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Federal Tax Update – November 2018

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INDIVIDUALS In Duncan v. Commissioner, TC Memo 2018-190, the Tax Court agreed with IRS that a lawyer who handled a disability claim for a fixed fee of $2,500 and reached a great result causing the client to give the lawyer an additional $30,000 had reportable income rather than a nontaxable gift despite the lack of […]

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The Benefits Of A Dually-Licensed CPA

There are many situations that require the assistance of a skilled financial advisor and even more where professional guidance is beneficial. From improving your credit rating and reducing debt to starting a business or managing real estate, having an experienced accountant you can turn to can save you many headaches in the future. However, selecting […]

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Federal Tax Update – October 2018

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INDIVIDUALS In Felton v. Commissioner, TC Memo 2018-168, the Tax Court found that donations to a reverend were income rather than gifts, the IRS finding a “routinized, highly structured program.” In Antonyshyn v. Commissioner, TC Memo 2018-169, the Tax Court held that work done in an individual’s capacity as an investor including studying and monitoring […]

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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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