Articles on Federal Taxation

Charitable Contributions: A Summary of the Deduction Rules By Kathy Garlow Trusts and Estates, May 2021 A look at the ways in which CARES Act and Consolidated Appropriations Act expanded the charitable contribution rules.
American Rescue Plan Act of 2021 - Nontaxable Unemployment Benefits State and Local Taxation, April 2021 The 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. 
Charitable Contributions: A Summary of the Deduction Rules By Kathy Garlow Elder Law, April 2021 A look at the ways in which CARES Act and Consolidated Appropriations Act expanded the charitable contribution rules.
Charitable Contributions: A Summary of the Deduction Rules By Kathy Garlow Federal Taxation, March 2021 A look at the ways in which CARES Act and Consolidated Appropriations Act expanded the charitable contribution rules.
Impact Fund Considerations for Charitable Organizations By Colin J. Walsh Federal Taxation, March 2021 In 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 Claims By Nancy Franks-Straus Federal Taxation, December 2020 Although 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.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Elder Law, October 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Business Advice and Financial Planning, October 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Trusts and Estates, October 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
CPAR Partnerships Reporting Changes to Forms 1065: The Administrative Adjustment Request By Colin Walsh Federal Taxation, September 2020 A look at the procedures centralized partnership audit regimes must follow to report changes to a previously filed Form 1065 for tax years beginning after Dec. 31, 2017.
Illinois Attorney General Has Ramped Up Illinois Estate Tax Audits By Ryan A. Walsh Federal Taxation, September 2020 Summaries of three cases from the last year in which Illinois estate tax returns were audited when no federal audit took place.
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Progressive Illinois Tax and Its Federal Impact By Patrick D. Owens Federal Taxation, September 2020 On June 5, 2019, Illinois passed Public Act 101-0008, which will implement a progressive income tax effective January 1, 2021.
Takeaways From Correcting Amendments to Final Opportunity Zone Regulations By Colin Walsh, J.D. Federal Taxation, June 2020 A look at the Treasury Department's recently released correcting amendments to the Final Opportunity Zone Regulations.
Whistleblower Reforms Under the Taxpayer First Act By Kristen Henry Federal Taxation, June 2020 A 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 Goalposts By Patrick D. Owens Trusts and Estates, May 2020 An 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.
Form 1040’s New Virtual Currency Question: What You Need to Know By James Creech Federal Taxation, March 2020 A look at the new question on the 2019 Form 1040 Schedule 1 that may take taxpayers and tax return preparers by surprise.
The SECURE Act – Congress Just Moved the Goalposts By Patrick D. Owens Federal Taxation, March 2020 An 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.
FAQs: TCJA Changes to the Deductibility of Meals, Entertainment, and Fringe Benefits By Colin Walsh Federal Taxation, December 2019 Frequently asked questions about the changes to Internal Revenue Code IRC § 274.
Choice of Entity in 2019: Focus on Section 199A for Flow-Throughs By Kathy Garlow & Shaul Wasserman Federal Taxation, September 2019 Proper 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 limit By Brian T. Whitlock Federal Taxation, June 2018 The 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 rules By Brian T. Whitlock Federal Taxation, June 2018 The 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 Creech Federal Taxation, August 2013 The Center for Economic Progress has provided a new pamphlet designed to answer frequently asked questions about issues that commonly occur for low income taxpayers.
Individual income tax update By James S. Zmuda Federal Taxation, September 1999 Several requirements must be satisfied for divorce related payments to be treated as alimony, taxable to the payee and deductible by the payor.
Adequate disclosure on gift tax return to gain section 6501 statute of limitations protection By David R. Reid Federal Taxation, June 1999 For all gifts or nongifts (completed transfers of property) made after August 5, 1997, it is important that the gift tax return adequately discloses the gift in order for the taxpayer to be afforded section 6501 statute of limitation protection.
Corporate and partnership update By John B. Truskowski Federal Taxation, June 1999 When an employer files for bankruptcy, it may eventually be discharged from its obligations to remit taxes it withheld from wages paid to its employees.
Taxpayers making “voluntary” installment agreement payments cannot designate to which liabilities the payments will apply By James S. Zmuda Federal Taxation, June 1999 Opportunities to defer or reduce the collection of tax payments by the Internal Revenue Service ("IRS") include bankruptcy1 and offers in compromise.2 Another approach is the installment agreement.
Trade associations, associate members and unrelated business income By David R. Reid Federal Taxation, April 1999 Business Leagues, Chambers of Commerce, Real Estate Boards, Boards of Trade, or Professional Football Leagues not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholders or individuals are exempt from federal income tax pursuant to IRC section 501(c)(6).
Corporate and partnership update By John B. Truskowski Federal Taxation, February 1999 In 330 W. Hubbard Restaurant Corporation, d/b/a Coco Pazzo v. United States, N.D. Ill. No. 98 C 178, District Court Judge Marvin Aspen held that a restaurant was liable for FICA taxes on unreported tips.
Federal income taxes in bankruptcy By John B. Truskowski Commercial Banking, Collections, and Bankruptcy, February 1999 How federal income taxes are handled in bankruptcy is unclear to most practitioners, including those concentrating in taxation, who do not practice in the bankruptcy area
Of FLPs and LLCs: Alternative estate freeze and asset protection techniques By James S. Zmuda Federal Taxation, February 1999 The estate planning world has become filled with acronyms, including: GRITs, GRATs, GRUTs, NIMCRUTs, QPRTs, FLPs and LLCs.

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