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When using a Section 1031 exchange under the Internal Revenue Code, property owners can defer recognition of gain for "like kind" property exchanges. Under the IRS rules, tax on this property may not be due until the time that investors actually sell the...
The FATCA FFI List Resources and Support Information Webpage has been posted to the FATCA Website. In addition, the FATCA FFI List Frequently Asked Questions (FAQs) have been posted to the FATCA Website.
Last Friday, the Fourth Circuit Court of Appeals affirmed a district court's refusal to quash subpoenas related to foreign bank account records that were required to be maintained under the Bank Secrecy Act and Treasury Regulations.The case involves an investigation...
This FATCA Registration Update Summary provides a summary of the updates made to the FATCA Registration System located on the FATCA Website. An updated version of the FATCA Registration Online User Guide (PDF) is available.For more information, click here.
Yesterday the Tax Court issued an opinion in Abdallah v. Commissioner, T.C. Memo. 2013-279, finding that a laundromat owner had fraudulently underreported income for several years and was liable for civil fraud penalties under I.R.C. § 6663(a). In addition to...
The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on Jan. 1, 2014, the standard mileage rates for the use...
On Wednesday, December 4, the Franchise Tax Board followed the IRS's lead in announcing that it will not impose a tax penalty on taxpayers who sell their home for less than is owed, commonly referred to as a "short sale". The determination means California taxpayers...
On Monday, December 2, the United States Supreme Court declined to hear a case that could have answered long-standing questions about a state's right to collect sales tax from internet retailers who do not have a physical presence in the state. Amazon and...
Yesterday the Supreme Court held that the 40% gross valuation misstatement penalty under I.R.C. § 6662(h) is applicable in cases where the IRS determines that a partnership is a sham or lacks economic substance. United States v. Woods, No. 12-562 (U.S. Dec. 3,...
In addition to achieving philanthropic goals, many people make charitable donations at the end of the year in order to maximize income tax benefits. To make sure your charitable donation accomplishes both charitable and tax-savings benefits, here are few...
