By Celine Park Listed below are notable State Corporate Tax updates as of March 2023 that may be relevant to business and estate planners, categorized by state. Florida On March 1, a Florida circuit court ruled in favor of a group of taxpayers who disputed the proper interpretation of the state's rule on sourcing service … Continue reading Corporate Tax Update – March 2023
Category: Business Income Tax
TaxNotes – Andrew Blair–Stanek, Nils Holzenberger, Benjamin Van Durme: Shelter Check: Proactively Finding Tax Minimization Strategies via AI (December 27, 2022)
Andrew Blair-Stanek, Nils Holzenberger, Benjamin Van Durme have published an article on Tax Notes, titled “Shelter Check: Proactively Finding Tax Minimization Strategies via AI.” The article begins as follows: In Peracchi,1 the Ninth Circuit addressed what basis a taxpayer had in a note in which he was the debtor. At the end of the opinion, … Continue reading TaxNotes – Andrew Blair–Stanek, Nils Holzenberger, Benjamin Van Durme: Shelter Check: Proactively Finding Tax Minimization Strategies via AI (December 27, 2022)
Bradley W. Joondeph: Remote Work and the State Taxation of Nonresident Employees (December 13, 2022)
Bradley W. Joondeph, of Santa Clara University - School of Law, has made available for download his article, “Remote Work and the State Taxation of Nonresident Employees,” published in Wisconsin Law Review, Vol. 2023, No. 3, 2023. The abstract is as follows: The onset of the COVID-19 pandemic caused millions of Americans to telecommute across … Continue reading Bradley W. Joondeph: Remote Work and the State Taxation of Nonresident Employees (December 13, 2022)
TaxProfBlog – Lesson From The Tax Court: The Meaning of ‘Business Premises’ In §119 (January 23, 2023)
Bryan Camp has published an article on the TaxProf Blog, titled “The Meaning of ‘Business Premises’ in §119,” which discusses the importance of business premise requirements in §119 of Cory H. Smith v. Commissioner, T.C. Memo. 2023-12 (Jan. 12, 2023) (Judge Toro).The article begins as follows: It’s a new year. And what better way to … Continue reading TaxProfBlog – Lesson From The Tax Court: The Meaning of ‘Business Premises’ In §119 (January 23, 2023)
NTA Blog: Heard Loud and Clear: IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year (December 27, 2022)
The National Taxpayer Advocate has made available for download their article, “Heard Loud and Clear: IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year,” published in The National Taxpayer Blog. The abstract and key-points are as follows: As a result of taxpayer confusion, lack of clear guidance, concerns about the existing backlog, and … Continue reading NTA Blog: Heard Loud and Clear: IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year (December 27, 2022)
BDO USA: U.S. Treasury Issues Proposed Regulations to Final Foreign Tax Credit Regulations (November 2022)
Micheal Masciangelo and Tiffany Ippolito of BDO have published an article, “U.S. Treasury Issues Proposed Regulations to Final Foreign Tax Credit Regulations” published in BDO USA. The article begins as follows: The U.S. Department of the Treasury on November 18 released proposed foreign tax credit (FTC) regulations that provide additional guidance on several key areas … Continue reading BDO USA: U.S. Treasury Issues Proposed Regulations to Final Foreign Tax Credit Regulations (November 2022)
Procedurally Taxing: Tax Court To Consider IRS Procedure For Imposing Information Reporting Penalties (November 28, 2022)
Leslie Book has made available for download his article, “Tax Court To Consider IRS Procedure For Imposing Information Reporting Penalties,” published on Procedurally Taxing blog. The article beings as follows: In Information Return Penalty Assessment Fight Coming to a Head [$] Andrew Velarde highlights a major tax procedure issue before the Tax Court. It concerns … Continue reading Procedurally Taxing: Tax Court To Consider IRS Procedure For Imposing Information Reporting Penalties (November 28, 2022)
Forbes: Conservation Easement Syndicates Outlawyering IRS (November 21, 2022)
Forbes has published an article, “Conservation Easement Syndicates Outlawyering IRS”, which discusses king made certain syndicated conservation easement transactions "listed transactions". The article begins as follows: The full Tax Court in one of its regular decisions (Green Valley Investors LLC) has dealt a blow against the IRS in its struggle with abusive syndicated conservation easements. … Continue reading Forbes: Conservation Easement Syndicates Outlawyering IRS (November 21, 2022)
Forbes: Federal Prosecutors Coming Down Hard On Abusive Conservation Easement Promoters (March 5, 2022)
Forbes has published an article, “Federal Prosecutors Coming Down Hard On Abusive Conservation Easement Promoters”, which discusses punishments for those that utilize Syndicated Conservation Easement (SCE) products. The article begins as follows: Syndicated Conservation Easement (SCE) products aren’t produced in vacuums. There are teams of people constructing and assembling a variety of documents that support … Continue reading Forbes: Federal Prosecutors Coming Down Hard On Abusive Conservation Easement Promoters (March 5, 2022)
High-Risk, High-Reward: A Case For Tax Deferral | NYU Law Review
Scott Greenberg has published an article, High-Risk, High-Reward: A Case For Tax Deferral, in the NYU Law Review. The summary is as follows: The federal tax code contains a number of provisions that reduce taxes on personal and business investment income. Many of these provisions fall into two categories: yield exemption provisions, which reduce taxes … Continue reading High-Risk, High-Reward: A Case For Tax Deferral | NYU Law Review
IRS Updates Practice Unit on Section 245A Dividends Received Deduction Overview (September 13, 2021)
The IRS has updated its practice unit on Partner’s Outside Basis. The overview is as follows: The Tax Cuts and Jobs Act (TCJA) transitioned the United States from a primarily deferral-based international tax system to a participation exemption system coupled with immediate taxation of certain offshore earnings. This transition was implemented through several interlocking provisions … Continue reading IRS Updates Practice Unit on Section 245A Dividends Received Deduction Overview (September 13, 2021)
NY Times: A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied (December 28, 2021)
Jesse Drucker and Maureen Farrell, in their New York Times article, discusses the tax breaks, originally aimed at small businesses, that are utilized by the ultrawealthy. Their article, “A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied”, begins as follows: This is the story of the incredible cloning tax break.In 2004, David Baszucki, fresh off a stint … Continue reading NY Times: A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied (December 28, 2021)
Procedurally Taxing: When Is a Late Return Not Really “Late”?? – Part 1 (December 3, 2021)
Bob Probasco, Senior Lecturer and Director Tax Dispute Resolution Clinic, has made available for download his article, “When Is a Late Return Not Really “Late”?? – Part 1” published on the Procedurally Taxing blog. The article begins as follows: The IRS released a legal memo recently on an issue I had never thought of before. Would a … Continue reading Procedurally Taxing: When Is a Late Return Not Really “Late”?? – Part 1 (December 3, 2021)
Procedurally Taxing: When Is a Late Return Not Really “Late”?? – Part 2 (December 6, 2021)
Bob Probasco, Senior Lecturer and Director Tax Dispute Resolution Clinic, has made available for download his article, “When Is a Late Return Not Really “Late”?? – Part 2” published on the Procedurally Taxing blog. The article begins as follows: And now some observations and questions about that recent IRS legal memo on an overpayment interest issue. The … Continue reading Procedurally Taxing: When Is a Late Return Not Really “Late”?? – Part 2 (December 6, 2021)
BDO USA: 2021 Year-end Tax Planning for Businesses (November 2021)
BDO USA has published an article, “2021 Year-end Tax Planning for Businesses”, published on BDO USA. The abstract is as follows: As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay … Continue reading BDO USA: 2021 Year-end Tax Planning for Businesses (November 2021)
David Hasen : Interest Deductibility Under the Income Tax (October 2021)
David Hasen, of UF Levin College of Law, has made available for download his article, "Interest Deductibility Under the Income Tax." The abstract is as follows: The tax treatment of interest expense is something of a muddle. In the earliestyears of the income tax, interest expense generally was deductible, though borrowingwas relatively uncommon and most … Continue reading David Hasen : Interest Deductibility Under the Income Tax (October 2021)
Herbert N. Beller: S Corporations as Shareholders, LLC Members, and Partners (October 18, 2021)
Herbert N. Beller, of Northwestern University - Pritzker School of Law; Sutherland Asbill & Brennan LLP, has made available for download his article, “S Corporations as Shareholders, LLC Members, and Partners” published in 172 Tax Notes Federal 1713 (2021) and 172 Tax Notes Federal 1915 (2021). The abstract is as follows: This two-part article focuses … Continue reading Herbert N. Beller: S Corporations as Shareholders, LLC Members, and Partners (October 18, 2021)
Breaking Down the Plan to Report Your Bank Account to the IRS (October 14, 2021)
According to Bloomberg News, I carried a certain amount of starry-eyed innocence with me early in my tax career. And I remember the day it started to fade. I had been anticipating finalizing a settlement for a client’s outstanding tax liability. On paper, I was convinced we would get what we wanted. Then I got … Continue reading Breaking Down the Plan to Report Your Bank Account to the IRS (October 14, 2021)
Forbes: S Corp To Partnership Conversion Under Build Back Better (October 1, 2021)
Forbes has published an article, “S Corp To Partnership Conversion Under Build Back Better”, which discusses provisions of the Build Back Better Act such as the differing restrictions between S Corporations and Partnerships. The article begins as follows: One of the most exciting provisions of the Build Back Better Act, to me anyway, is the … Continue reading Forbes: S Corp To Partnership Conversion Under Build Back Better (October 1, 2021)
Corporate State Tax Updates – June 2021
By Georgia Lo The following are recent significant State Corporate Tax developments for the month of June that may be of interest to estate and business planners, organized by state. California: On June 3, AB-71, regarding Global Intangible Low-Taxed Income and repatriation income, was moved to the inactive file. Colorado: On June 23, H.B.21-1311 was … Continue reading Corporate State Tax Updates – June 2021
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