examine most Forms 1065.
A Guide to the Inflation Reduction Act’s Clean New Vehicle Credit By Philip D. Speicher Federal Taxation, November 2022 The Inflation Reduction Act, which adopts tax increases that are estimated to raise approximately $640 billion in additional tax revenue, was passed by Congress and signed by the president on August 16, 2022.
Heads Up on CCA 202142010 By Patrick D. Owens Federal Taxation, November 2022 The IRS caused some tax professions consternation when they issued Chief Counsel Advice 202142010.
Charitable Contributions: A Summary of the Deduction Rules By Kathy Garlow Trusts and Estates, May 2021 A look at the ways in which CARES Act and Consolidated Appropriations Act expanded the charitable contribution rules.
American Rescue Plan Act of 2021 - Nontaxable Unemployment Benefits State and Local Taxation, April 2021 The federally enacted American Rescue Plan Act of 2021 includes a retroactive provision making the first $10,200 per taxpayer of 2020 unemployment benefits nontaxable for individuals with modified federal adjusted gross income of less than $150,000. 
Charitable Contributions: A Summary of the Deduction Rules By Kathy Garlow Elder Law, April 2021 A look at the ways in which CARES Act and Consolidated Appropriations Act expanded the charitable contribution rules.
Charitable Contributions: A Summary of the Deduction Rules By Kathy Garlow Federal Taxation, March 2021 A look at the ways in which CARES Act and Consolidated Appropriations Act expanded the charitable contribution rules.
Impact Fund Considerations for Charitable Organizations By Colin J. Walsh Federal Taxation, March 2021 In recent years, impact funds have become a popular way for section 501(c)(3) charitable organizations to advance their tax exempt missions.
‘Financial Disability’ and the Suspension of the Statute of Limitation on Refund Claims By Nancy Franks-Straus Federal Taxation, December 2020 Although Congress intended to provide relief to taxpayers suffering from a significant mental or physical disability through the enactment of IRC § 6511(h), the strict interpretation given by the courts as to the authority of someone to act on taxpayer’s behalf has limited the application of the statute and thus limited the relief actually available to disabled taxpayers.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Trusts and Estates, October 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Business Advice and Financial Planning, October 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Elder Law, October 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
CPAR Partnerships Reporting Changes to Forms 1065: The Administrative Adjustment Request By Colin Walsh Federal Taxation, September 2020 A look at the procedures centralized partnership audit regimes must follow to report changes to a previously filed Form 1065 for tax years beginning after Dec. 31, 2017.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Federal Taxation, September 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
1 comment (Most recent September 25, 2020)
Progressive Illinois Tax and Its Federal Impact By Patrick D. Owens Federal Taxation, September 2020 On June 5, 2019, Illinois passed Public Act 101-0008, which will implement a progressive income tax effective January 1, 2021.
Takeaways From Correcting Amendments to Final Opportunity Zone Regulations By Colin Walsh, J.D. Federal Taxation, June 2020 A look at the Treasury Department's recently released correcting amendments to the Final Opportunity Zone Regulations.
Whistleblower Reforms Under the Taxpayer First Act By Kristen Henry Federal Taxation, June 2020 A look at the relevant provisions covering the reporting of tax fraud and protections in cases of possible employer retaliation.
The SECURE Act – Congress Just Moved the Goalposts By Patrick D. Owens Trusts and Estates, May 2020 An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
Form 1040’s New Virtual Currency Question: What You Need to Know By James Creech Federal Taxation, March 2020 A look at the new question on the 2019 Form 1040 Schedule 1 that may take taxpayers and tax return preparers by surprise.
The SECURE Act – Congress Just Moved the Goalposts By Patrick D. Owens Federal Taxation, March 2020 An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
FAQs: TCJA Changes to the Deductibility of Meals, Entertainment, and Fringe Benefits By Colin Walsh Federal Taxation, December 2019 Frequently asked questions about the changes to Internal Revenue Code IRC § 274.
Choice of Entity in 2019: Focus on Section 199A for Flow-Throughs By Kathy Garlow & Shaul Wasserman Federal Taxation, September 2019 Proper business categorization is an essential decision for an organization. The Tax Cuts and Jobs Act, enacted in 2017, makes it necessary to revisit the basics of categorization.
Health savings accounts 2018 contribution limit By Brian T. Whitlock Federal Taxation, June 2018 The Tax Cut and Jobs Act changed how inflation indexing is calculated for many provisions of the Internal Revenue Code.

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