With the 2018 deadline for filing of individual income tax returns just around the corner, taxpayers should be aware of the recent announcement by the Internal Revenue Service (IRS) of expanded relief from penalties for...
Read MoreIn 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 MoreA recent Tax Court decision serves as a reminder to take care in structuring loans by shareholders to their S corporations if the shareholders intend to use the loans to support losses generated by the S corporation. In Dana D....
Read MoreBy: Ralph LevyTwo recent Tax Court cases are reminders that shareholder guarantees of loans to an S corporation do not generally create basis that can be used by the shareholder to deduct losses. Under Internal Revenue...
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...
Read MoreBy Ralph Levy, Jr. A recent Tax Court case (Brinks Gilson & Lione PC, TC Memo 2016-20) points out the need for caution in the “zero out” technique by professional practices that operate as professional corporations or...
Read MoreBy Ralph Z. Levy, Jr.In a recent Eighth Circuit Court of Appeals decision, the court upheld a finding by the Tax Court that when a taxpayer who sold his principal residence on an installment basis and did not resell the...
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