John G. Hodnette
Reinstatement of 501(c)(3) Status for Charitable Organizations
Nonprofit organizations generally must file a Form 1023 with the IRS to obtain federal tax-exempt status under Section 501(c)(3). However, such status may not…
Tax Consequences of Terminating Whole Life Insurance with Existing Policy Loans
Whole life insurance, when distinguished from term life insurance, has several qualities that may create surprising tax results. One of these potential…
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. …
Employee Educational Fringe Benefits Under the 2017 Tax Act
One of the most appealing benefits of working for a university is an educational assistance program. Free or discounted college education is extremely…
The Importance of Purchase Price Allocations in Asset Acquisitions
The maxim “don’t let the tax tail wag the business dog” is often bandied about in the business world. Tax attorneys know, however, there are times,…