ARTICLES

A family limited partnership can be an effective estate planning tool. However, to be successful in removing future appreciation in value from the estate of a wealthy family member, it is important that the family limited partnership (FLP) meet...

A recent private letter ruling illustrates the dangers inherent in using IRA funds as a source of short-term financing. Normally, you can avoid tax on a distribution from a traditional IRA if you roll the money over to another IRA or other eligible...

If the soaring price of gasoline has not deterred you from purchasing a SUV, you may be able to take advantage of a perhaps unintentional tax break.   For a limited time only, the 100 percent bonus depreciation rules allow a complete write-off...

The IRS has issued a memorandum describing the penalty framework that will apply to those who voluntarily disclose assets hidden in offshore accounts. The new program is a followup to voluntary disclosure efforts conducted two years ago. Every U.S....

The Supreme Court has refused, without comment, to bypass the court of appeals and review a Virginia district court decision that challenges the constitutionality of the Patient Protection and Affordable Care Act.   In Virginia ex rel....

Several courts are addressing the legality of an IRS regulation, with mixed results.   Late last year, the IRS issued final regulations describing conditions under which it will be allowed six years – instead of the normal three years – to...

Congress has passed, and the President has signed, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This bill repeals the expansion of the Form 1099 reporting requirement contained in 2010...

A new revenue procedure creates a safe harbor for companies that have incurred "success fees." Success-based fees are amounts that are contingent on the successful closing of a transaction (most often, investment banker fees). They are presumed to...

In a case dealing with a charitable contribution for a façade easement, the Tax Court ruled that the gift did not result in a charitable contribution deduction because a bank held a mortgage on the underlying property. The easement involved a...

Because of its catastrophic nature, the earthquake and tsunami that hit Japan last month is a qualified disaster for purposes of the federal tax law, according to the IRS. Similar determinations have been made regarding prior...

You may be thinking “Is it that time again to try and figure out what this year’s tax bill might turn out to be?”. Or, perhaps, “Tax planning why do I need to do that?” Whether you’re new to tax planning or you have done it consistently for years,...

Illinois Small Business Job Creation Tax Credit Act to Create 20,000 New Illinois Jobs On April 13, 2010, Governor Pat Quinn signed into law a tax bill designed to boost the Illinois economy and the small businesses driving it.  The Small...