When taxpayers pay fees contingent on the successful closing of certain “covered transactions,” including, for example, taxable acquisitions of assets that constitute a trade or business, such “success-based fees” must be...
Read MoreTwo recent private letter rulings highlight the need to carefully consider an organization’s stated purposes and the provision under Code Section 501(c) that best fits those purposes before applying for exempt status. In Private...
Read MoreLast week, a Tax Court decided that California cannabis company Harborside Inc. owes approximately $11 million in income tax payments after a ruling last year that Code Section 280E (which disallows deductions for businesses...
Read MoreFor certain eligible businesses, electing to be taxed as an S corporation is a smart choice. As soon as an S corporation fails to meet certain requirements to maintain its status, however, the S corporation election will...
Read More