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Tax Articles

 

Transfer to Limited Partnership Is Includable in Estate

Transfer to Limited Partnership Is Includable in Estate

Posted by Louis Cercone Jr. on July 26, 2017

Assets transferred to a limited partnership in an effort to remove them from an estate were, in fact, included in the value of that estate, the U.S. Tax Court ruled in one case. The reason: The deceased woman retained her rights related to the assets until her death and the transfer was made less than three years before her death.

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Know the Rules for Amending a Federal Income Tax Return

Know the Rules for Amending a Federal Income Tax Return

Posted by D’Marie Murray on July 26, 2017

Filing an amended return is relatively straightforward if you expect a refund — as long as you're within the requisite two- or three-year window of opportunity. But when you've underpaid your taxes, filing an amended return can be a dicey situation.

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Hockey Team’s Meals at Away Games Were a De Minimis Fringe Benefit

Hockey Team’s Meals at Away Games Were a De Minimis Fringe Benefit

Posted by David Schlein on July 25, 2017

The U.S. Tax Court recently ruled that the Boston Bruins hockey team's pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit under the Internal Revenue Code. Here's an overview of the ruling. 

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Why Your Nonprofit Must Avoid Excess Benefit Transactions

Why Your Nonprofit Must Avoid Excess Benefit Transactions

Posted by Aminatou Diallo on July 20, 2017

The IRS’s private benefit and private inurement provisions prohibit an individual inside or outside a nonprofit from reaping an excess benefit from the organization’s transactions. Violation of such rules can have devastating consequences.

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Are Contingent Attorneys’ Fees Tax Deductible?

Are Contingent Attorneys’ Fees Tax Deductible?

Posted by Sherry DelleBovi on July 18, 2017

The federal income tax treatment of contingent fees paid to an attorney out of a taxable non-business judgment or settlement has been a source of confusion. Here's an overview of the outcome of litigation between individual taxpayers and the IRS, along with a taxpayer-friendly exception to the general rule.

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Unlock the Biggest Possible Deduction for a Home Office

Unlock the Biggest Possible Deduction for a Home Office

Posted by Peter DeSabio on July 17, 2017

Many taxpayers who maintain a home office fare better tax-wise by deducting expenses under the regular method. Others may not be eligible to deduct any home office expenses. Here's why.

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Nonprofit Standards, A Benchmarking Survey

Nonprofit Standards, A Benchmarking Survey

Posted by Donna Gonser on July 17, 2017

Nonprofit Standards, A Benchmarking Survey is available through our affiliation with the BDO Alliance USA. The survey provides tax-exempt organizations performance measurements across a variety of areas including strategic planning, operations, scope and impact, human resources and governance matters.

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R&D - What Qualifies as Research?

R&D - What Qualifies as Research?

Posted by Brian Kern on July 16, 2017

To be eligible for the research credit, a business must have engaged in “qualified” research activities. To be considered “qualified,” activities must meet a four-factor test.

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Consider Taxes before Converting Your Home to a Rental Property

Consider Taxes before Converting Your Home to a Rental Property

Posted by Mark Stack on July 15, 2017

Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home.

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When Does Your Nonprofit Owe UBIT on Investment Income?

When Does Your Nonprofit Owe UBIT on Investment Income?

Posted by Donna Gonser on July 14, 2017

Failing to pay unrelated business income tax on certain types of investment income could have serious consequences for nonprofits, including loss of exempt status. Here’s what you need to know.

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