ARTICLES

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...

Mid-year tax planning for 2010 may require an understanding of one of the most complicated tax years in recent memory. The 2010 tax year represents a critical time to ascertain and identify any tax traps while maximizing opportunities for dramatic...

On March 18, 2010 the Hiring Incentives to Restore Employment (HIRE) Act was enacted. This piece of legislation, also known as the “Jobs Bill”, is designed to encourage the employment and retention of unemployed individuals. There are two...