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Federal Taxation

  • Tax Credits and Incentives to Benefit Growing Businesses Part 1

    By:
    Barry Halpern, CPA, and Mark Leaheey, CPA, CGMA, MSA
    |
    Dec 1, 2021

    Credits and Incentives can be very beneficial to companies in all industries, yet credits continue to go unclaimed. Companies without the capacity to perform the necessary compliance and diligence to obtain the incentives explain part of this, but the more prevalent reason is probably sheer ignorance. Companies are unaware of the potential benefits available to them.

  • What I Learned from IRS Audits and Tax Court Testimony

    By:
    Bruce A. Johnson, ASA
    |
    Nov 1, 2021
    I can remember worrying about getting audited by the Internal Revenue Service (IRS) on the first gift tax appraisal I conducted 27 years ago when I first started as a full-time business appraiser. Over the next several years, I learned that if an appraiser followed the best practices in business valuation, complied with IRS regulations and documented all inputs and assumptions, there was no real need to be concerned about an appraisal being challenged.

  • Retirement Plan Basics

    By:
    Lisa L. Jones
    |
    Nov 1, 2021
    This article will provide an overview of qualified retirement plan options, their differences, contribution and deduction limits, the factors that influence the choice of the right plan or plans, and an overview of the discrimination testing/compliance issues that a qualified Plan must satisfy.

  • Federal and Tri-State Area Income Tax Treatment of Amortizable Bond Premium

    By:
    David M. Barral, CPA/PFS, CFP®, MS (taxation)
    |
    Sep 1, 2021

    A bond investor generally recognizes two characters of income during the bond’s term: interest income from the coupon payments, and a capital gain/loss when the bond matures (or is disposed of). During the bond’s term, they may have to address any Amortizable Bond Premium (ABP) for income tax purposes. ABP is equal to the excess of the purchase price over the face/par value, and is typically incurred when the interest rate on the bond is paying more than the prevailing interest rates on bonds.

  • Recent Administrative and Judicial Developments in IRS Appeals

    By:
    Frank G. Colella, Esq., LLM, CPA
    |
    Sep 1, 2021
    Since enactment of the Taxpayer First Act (TFA) in July 2019, the IRS has issued subregulatory guidance to implement the major new provisions affecting appeals, including a memorandum on taxpayer access to the appeals office and a memorandum on taxpayer access to case files prior to scheduled appeals conferences.  In addition, recent court decisions have also dealt with appeals-related issues, including challenges over the scope of the right to appeal under the TFA.

  • Cash Method? Avoid The Tax Shelter Trap

    By:
    Robert S. Barnett, JD, MS (Taxation), CPA
    |
    Aug 1, 2021
    Many taxpayers will need to consider the recent small business taxpayer regulations. On January 5, 2021, the IRS released final regulations[1] that provide guidance on the implementation of several provisions of the Tax Cuts and Jobs Act (TCJA).[2] The final regulations address several important tax provisions including the following: limitation on use of the cash method of accounting, exemption from inventory methods required under IRC § 471, uniform capitalization requirements under § 263A, and the percentage of completion method for certain long-term construction contracts under § 460A.

  • The Deemed Realization Proposal in the Biden Administration’s “Green Book”

    By:
    Kevin Matz, Esq., CPA, LL.M. (Taxation)
    |
    Jul 1, 2021
    On May 28, 2021, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (which is popularly called the “Green Book”). Significantly, the Green Book does not propose any changes to federal estate and gift taxes—in stark contrast to the previous Green Book that the Obama administration had released back in 2016, which had proposed vast changes to the estate and gift tax system.
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