On February 26, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released his much-awaited comprehensive tax reform plan (the “Camp Proposal”). That proposal seeks to cut marginal tax rates...more
House Ways and Means Committee Chairman Dave Camp (R-Michigan) this week introduced a draft of the most comprehensive reform of the Internal Revenue Code in decades.
The key principles in the draft are:
On February 4, the IRS issued a new revenue ruling – Rev. Rul. 2014-7 – that indicates that the IRS no longer plans to issue formal guidance concerning the treatment of the dividends-received deduction (DRD) with respect to...more
A taxpayer who travels away from his tax home overnight on business can deduct 50% of meals and 100% of lodging costs. A taxpayer’s “tax home” is located at (1) his regular or principal (if more than one regular) place of...more
Charitable contributions are only deductible if you itemize and have the proper substantiation.
For cash contributions of less than $250, you must have either a cancelled check/credit card receipt or a written...more
Same-sex marriages now are being recognized under federal tax law for the first time. In June 2013, the Supreme Court released its decision in United States v. Windsor, 530 U.S. 12 (2013), declaring Section 3 of the federal...more
When considering settlements, it is also important to consider one of life’s certainties: taxes. A potentially taxable event may occur whenever money changes hands—even in the context of a settlement. See Internal Revenue...more
Tax season is right around the corner for direct sellers. Are you prepared?
Consultants, have you kept track of your IRS tax deductions? Did you know that you can deduct such expenditures as meals, entertainment, home...more
Action by December 31st Required for Safe Harbor -
Yesterday, the IRS issued specific guidance on how employers can address issues arising from the change in tax treatment for same-sex spouses under cafeteria plans. ...more
IRS Explains Federal Tax Consequences of Windsor Case Regarding Same-Sex Marriages -
In our last report (Vol. 8, No. 3, September 2013), we told you about the recent Windsor case, in which the Supreme Court held...more
As a result of changes in North Carolina’s state income tax law, employees must complete a new Employee’s Withholding Allowance Certificate, Form NC-4 or Form NC-4EZ, so that employers can withhold the correct amount of North...more
When an employer requires an employee to move his or her primary residence to work, or continue working, for the employer, oftentimes the employer, as an inducement for the employee to accept the offer employment or continue...more
The inflation adjustments for tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts....more
Year-end tax planning could be especially productive this year because timely action could nail down tax breaks that won’t be around next year unless Congress acts to extend them, which at the present time, looks doubtful....more
As year-end approaches, many of you are finalizing your charitable gifts for the year.
For tax deductibility purposes, charitable contributions are governed by several rules. One of the best strategies to reduce your...more
We’ve all heard and read the radio and newspaper ads that encourage donors to contribute their vehicles to charity. The advertisements attempt to convince donors to donate their old “jalopies” (whether they run or not) and...more
Section 199 allows a deduction equal to a percentage of a taxpayer’s income attributable to domestic production activities. For taxable years beginning in 2010 and thereafter, the deduction is generally equal to 9 percent of...more
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. A...more
Many Oregon nonprofit organizations will soon face an additional hurdle to receiving contributions that are deductible as charitable contributions for purposes of Oregon’s income or corporate excise tax....more
Although the decision of the United States Supreme Court in United States v. Windsor invalidating much of the Defense of Marriage Act (DOMA) affects at most approximately 20% of the population of the United States, it has...more
On June 26, 2013, the United States Supreme Court issued its decisions in Windsor v. United States and Hollingsworth, et. al. v. Perry et. al., thus ending a four year "fast-track" judicial expedition of the validity of the...more
In a ruling handed down May 6, 2013, the Federal Court of Appeal ordered that portions of a Crown pleading be struck out for suggesting that a deduction may be disallowed on the basis that the conduct of the taxpayer in...more
Since the passage of The American Taxpayer Relief Act of 2012 and the submission of the President's federal budget proposal for 2014, it is clear that high net worth and high income taxpayers continue to be under attack....more
A couple going through a divorce action should understand whether a support payment, not specifically allocated as child support or alimony, is a taxable event where the payor may deduct it and the payee report it as income...more
Budget 2013 was tabled on March 21, 2013. Heenan Blaikie’s National Tax Group has prepared the following overview of some of the more significant tax-related measures....more
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