Tax Alerts


Discussion on 2017 Tax Reform

Tuesday, February 28, 2017

The change in administrations in Washington has generated a new focus on tax reform. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending, and more to encourage economic growth. However, the details of their plans have yet to be revealed. Tax reform President Trump campaigned on tax reform and Republican […]

National Taxpayer Advocate Calls for Taxpayer-Centric IRS

Tuesday, February 28, 2017

National Taxpayer Advocate Nina Olson, in a recent report to Congress, urged the IRS to change its culture from one that is enforcement-oriented to one that is service-oriented. Such a change, Olson provided, would create an environment that encourages taxpayer trust and confidence. In the report, Olson also highlighted key areas for tax simplification and […]

Establish Profit Motive for Business Activities and Avoid Hobby Loss Limitation

Tuesday, February 28, 2017

The IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit. If the IRS determines that an activity is not profit-driven, deductions from the activity are limited to the amount of income the activity generates. Losses from such activities cannot be used to offset […]

Transferee’s Tax Liability

Tuesday, February 28, 2017

The prudent businessperson is always cautious when he or she is offered a great bargain on real estate, equipment, a business interest, or some other property that just might be too good to be true. Even in connection with ordinary business transactions, but especially when considering taking over a property or business that is a […]

Federal Automatic Six-month Extension for C Corporations

Tuesday, February 28, 2017

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 established new due dates for Form 1120 (U.S. Corporation Income Tax Return). For tax years beginning after December 31, 2015, the Form 1120 due date is generally April 15 for calendar-year corporations, with an automatic five-month extension allowed (to September 15). However, under Internal […]