Entries by TAX

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 […]

Federal Income Tax Update No. 2

By Keith A. Wood This is the second of two installments of this article.  Read the first installment here. I. Charitable Deduction Fails Where Tax Basis Not Shown on Form 8283. Belair Woods, LLC v. Comm., TC Memo 2018-159, involved a taxpayer who tried to claim a conservation easement deduction under Section 170.  Originally, Belair […]

Section 199A Pass-Through Deduction and the Magic Number

By John G. Hodnette The 2017 Tax Act includes a new deduction for qualifying pass-through entities codified as Section 199A.  Taxpayers other than corporations operating a business are generally allowed the deduction, subject to complex limitations, which require thoughtful planning to ensure taxpayers fully benefit.  Certain classes of businesses deemed a “specified service trade or […]