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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

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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

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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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