Deloitte – IRS Insights – March 2020: Tax Court Denial of Conservation easement; Enforcement Developments

Tax Court Tentatively Disallows Conservation Easement Deduction Due to Omitted Required Basis Information The Tax Court disallowed a conservation easement charitable contribution deduction because the taxpayer’s return omitted the cost or adjusted basis of the donated property from the appraisal summary and rejected the taxpayer’s argument that it strictly or substantially complied with the regulatory … Continue reading Deloitte – IRS Insights – March 2020: Tax Court Denial of Conservation easement; Enforcement Developments

IRS Releases two updated IRA publications and other online resources help taxpayers planning for retirement

The Internal Revenue Service has updated two comprehensive publications designed to help anyone making IRA contributions or receiving IRA distributions for tax year 2019 or considering making retirement donations before April 15, 2020. The 2019 editions of Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) and Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), are both now … Continue reading IRS Releases two updated IRA publications and other online resources help taxpayers planning for retirement

AICPA Tax Insider: Changes to Retirement Savings Rules (Mar. 5, 2020)

SECURE Act changes rules to encourage retirement savings: By Dave Strausfeld, J.D.The recently enacted Setting Every Community Up for Retirement Enhancement Act of 2019 modifies some rules for retirement accounts and employer plans. Supreme Court overturns consolidated group tax refund allocation rule: The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members … Continue reading AICPA Tax Insider: Changes to Retirement Savings Rules (Mar. 5, 2020)

Tax Reform Implications for Fiduciaries

By Nicole Pursley The Tax Cuts and Jobs Act of 2017 (the Tax Act) made significant changes to the United States Tax Code, with implications on virtually all areas of taxation, including some that affect fiduciaries. This article provides a broad overview of some tax implications that may be of importance to trust and estate … Continue reading Tax Reform Implications for Fiduciaries

Crawford & Blattamachr: Basis and Bargain Sales: Income Tax and Other Concerns, The Tax Lawyer (2020)

Bridget J. Crawford, Pace University School of Law, and Jonathan G. Blattmachr, have made available for download their forthcoming Tax Lawyer article, Basis and Bargain Sales: Income Tax and Other Concerns. The Abstract is as follows: This article explores the income tax consequences of the sale during lifetime and at death of property for less … Continue reading Crawford & Blattamachr: Basis and Bargain Sales: Income Tax and Other Concerns, The Tax Lawyer (2020)

IRS updates guidance on business expense deductions for meals and entertainment

The Internal Revenue Service has issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. It also limited the deduction for expenses related to food and … Continue reading IRS updates guidance on business expense deductions for meals and entertainment

Entin: Tax Reform Presents Opportunities for Foreign Investors in U.S. Businesses Holland & Knight Alert (Feb. 20, 2020)

Seth J. Entin, of Holland & Knight, has published an article, Tax Reform Presents Opportunities for Foreign Investors in U.S. Businesses Holland & Knight Alert (Feb. 20, 2020). The abstract is as follows: The U.S. Tax Cuts and Jobs Act (the TCJA), which was enacted at the end of 2017, dramatically changed the U.S. cross-border … Continue reading Entin: Tax Reform Presents Opportunities for Foreign Investors in U.S. Businesses Holland & Knight Alert (Feb. 20, 2020)