by apexcpas | Jul 4, 2018 | Tax Planning
As demonstrated in several recent court cases, the IRS is taking an aggressive position in issues involving valuations of noncash charitable contributions. Rather than challenging the value placed on the asset, the IRS is challenging whether the valuation is supported...
by apexcpas | Jul 4, 2018 | Tax Planning
An obscure provision of the income tax law denies all business deductions to anyone whose business involves trafficking in a controlled substance. Few people agree that it would be good public policy to allow drug dealers a tax deduction for the costs associated...
by apexcpas | Jul 4, 2018 | Tax Planning
Recent headlines have highlighted the names of wealthy individuals who have given up their U.S. citizenship, ostensibly to save taxes. Remember Eduardo Saverin, the Facebook founder who renounced his U.S. citizenship on the eve of Facebook’s now legendary IPO?...
by apexcpas | Jul 4, 2018 | Tax Planning
A recent ruling by the IRS Chief Counsel serves to remind businesses about the factors that figure into determining the length of a depreciation period. The specific case involved a floating riverboat casino securely moored to the land. The IRS concluded that it is a...
by apexcpas | Jul 4, 2018 | Tax Planning
Unless you’ve found a way to live without the news media, you’ve already heard that the U.S. Supreme Court upheld most of the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010 –...