Disregarded Entities and Partnerships
Single-member LLCs and grantor trusts are both entities that exist for state law purposes but are disregarded for federal income tax purposes. These entities…
Casualty Losses Under Sections 162 or 165(c)(2)
The Internal Revenue Code (“IRC”) sometimes provides multiple avenues for a taxpayer to obtain a deduction depending on how the taxpayer characterizes the…
The NOL Carryback Rules Under the CARES Act
On March 27, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act introduced a number of new provisions to assist businesses and individuals…
The Tax Implications of Three Programs Created by the CARES Act
The landscape of the United States has changed in the past weeks as COVID-19 continues to sweep across our nation. The Federal government attempted to…
IRS Response to COVID-19: Installment Agreements, Offers in Compromise, and IRS Collection Actions
The novel coronavirus known as COVID-19 has changed the world as a global pandemic disrupts the day-to-day business operations of almost every country. The…
Alimony Modifications: Taxation of Alimony Payments Under the 2017 Tax Act
Prior to the 2017 Tax Act, Section 71 provided alimony payments entitled the payor to a deduction and required the payee to include them in taxable income. …
NONTAXABILITY OF WORKING CONDITION FRINGE BENEFITS IN LIGHT OF THE SUSPENSION OF MISCELLANEOUS ITEMIZED DEDUCTIONS
On November 7, 2019, John Hodnette posted an article on the Tax Section’s blog regarding employee educational fringe benefits. As noted in the article,…
FEDERAL INCOME TAX UPDATE
This is the first of two installments of this article. The second installment will soon be posted on the Tax Section blog. I. Damages for Emotional…
S Corporations: Dealing with Accumulated Earnings and Profits
Please send articles for the Tax Section blog to: Herman Spence at [email protected]. By Kerri L.S. Mast C corporation income is generally subject…
Pro Bono Opportunity
Are you looking for a pro bono opportunity where you can use your tax expertise? The NCBA Tax Section is looking for tax attorneys to train selected…