Tax Education

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
News & Analysis as of

Obtaining Relief from Penalties Related to IRS Form 1098-T Filing Deficiencies

It has been reported that many colleges and universities have received IRS Notices assessing significant penalties for failing to provide accurate or complete information on IRS Forms 1098-T. Going forward, colleges and...more

NC Legislative Update for August 2015 #3

This Week - Amid the budget deliberations, the General Assembly took time Tuesday to commemorate the 70th anniversary of the end of the war World War II. Senate Joint Resolution 720, passed by both the House and the...more

School Buses Exempted from Property Tax

While children sing the “Wheels on the Bus Go Round and Round” as they head to school, it is highly doubtful that they ponder who has to pay the taxes for those wheels. Yet, this very question arose recently in the New...more

Important Tax Provisions Contained in Acts Extending Highway Trust Fund and Trade Preferences

On July 31, 2015, President Obama signed P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (“Highway Act”), into law. Although the Highway Act is primarily for the purpose of...more

The ABLE account: A good alternative to a special needs trust?

Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account,...more

Property Tax Exemption for Residential Properties Revoked for Many Connecticut Colleges and Universities

During the recently concluded special session, the Connecticut General Assembly approved, and the Governor subsequently signed into law, Section 244 of Public Act No. 15-5 (June Special Session) that revokes the property tax...more

A Tax Policy Decided 15 Years Ago Raised Questions for Unending Debate

We are just a few months away from the 15th anniversary of the historic November, 2000, election when Massachusetts voters approved a referendum calling for the reduction of the state income tax rate from 5.95% to 5%. No...more

New Laws in Local Jurisdictions

A number of new laws went into effect in Virginia, Maryland and the District of Columbia as of July 1, 2015. These include the following: In Virginia: Employers are no longer permitted to require workers or job...more

Illinois Court Finds Special Property Tax Exemption Unconstitutional

A property tax exemption designed to benefit a single aviation company was recently found unconstitutional by the Illinois Appellate Court. The exemption was only for fixed base operators (FBOs) providing aeronautical...more

Medical Residents Held Subject to FICA

In the case of University of Texas System v. U.S., 759 F.3d 437, (2014) the U.S. Supreme Court on April 27, 2015 declined to review a decision of the U.S. Fifth Circuit Court of Appeals which, affirming the district court,...more

Alabama 2015 Regular Session Legislative Summary: June 2015

The Alabama Senate adjourned sine die on Thursday, June 4, and the Alabama House of Representatives met for their last day on Thursday, June 11. Although the legislature passed a record-setting, $6 billion Education Trust...more

RLUIPA Round-Up

We’re a little late with the round-up, but promise to continue our effort to bring you interesting stories from the intersection of religion and government. - Mayfair, Pennsylvania residents feel disappointment after...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Budget Approved by Legislature - Early Wednesday morning the Maine House and Senate...more

House Bill 15-1348-Urban Renewal – Frequently Asked Questions

H.B. 15-1348 was signed by the Governor on May 29. The bill enacts several changes related to urban renewal authorities and tax increment financing for such authorities including governance changes and changes related to how...more

Nevada Legislature Changes Procedure For Certain Bonds (AB 170)

AB 170, a bill amending NRS 350.020 passed by the Nevada Legislature, was signed by the Governor on June 11, 2015. It amends subsection 3 of NRS 350.020 which specifies the procedures to be followed to issue general...more

[Event] The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? - June 25, Waltham, MA

LeClairRyan invites you to join us for a free half-day seminar The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? Predictability. Focus. Staying on Point. On a familiar playing field – you can make...more

Tax Law Blog: Did you miss the last holiday in May? Friday was 529 Day

Did you miss the last holiday in May? Friday, May 29th (5/29) was “529 Day,” referencing 529 college savings plans. If you are asking what a 529 Plan is, you are not alone. A recent Forbes article discussing the so-called...more

SC Public Policy Update - May 2015 #4

What's New - The House of Representatives and Senate spent this week trying to get through their calendars before the end of the legislative session. The General Assembly only has six legislative days remaining this...more

Texas Supreme Court Upholds Property Tax Exemption For Student Housing Authority’s Dormitory Used By Summer Campers

On April 24, 2015, the Texas Supreme Court in Texas Student Housing Authority v. Brazos County Appraisal District and Appraisal Review Board for Brazos County Appraisal District rejected a county appraisal district’s argument...more

North Carolina General Assembly Week in Review

The state House passed their two-year, $22.1 billion spending proposal early this morning on a vote of 93-23 after a long week of debate that saw delays because of the sheer number of amendments to the bill. House Bill 97,...more

Religious Institutions Update: May 2015

Religious institutions commonly keep ministry supporters and members abreast of developments through newsletters, correspondence and other communications. Sometimes, the developments reported are embarrassing to those...more

South Carolina Legislative Update

The South Carolina Senate finished their budget deliberations and adopted the over $7 billion budget last week. Highlights include: an $800 bonus to state employees; an 11% raise for members of the judiciary, circuit...more

Week in Review – May 2015 #3

Fishing for Budget Numbers - Gov. Dayton, Senate Majority Leader Bakk (DFL-Cook) and House Speaker Daudt (R-Crown) reportedly caught lots of fish last weekend, but no luck with agreed upon budget numbers. Leaders have...more

FICA Tax Student Exemption Resolution: Fifth Circuit Decision About Refunds of FICA Taxes Paid by Medical Residents Stands

FICA taxes, which fund the Social Security program, are not levied on state employees unless a state voluntarily opts in to the program. A state opts in by executing an agreement, commonly referred to as a “section 218...more

Changes to 2014 Form 990, Form 990-EZ, and Form 990-PF for Exempt Organizations

While the IRS made only minor changes to Form 990, Form 990-EZ, and Form 990-PF for the 2014 tax year, the IRS made significant revisions to Schedule A. ...more

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