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Federal Tax Update – August 2020

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INDIVIDUALS In Brzyski v. Commissioner, TC Summary Opinion 2020-25, the Tax Court denied dependency allowances under pre-2018 law for an individual claiming a common law marriage to the mother of the children, noting that one night together in a state recognizing common law marriages is insufficient particularly when he referred to the children’s mother as […]

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Tax Planning for a Possible Joe Biden Presidency

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With Election Day just over two months away and the end of 2020 following two months later, it’s not too soon to consider the landscape of the tax law in the event of a Joe Biden Presidency.  Back to 1969, a major tax bill has been enacted in the first year following a shift in […]

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Financial Planning Now In Anticipation of the Upcoming Election

Etiiquette

With inauguration day less than six months away, taxpayers are still adjusting their organizational structures and transactions to address the ongoing COVID-19 pandemic and an economy still reeling from the resulting recession. With the increasing political polarization and economic uncertainty in mind, tax policy will be critical point of differentiation in the 2020 presidential race […]

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Strategies for Maximizing Cash Flow with the CARES Act

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Provisions in the Act allow taxpayers to potentially generate cash flow in 2021 and beyond At this point, most of us are familiar with the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed earlier this year, which provided $2.2 trillion in economic impact payments, assistance to small businesses, and more amidst the ravages of […]

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Federal Tax Update – July 2020

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INDIVIDUALS In Beckett v. Commissioner, TC Summary Opinion 2020-19, the Tax Court found that, although the source of a claim for seizures at work from epilepsy was failure of an employer to make a reasonable accommodation constituting discrimination, the physical distress cited in the complaint and in the settlement agreement caused the Court to state […]

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After the Loan Programs – CARES Act Cash Flow Generating Strategies

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On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed, providing $3.3 trillion in tax, grant, and loan provisions designed to provide financial aid to individuals, businesses, nonprofits, and state and local governments which have been severely impacted by COVID-19.  The Paycheck Protection Program loans and other measures […]

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Federal Tax Update – June 2020

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INDIVIDUALS In Hewitt v. Commissioner, TC Memo 2020-89, the Tax Court held that a donation of a conservation easement did not give rise to a charitable deduction because the deed failed to allocate to the donee a share of proceeds in the event of disposition of the property following any judicial extinguishment of the easement.  […]

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Harnessing the Main Street Lending Program

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A CPA’s roadmap to the $600 billion supply of credit for small and mid-sized businesses. CPAs and financial professionals of all stripes are busy doing business triage these days. From the COVID-19 pandemic to the subsequent recession and the national unrest and protests we’ve seen so far in 2020, these are difficult times for all—and […]

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Federal Tax Update – May 2020

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INDIVIDUALS In Larkin v. Commissioner, TC Memo 2020-70, the Tax Court disallowed numerous deductions claimed by a transactional attorney at a large law firm for total lack of substantiation; the Court also found that the taxpayer’s spouse fell short of the 750 hours needed to claim she was a real estate professional managing four rental […]

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The Main Street Lending Program: The Latest COVID-19 Relief Effort

How small and mid-sized business can tap this $600 billion supply of credit. Responding to the COVID-19 outbreak, on April 9 the Federal Reserve Board announced details on several new lending facilities created by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), including the Main Street Lending Program.  While the Small Business Administration’s […]

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