News & Analysis as of

Tax Deductions Internal Revenue Service

Making an Effective (and Tax Deductible) Donation for Disaster Relief

by Moskowitz LLP on

Relief efforts are underway to assist victims of Hurricane Harvey and those affected by the catastrophic flooding in Texas and Louisiana. Many well-meaning Americans are making donations through a variety of organizations....more

Courts Issue Victories To Conservation Easement Donors

by Fox Rothschild LLP on

August brought three wins for taxpayers who donated conservation easements that were challenged by the IRS. In all of the cases, terms of the conservation easement deed document carried the day....more

Client Alert: Avrahami v. Commissioner: An Important Ruling on Microcaptive Structures

While many were captivated by the solar eclipse on August 21st, the US Tax Court, in Avrahami v. Commissioner, shed judicial light on the tax treatment of what is known as a “microcaptive” insurance company. More...more

New Cases Provide Mixed Messages to Conservation Easement Donors

Fifth Circuit encourages flexibility for conservation easement deductions in Bosque Mountain Ranch, while Tax Court makes it difficult for farmers in Rutkoske. Two important conservation easement opinions were handed down...more

Failure to Disclose Adjusted Basis on Disclosure Form Costs Taxpayer $33M+ Charitable Deduction

by Charles (Chuck) Rubin on

Under Treas. Regs. §1.170A-13, taxpayers making substantial noncash charitable contributions are required to disclose information regarding the contribution on Form 8283. ...more

Seismic Expenses are Deductible for the Seismic Shooter

by Gray Reed & McGraw on

Benjamin Franklin would be relieved. Just when it seems that the taxman always wins, he doesn’t. In CGG Americas, Inc. v. Commissioner the U. S. Tax Court concluded that a taxpayer need not own underlying hydrocarbons in...more

SCORE! for the Boston Bruins – Jacobs v. Commissioner

Like Napolean recognizing that an army marches on its stomach, the owners of the Boston Bruins know a hockey team needs to be well-fed to ensure optimal performance on game day. So, when the Bruins go on the road to play...more

Related-Party Provisions Prevent Deduction by S Corp Shareholders - Tax Update Volume 2017, Issue 4

by Pepper Hamilton LLP on

Many routine transactions occur between related parties, including the payment or accrual of interest on indebtedness, license fees, salary or benefits to employees and/or shareholders, and trade invoices. The Tax Court...more

Meals and Entertainment Expenses Can Be 100% Deductible

In general, a taxpayer may deduct only 50% of its business-related meals and entertainment expenses. This is commonly known as the 50% limit on meals and entertainment expenses. The 50% limit typically applies to the...more

IRS Identifies 8 Burdensome Regulations for Reform

Responding to a Trump Executive Order, the Treasury Department has reviewed all significant tax regulations issued after December 31, 2015 and identified eight regulations to be reformed to mitigate the burden that the...more

Who Says There Is No Such Thing as a Free Lunch? -- the US Tax Court in Jacobs v. Commissioner Ruled That There May Be Such a...

by Garvey Schubert Barer on

Judge Ruwe ruled in Jeremy M. Jacobs and Margaret J. Jacobs v. Commissioner, 148 T.C. 24 (June 26, 2017), that a free lunch may exist today under Federal tax law. In this case, the taxpayers, owners of the Boston Bruins of...more

Unsurprising Façade Easement Holding by Tax Court: Conservation Easement Must Be Recorded to Qualify for Deduction

Those familiar with conservation easements know that, to qualify for a federal tax deduction, a conservation easement must meet several rigorous requirements found in Internal Revenue Code Section 170 and Section 1.170A-14 of...more

Sports Teams Can Deduct Full Cost of Pre-Game Meals for Traveling Employees at Hotels at Away Games

by Cozen O'Connor on

Overview - In a surprising decision, the Tax Court has allowed the owners of the Boston Bruins hockey team (a subchapter S corporation) to deduct 100 percent of the cost of pre-game meals at hotels for employees while...more

Filing Your Own Return

by Moskowitz LLP on

In our last post, we reviewed the main advantages and disadvantages of joint tax returns for married couples. This post will focus on when a married couple should consider filing separately, and special considerations if they...more

Update on Transaction Costs - 'Origin of the Claim' Analysis Will Decide Tax Allocations - Tax Update Volume 2017, Issue 3

by Pepper Hamilton LLP on

While the Internal Revenue Service (IRS) has continued to issue guidance addressing the ability to deduct transaction costs, the doctrine of "Origin of the Claim" (OOC) developed over 50-plus years of case law is still the...more

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

IRS Extends Deadline to File Forms 8886 for Participants in Conservation Easement Transactions

by Taylor English Duma LLP on

Individuals investing in Conservation Easement Transactions have many questions. Why is the IRS attacking Conservation Easements? Why do I have to file these extra forms? When do I file the forms and what are the risks if...more

Employee Business Expenses must be Ordinary and Necessary

by Foodman CPAs & Advisors on

Employees may be able to deduct their work related expenses as an itemized deduction. These expenses must be unreimbursed expenses that are ordinary and necessary to their work as an employee. According to IRS, an ordinary...more

The IRS and the Controlled Substance Act

by Garvey Schubert Barer on

Two recent District Court cases, High Desert Relief, Inc. v. United States of America and Alpenglow Botanicals, LLC et. al. v. United States of America have raised a novel issue in the IRS’s audits of cannabis businesses....more

Tax Preparation is NOT a Commodity

by Foodman CPAs & Advisors on

As we approach this year’s tax filing deadline of April 18th, do you think that you have your Tax Return under control? Before you answer yes, take the time to examine and evaluate who is preparing your taxes. Do they have...more

IRS Notice: Conservation Easements for Charitable Giving

by Bryan Cave on

In Notice 2017-10, the Internal Revenue Service recently issued guidance on syndicated conservation easement transactions presumed to be used as tax shelters. This addition to the “listed transactions” under Section...more

Are you paying your children too much to work in the family business? The IRS might think so.

by Murtha Cullina on

A United States Tax Court recently issued a decision after trial that should serve as a reminder to management and controlling shareholders of family-owned businesses that salaries or other compensation paid to family-member...more

Charitable Contributions: Acknowledgements, Appraisals and the IRS's Strict Rules: Tax Update, Volume 2017, Issue 2

by Pepper Hamilton LLP on

Tax season has begun, and it is crucial for any taxpayer claiming a charitable contribution deduction to be aware of the acknowledgment rules. Before the taxpayer files a tax return claiming a charitable deduction of $250 or...more

Receiver Put in the Same Shoes as Underlying Taxpayer under Claim of Right Claim

by Charles (Chuck) Rubin on

At times, a taxpayer may receive and report income, and then in a later year have to return the income item. Depending on the circumstances, this could give rise to a deduction in the later year under Code §§162 or 165 under...more

House Republican Health Care Bill: Good News for Health Insurance Executives

An Affordable Care Act (ACA) provision that is often-overlooked by the media, but has impacted the ability of insurers and their non-insurance related entities, in their role as employers, to take tax deductions for certain...more

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