Entries by TAX

NONTAXABILITY OF WORKING CONDITION FRINGE BENEFITS IN LIGHT OF THE SUSPENSION OF MISCELLANEOUS ITEMIZED DEDUCTIONS

By Herman Spence III 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, Section 132(a)(3) provides an exclusion from gross income for working condition fringes.  A working condition fringe is any property or service provided to an employee to the […]

FEDERAL INCOME TAX UPDATE

By Keith A. Wood 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 Distress Not Excludable from Taxable Income Unless Directly Associated with Physical Injury. A.     Background. Section 104(a)(2) provides an exclusion from gross income […]

S Corporations: Dealing with Accumulated Earnings and Profits

Please send articles for the Tax Section blog to: Herman Spence at HSpence@robinsonbradshaw.com. By Kerri L.S. Mast C corporation income is generally subject to two levels of taxation.  It is taxed at the corporate level when earned and at the shareholder level when distributed.  An S corporation, on the other hand, generally is not taxed […]

Pro Bono Opportunity

By Helen Herbert 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 military personnel to be tax return preparers through the Military Volunteer Income Tax Assistance (VITA) Program. The Military VITA Program is designed to assist US […]

Employee Educational Fringe Benefits Under the 2017 Tax Act

By John G. Hodnette One of the most appealing benefits of working for a university is an educational assistance program.  Free or discounted college education is extremely valuable given tuition continues to increase at an average of 8% per year.  Whether these benefits are taxed as compensation or excluded from income is vitally important to […]

The Importance of Purchase Price Allocations in Asset Acquisitions

By John G. Hodnette 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, such as in Section 1060 allocations in asset acquisitions, when tax issues are an important part of the business negotiation. Section 1060 applies when a […]

Tricky Rules For Amending Tax Returns

By John G. Hodnette Amending returns can cause clients and practitioners needless anxiety if they do not fully understand the applicable rules.  This short article describes those rules regardless of whether the amended return provides an addition to tax or requests a refund. The first concern is the statute of limitations.  Section 6501(a) generally provides […]