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Federal Tax Update – September 2018

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INDIVIDUALS In De Los Santos v. Commissioner, TC Memo 2018-155, the Tax Court determined that a split dollar life insurance arrangement generated income to a key employee to the extent of the cost of current life insurance protection plus the cash value of the policy to which he had current access. In Jackson v. Commissioner, […]

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Federal Tax Update – August 2018

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INDIVIDUALS Proposed Regulations under Code Section 164 generally deny a charitable deduction to the extent of any state or local tax credit for a contribution in lieu of payment of  taxes; an exception is carved out where the tax reduction is no more than 15 percent of the amount transferred. In Yaryan v. Commissioner, TC […]

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Federal Tax Update – July 2018

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INDIVIDUALS In Jusino v. Commissioner, TC Memo 2018-112, the Tax Court denied the personal exemption, child credit and earned income credit to a couple who had lost parental rights to children who were adopted by their aunt. In Grainger v. Commissioner, TC Memo 2018-117, the Tax Court disallowed most of the $85,000 in charitable deductions […]

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Federal Tax Update – June 2018

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INDIVIDUALS In Johnson v. Commissioner, TC Summary Opinion 2018-31, the Tax Court stated that the test as to primary physical custody between divorced parents as to dependency allowances is based on comparative number of nights as opposed to comparative time with the children. In Palsgaard and Kelly v. Commissioner, TC Memo 2018-82, the Tax Court […]

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Federal Tax Update – May 2018

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INDIVIDUALS In Voigt v. Commissioner, TC Summary Opinion 2018-25, the Tax Court agreed with IRS that an individual who was laid off from Tulane University and received tuition waivers for his children as part of his severance package was properly taxed on the value of the benefit as the general exclusion for undergraduate education of […]

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What is an Extended Reporting Period and Why is it Important?

Why Not Hire

Many of you are already aware that your Professional Liability Policy through the American Academy of Attorney-CPAs is a Claims-Made Policy. The claims-made policy provides cost advantages but also allows you to insure the risks resulting from past services under your present policy. If we don’t see cancellations or lapses in coverage, we can approve Retroactive […]

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Federal Tax Update – April 2018

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INDIVIDUALS In Hatcher v. Commissioner, 121 AFTR2d 2018-1397, the Fifth Circuit Court of Appeals agreed with the Tax Court that an individual who lent her then boyfriend in excess of $582,000 was not in the business of lending and could only claim a capital loss when only $7,000 of it was repaid. In Davidson v. […]

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Member Spotlight: Michael W. Hoffman

Member Spotlight

Mike is the founding and managing partner of Hoffman & Associates, and oversees the general operations and personnel of the firm.  He works primarily in the estate planning practice helping clients minimize the effect of the estate tax, ensure orderly transition of generations in family businesses, and maximize asset protections.  Mike also devotes a considerable amount […]

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Member Spotlight: Judy Vorndran

Member Spotlight

As a dually-licensed CPA and lawyer, Judy Vorndran leads the state and local tax practice at TaxOps and is the President of the AAA-CPA Colorado Chapter. She is also a member of the Governor’s taskforce to simplify Colorado sales tax, which puts her at the table with lawmakers who, like Judy, are advocating for change […]

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