News & Analysis as of September 18, 2024

Income Taxes › Farms

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Tax Court in Brief | Wondries v. Comm’r | Deficiencies for Deduction of Farm and Ranch Expenses; Hobby or Activity Engaged in For...

Freeman Law on 1/16/2023

Summary: Paul Wondries and Patricia Wondries (the Wondries) sought relief from the Tax Court to review the IRS’s determinations of deficiencies and accuracy-related penalties arising mainly from deductions for expenses...more

Tax Court in Brief | Hoakison v. Comm’r | Schedule F Farming Expense Deductions and Deficiencies Relating to Same

Freeman Law on 12/12/2022

Hoakison v. Comm’r, T.C. Memo. 2022-117| December 5, 2022 | Paris, J. | Dkt. No. 16577-17 Short Summary: Mr. and Mrs. Hoakison (collectively, the “Hoakisons”) are long-time farmers. They own real estate used for farming and...more

Gold Dome Report — Legislative Day 15 2022

Nelson Mullins Riley & Scarborough LLP on 2/15/2022

The General Assembly took a half day on Friday after a full week of floor debates and committee proceedings. Although the House and Senate addressed a collective six measures on their floors, legislators made quick work of...more

The Tax Court in Brief - February 2021

Freeman Law on 2/8/2021

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of January 25 – January 29, 2021 - Costello v. Comm’r, T.C....more

OSBA Sales & Use Tax Subcommittee Report Highlights Recent Cases - September 2019

Buckingham, Doolittle & Burroughs, LLC on 9/20/2019

The report highlights the recent changes to Ohio law requiring out-of-state sellers and marketplace facilitators to collect tax on sales into the state, as well as recent cases decided by the Ohio Board of Tax Appeals....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 8/30/2018

A mix of corporate tax cuts and a strong economy helped propel US corporate profits to a 16.1% year-over-year gain, the best figure in 6 years...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Transportation, Ports and Maritime Industry?

Schwabe, Williamson & Wyatt PC on 1/12/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Summary of Tax Cuts and Jobs Act

Schwabe, Williamson & Wyatt PC on 12/29/2017

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

South Carolina Conservation Easements for Farm and Forestry Property

Burr & Forman on 9/15/2017

There are 12.9 million acres of commercial forestland in South Carolina. More than half of the forestland is family-owned, and 82% of private owners live on the land. The state also has about 25,000 farms, which encompass 4.9...more

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