In an announcement that was overshadowed by the significant tax legislation enacted in December, 2017, the IRS has released updated instructions for its Form SS-4, Application for Employer Identification Number (EIN). This...
Read MoreThe Consolidated Appropriations Act, 2018 (“Act”), was signed into law on March 23rd. The Act contains a number of changes to the partnership audit rules that went into effect for partnerships (including LLCs taxed as...
Read MoreBy: Peter J. KulickThe practice of tax law is an exercise of statutory interpretation. A recent opinion of the U.S. Tax Court, Grecian Magnesite Mining, Indust. & Ship. Co. v. C.I.R., 149 T.C. No. 3 (July 13, 2017), is...
Read MoreBy: Jim Mauro The Internal Revenue Service has increased its audit activity in the area of deductible losses from real estate investments. A taxpayer who is classified as a “real estate professional” (or “REP”) is...
Read MoreBy: William E. Elwood The Internal Revenue Service has warned tax professionals, as the 2016 filing season begins, to be alert to a new email scam by cybercriminals posing as clients soliciting their services. The scam is a...
Read MoreBy: Ralph Levy, Jr.In a recent Chief Counsel Advice (CCA 201640014, issued 9/30/2016), the Office of Chief Counsel (“OCC”) of the Internal Revenue Service found that all of a franchisee’s share of earnings from a partnership...
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