While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (“ERC”) program was another form of Covid relief provided by the federal government to businesses in 2020 and 2021. The ERC program...more
9/18/2023
/ Employee Retention ,
Internal Revenue Code (IRC) ,
IRS ,
Moratorium ,
Paycheck Protection Program (PPP) ,
Senior Housing ,
Tax Credits ,
Tax Fraud ,
Tax Liability ,
Tax Planning ,
Tax Relief
Last year’s Inflation Reduction Act created the Low-Income Communities Bonus Credit Program. This program provides additional energy tax credits on top of the existing 30% investment tax credit. According to Section 48(e) of...more
8/14/2023
/ Department of Energy (DOE) ,
Electricity ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
Renewable Energy ,
Revenue Procedures ,
Tax Credits ,
Tribal Lands ,
U.S. Treasury
Many senior housing properties are owned by limited liability companies or other entities that are taxed as partnerships for federal income tax purposes. The March 15th deadline for filing federal partnership tax returns is...more
This week, the IRS issued Notice 2021-10, which extends the June 4, 2020 relief that the IRS previously granted to opportunity zone investors and qualified opportunity funds (QOFs) in response to the ongoing COVID-19...more
I recently wrote about the Tax Court decision in Northern California Small Business Assistants Inc. v. Commissioner, which addressed whether Section 280E’s denial of tax deductions to marijuana businesses violates the Eighth...more
11/4/2019
/ Constitutional Challenges ,
Controlled Substances ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRC Section 280E ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Returns
Section 199A introduced a new 20% deduction for qualified business income. To qualify for the deduction, income must be from a trade or business. Many senior living communities hold their real property in a separate entity,...more
As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more
Treasury Secretary Mnuchin stated that his goal is to have an overhaul of the Internal Revenue Code by August. He recognized that this is an aggressive time table, and that reform may slip to later in the year....more
An S corporation is a popular tax vehicle, as it allows for a single layer of tax instead of the double layer of tax imposed on regular corporations. Instead of the S corporation paying tax, the taxable income of the S...more
Last Friday, President Obama signed into law a bill that provides temporary funding for the highway trust fund. Buried in the law are several permanent changes to the tax code that are unexpected. Specifically, the deadline...more
A recent proposal by U.S. Congressman Jason Chaffetz, the Chairman of the Committee on Oversight and Government Reform, would eliminate the tax-exemption under Internal Revenue Code section 501(c)(6) for professional sports...more
Good news for taxpayers who have, or who are considering, abandoning an interest in an underperforming partnership. Earlier this week the Fifth Circuit overturned the Tax Court’s 2013 decision in Pilgrim’s Pride, clearing...more