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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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IRS Notice 2020-32

Should Taxpayers Deduct Expenses Resulting in Loan Forgiveness under the Paycheck Protection Program Despite the Contrary Guidance of the Internal Revenue Service? Takeaway: Although the Internal Revenue Service indicates that expenses resulting in loan forgiveness under the Paycheck Protection Program are not deductible, its interpretation is questionable. Even if Congress does not legislatively address this […]

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Federal Tax Update – April 2020

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INDIVIDUALS In Hamilton v. Commissioner, 125 AFTR2d 2020-1618, the Tenth Circuit Court of Appeals agreed with the Tax Court that a couple could not claim the insolvency exception on the discharge of loans they took out for their son’s medical school when at least $300,000 in assets were moved into the son’s name but used […]

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Member Spotlight: David R. Cook, Jr.

Member Spotlight

David R. Cook is a partner with the Atlanta-based law firm Autry, Hall & Cook, LLP. His practice focuses on four main areas: cooperatives, utilities, construction, and business law. By specializing in these four distinct areas of law, David has developed the expertise his clients expect from an attorney who focuses on their industries. David […]

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Federal Tax Update – March 2020

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INDIVIDUALS P.L. 116-136, the Coronaviris Aid, Relief and Economic Security (CARES) Act: ●          Creates a credit against 2020 taxes in the form of a rebate for U.S. residents with social security numbers and not a dependent of another based on 2019 adjusted gross income (or 2018 if 2019 is unfiled) of $1,200 ($2,400 if married) […]

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The CARES Act: Part Three of the COVID-19 Relief Effort

What this emergency $2 trillion package means for individuals and businesses. On March 27, President Trump signed the $2 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act (H.R. 748). This is the third in a series of monumental COVID-19 relief packages, and it provides for numerous tax, grant, and loan provisions designed to provide […]

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