Another court of appeal has held that local special taxes adopted by a citizen-sponsored initiative do not require two-thirds voter approval. Howard Jarvis Taxpayers Association v. City and County of San Francisco, No....more
Certain rental real estate owners are likely resting more comfortably knowing that they may take certain deductions from their federal taxes due to the IRS’ recent finalization of its earlier proposed Revenue Procedure. This...more
In Private Letter Ruling 201725022 (the “PLR”), the IRS determined that rental income an S-corporation received from its operations is not passive investment income that would subject the S-corporation to termination. In...more