BACKGROUND -
On February 21, 2014, then House Ways and Means Committee Chairman Dave Camp (R-Michigan) issued a discussion draft of the “Tax Reform Act of 2014.” The proposed legislation spanned almost 1,000 pages and...more
In 2015, the U.S. Tax Court issued its ruling in the case of David W. Laudon v. Commissioner, TC Summary Option 2015-54 (2015). The case may not raise or even resolve any novel tax issues, but it reminds us of what is...more
7/27/2017
/ Business Expenses ,
Business Records ,
Deductible Expenses ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Microsoft ,
Nintendo ,
Non-Taxable Income ,
Recordkeeping Requirements ,
Section 6662 ,
Tax Audits ,
Tax Court ,
Tax Penalties ,
Xbox
Judge Ruwe ruled in Jeremy M. Jacobs and Margaret J. Jacobs v. Commissioner, 148 T.C. 24 (June 26, 2017), that a free lunch may exist today under Federal tax law. In this case, the taxpayers, owners of the Boston Bruins of...more
7/7/2017
/ Athletes ,
Business Expenses ,
Business Taxes ,
Collective Bargaining Agreements (CBA) ,
De Minimis Claims ,
Hotels ,
Internal Revenue Code (IRC) ,
IRS ,
Meals-Gifts-and Entertainment Rules ,
Non-Discrimination Rules ,
Payroll Taxes ,
Sports ,
Tax Deductions ,
Traveling Employee
This is the first of a series of posts on Tax Reform. In this series, I will be covering: what Tax Reform means, the legislative process for enacting it, the likely timing of its arrival, the estate & gift tax and income tax...more
As reported in my November 2015 blog post, in accordance with Internal Revenue Code (“Code”) Section 280E, taxpayers (for purposes of computing federal taxable income) are prohibited from deducting expenses related to the...more
In general, the Oregon income tax laws are based on the federal income tax laws. In other words, Oregon is generally tied to the Internal Revenue Code for purposes of income taxation. As a consequence, we generally look to...more
As a general rule, in accordance with IRC § 162(a), taxpayers are allowed to deduct, for federal income tax purposes, all of the ordinary and necessary expenses they paid or incurred during the taxable year in carrying on a...more
10/26/2015
/ Apportionment ,
Books & Records ,
Controlled Substances ,
Controlled Substances Act ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Returns
Background -
Actual or constructive receipt of the exchange funds during a deferred exchange under IRC Section 1031 totally kills an exchange and any tax deferral opportunity. Treasury Regulation Section 1031(k)-1(f)(1)...more