American Rescue Plan Act of 2021 - Nontaxable Unemployment BenefitsState and Local Taxation, April 2021The federally enacted American Rescue Plan Act of 2021 includes a retroactive provision making the first $10,200 per taxpayer of 2020 unemployment benefits nontaxable for individuals with modified federal adjusted gross income of less than $150,000.
Impact Fund Considerations for Charitable OrganizationsBy Colin J. WalshFederal Taxation, March 2021In recent years, impact funds have become a popular way for section 501(c)(3) charitable organizations to advance their tax exempt missions.
‘Financial Disability’ and the Suspension of the Statute of Limitation on Refund ClaimsBy Nancy Franks-StrausFederal Taxation, December 2020Although Congress intended to provide relief to taxpayers suffering from a significant mental or physical disability through the enactment of IRC § 6511(h), the strict interpretation given by the courts as to the authority of someone to act on taxpayer’s behalf has limited the application of the statute and thus limited the relief actually available to disabled taxpayers.
Progressive Illinois Tax and Its Federal ImpactBy Patrick D. OwensFederal Taxation, September 2020On June 5, 2019, Illinois passed Public Act 101-0008, which will implement a progressive income tax effective January 1, 2021.
Whistleblower Reforms Under the Taxpayer First ActBy Kristen HenryFederal Taxation, June 2020A look at the relevant provisions covering the reporting of tax fraud and protections in cases of possible employer retaliation.
The SECURE Act – Congress Just Moved the GoalpostsBy Patrick D. OwensTrusts and Estates, May 2020An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
The SECURE Act – Congress Just Moved the GoalpostsBy Patrick D. OwensFederal Taxation, March 2020An overview of some of the major provisions of the Setting Each Community Up for Retirement Enhancement Act, which passed Congress in December and became effective January 1, 2020.
Choice of Entity in 2019: Focus on Section 199A for Flow-ThroughsBy Kathy Garlow & Shaul WassermanFederal Taxation, September 2019Proper business categorization is an essential decision for an organization. The Tax Cuts and Jobs Act, enacted in 2017, makes it necessary to revisit the basics of categorization.
Health savings accounts 2018 contribution limitBy Brian T. WhitlockFederal Taxation, June 2018The Tax Cut and Jobs Act changed how inflation indexing is calculated for many provisions of the Internal Revenue Code.
Tax Cuts and Jobs Act of 2017 changes kiddie tax rulesBy Brian T. WhitlockFederal Taxation, June 2018The Tax Cuts and Jobs Act of 2017 decouples the tax returns of dependent children from the tax returns of their parents.
Tax pamphlet: Do you have canceled debt?By James CreechFederal Taxation, August 2013The Center for Economic Progress has provided a new pamphlet designed to answer frequently asked questions about issues that commonly occur for low income taxpayers.
New rules for partnership mergersBy Beverly M. HelmFederal Taxation, June 2000On January 11, 2000 the Treasury Department issued proposed regulations on federal income tax consequences of partnership mergers and divisions.
Center for Law and Human ServicesBy Karen V. KoleFederal Taxation, April 2000The Center for Law and Human Services, one of the largest VITA (volunteer income tax assistance) 501(c)(3) in the country, has received funding to establish a law income taxpayer clinic.
Procedure updatesBy Carlos A. SaavedraFederal Taxation, April 2000On December 7, 1999, the United States Supreme Court issued its opinion in Drye v. United States (No. 98-1101), 68 U.S.L.W. 4010 (Dec. 14, 1999), holding that a probate disclaimer did not defeat the reach of the federal tax lien over the disclaimed property.
Changes to the innocent spouse provisions: something old, something newBy Carlos A. SaavedraFederal Taxation, February 2000Code section 6013(d)(3) establishes joint and several liability for married taxpayers filing a joint income tax return. "Innocent Spouse" provisions refer to those Code provisions that create exceptions to this joint and several liability.
Individual income tax updateBy James S. ZmudaFederal Taxation, February 2000The Internal Revenue Service ("IRS") has announced that for business travel after 1999, the optional mileage allowance for owned or leased vehicles will be 32.5 cents a mile.
Transfers to trust not included in gross estateFederal Taxation, February 2000The Ninth Circuit has reversed a Tax Court decision and held that property transferred by a decedent was excludable from his gross estate pursuant to IRC 2036(a).
Individual income tax updateBy James S. ZmudaFederal Taxation, September 1999Several requirements must be satisfied for divorce related payments to be treated as alimony, taxable to the payee and deductible by the payor.