The senior living industry was hit hard by the Covid-19, and the IRS recently announced relief for people or businesses who filed their 2019 or 2020 tax returns late as a result. If your business was subject to failure to...more
9/12/2022
/ Coronavirus/COVID-19 ,
Failure-to-File ,
Healthcare ,
Income Taxes ,
Infectious Diseases ,
IRS ,
Long Term Care Facilities ,
Senior Housing ,
Tax Liability ,
Tax Relief ,
Tax Returns
In the senior living area, a taxpayer that is selling a community may look to avoid recognizing gain on the sale by entering into a Section 1031 like-kind exchange with respect to the real estate. The tax rules generally...more
The Internal Revenue Service provided individual taxpayers with a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021 to May 17, 2021....more
Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020....more
7/8/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Popular ,
Relief Measures ,
Required Forms ,
Tax Extensions ,
Tax Returns
Last month, the Internal Revenue Service (IRS) announced that the income tax filing deadline had been pushed to July 15, 2020, for income tax returns due on April 15, 2020. This relief was subsequently extended to certain...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
If you have a foreign bank account (or signatory authority on a foreign bank account), you are required to file a Form 114 (commonly called an FBAR) if at any point during the calendar year the combined balance in all of your...more
As I previously discussed, the federal tax due date for partnership and corporate tax returns changed a few years ago. ...more
As tax season is underway, one important deadline is coming that should not be overlooked. Tax law allows for partnership and LLC agreements to be amended retroactively to the first day of the prior year, provided the...more
While the news is filled with the ongoing tax reform activity in Congress, there is one tax change that is already in place to take effect January 1, 2018 – the repeal and replacement of the tax audit regime for partnerships....more
President Trump’s declaration of a major disaster in Florida and Georgia as a result of Hurricane Irma provides important tax relief for those residing in these states. This declaration provides automatic relief for those...more
As I previously discussed, the federal tax due date for partnership and corporate tax returns changed for tax years on or after 2016. This means that the new filing deadlines are now in effect. Partnership and S corporation...more
I have previously written about the IPPIN program that the IRS offers many taxpayers as a way to prevent tax-related identity fraud.
Unfortunately, the IRS has halted the application process for now. On its website,...more
For partnership, individuals and other types of taxpayers that are not in the business of making loans, the main avenue for tax relief when a loan goes bad is Section 166 – the bad debt deduction. In order to claim this...more
Earlier this year, the IRS announced that identity thieves had been able to hack one of its computer databases and gain access to extremely sensitive data. Back then, the IRS indicated that about 225,000 households had been...more
8/18/2015
/ Credit Reports ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Hackers ,
Identity Theft ,
IRS ,
Security Breach ,
Tax Returns
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
Wednesday, Senator Al Franken sent a letter to the Department of Treasury taking aim at “carried interest” income. In the letter, Senator Franken asked the IRS to revise Form 1065 (the tax return form for partnerships) to...more
With April 15th rapidly approaching, I thought I would address a common question that I receive this time of year. Who can be the tax matters partner of a partnership?...more
The IRS announced yesterday that it examined 6 percent fewer tax returns in 2014 than 2013. In addition, the total number of tax exams for business returns has dropped to the lowest level in eight years. For large...more