A Guide to the Inflation Reduction Act’s Clean New Vehicle CreditBy Philip D. SpeicherFederal Taxation, November 2022The Inflation Reduction Act, which adopts tax increases that are estimated to raise approximately $640 billion in additional tax revenue, was passed by Congress and signed by the president on August 16, 2022.
Heads Up on CCA 202142010By Patrick D. OwensFederal Taxation, November 2022The IRS caused some tax professions consternation when they issued Chief Counsel Advice 202142010.
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.
Corporate and partnership tax updateBy Michael L. EnglishFederal Taxation, November 2002In Revenue Procedure 2002-22, the IRS announced conditions under which it would consider a request for a ruling that an undivided fractional interest in rental real property is not an interest in a business entity.
Individual income tax update: Legislative developments and selected IRS rulingsBy Thomas F. ArendsFederal Taxation, November 2002Introduction: The following update is a summary of recent legislative developments and selected IRS rulings in the individual income tax area that was set forth in the Federal Taxation Section's 2002 Federal Tax Conference recently held in Chicago and Bloomington, Illinois.
The Internet and personal property like-kind exchanges— The brave new worldBy Edward J. HannonFederal Taxation, November 2002Under the rules of section 1031 of the Internal Revenue Code, a taxpayer will recognize no gain for federal income tax purposes if, among other things, the taxpayer exchanges property that is used in the taxpayer's trade or business or held for investment solely for like-kind property that is used in the taxpayer's trade or business or is held for investment.
Tax procedure updateBy Thomas F. ArendsFederal Taxation, November 2002Introduction: The following update is a summary of selected topics on IRS tax collection procedure and representation issues presented and discussed at the Federal Taxation Section's Federal Tax Conference recently held in Chicago and Bloomington, Illinois.
Estate, gift and generation-skipping tax updateBy Kelli E. MadiganFederal Taxation, June 2002IRS Notice 2002-25: The Notice extends the time period for donees who made charitable contributions in excess of $250 between the period of September 10 and December 31, 2001, to obtain a written acknowledgment from the charitable organization as required under Section 170 (f)(8), or to acquire evidence of a good faith effort to obtain the documentation from such charity, until October 15, 2002.
Individual income tax updateBy James S. ZmudaFederal Taxation, June 2002In 1 122 S. Ct. 1414, 152 L. Ed. 2d 437 (2002), the United States Supreme Court held that an individual's interest in a tenancy by the entirety was a property interest to which a tax lien could attach.
