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Post-Election 2021 Planning: Surfing the Blue Wave

Company Page

The year 2020 was one like no other, and thus far into 2021, the 2020 mantra “expect the unexpected” has continued.   The election cycle of 2020 finally ended on January 5, 2021 with the Georgia runoff elections with Democrats wining both Senate seats.  As a result, President Biden will have slight Democratic majorities in both […]

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Federal Tax Update – December 2020

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INDIVIDUALS Taxpayer Certainty & Disaster Tax Relief Act of 2020, part of PL 116-________, the Consolidated Appropriations Act, 2021: ●          Extends through 2025 the exclusion on employer payment of student loans up to $5,250 per year as part of an educational benefit plan ●          Makes financial aid grants under the CARES Act excludable from the […]

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Year-End Tax Planning With the Senate in the Balance

Blogging

In the final days of 2020, here are some tips on planning for 2021 when control of the Senate is yet to be determined. Year-end tax planning in an election year is often guided by the policies of the prevailing political party. This year, a Georgia Senate runoff race that will not take place until […]

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Federal Tax Update – November 2020

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INDIVIDUALS Proposed Regulations under Section 1031 adopt a broad definition of “real property” so that structural components of permanent structures as well as licenses and permits related thereto will qualify for like-kind exchange.  In Cutting v. Commissioner, TC Memo 2020-158, the Tax Court determined that an international pilot made a fatal error when he advised […]

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Year-end 2020 Planning: Georgia on My Mind

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Year-end planning for Americans will be more challenging than ever in 2020, as we are forced to make year-end financial decisions based on events that will not happen until 2021. Two Georgia Senate runoff elections will be held on January 5, 2021, which will determine whether Republicans retain control of the Senate or whether Democrats […]

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Federal Tax Update – October 2020

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INDIVIDUALS In Lucero v. United States, 126 AFTR2d 2020-________, a New Mexico Federal District Court allowed a discharged employee to challenge the “agreed” value of privately owned stock received in a settlement for wrongful termination and accepted a significantly lower value after allowing a 38 ½ percent combined discount. In Langston v. Commissioner, 126 AFTR2d […]

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Federal Tax Update – September 2020

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INDIVIDUALS In McKenny v. United States, 126 AFTR2d 2020-5943, the Eleventh Circuit Court of Appeals reversed a Florida Federal District Court and found a settlement payment from a CPA firm for bad tax advice to be taxable (in contrast to a payment for error in tax preparation), allowing a deduction for legal expenses and other […]

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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

Company Page

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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