News & Updates

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Recent Developments That May Affect Your Tax Situation

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. IRA rollovers to be limited. As discussed in our last

Jack Payne

The Toughened One-Year Wait Period Between IRA Rollovers

This newsletter is written to let you know about an important change in the rules for IRA rollovers, which are transactions that let you withdraw cash from one IRA and redeposit it in another IRA without paying a current tax.

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Supreme Court: Severance Payments Are Subject to FICA Tax

SUPREME COURT: SEVERANCE PAYMENTS ARE SUBJECT TO FICA TAX U.S. v. Quality Stores, Inc., et al, (Sup Ct 03/25/2014) 113 AFTR 2d ¶2014-604 In a unanimous decision (with Justice Kagan recused), the Supreme Court, reversing the Sixth Circuit Court of

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Don’t Overlook Tax Breaks For Grandparents Raising Their Grandchildren

More and more individuals who thought their child-rearing days were over are now raising their grandchildren. The U.S. Census Bureau has found that the number of grandparents whose grandchildren younger than 18 were living with them in 2010 was 7

news-general-law-books

What’s New For 2014 — A Roundup of Tax Changes Effective This Year

There are many important tax changes taking effect in 2014. They are the result of tax legislation enacted in prior years, or are triggered by effective dates in regs, rulings and other guidance. Also, a number of important final regs

news-tax

Despite Higher Tax Rates, S Corporations Retain Advantage Over C Corporations

After recent tax changes, owners of small businesses face a question: Should the business continue to function as an S corporation, or should the entity revoke its election under Subchapter S of the Code? In this newsletter, we explain that

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Recent Developments That May Effect Your Tax Situation

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Delayed Start Date for 2014 Tax Filing Season. In October

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Corporate Capital Gains and Losses: An Overview and Interest on Unrecorded Mortgage Wasn’t Deductible

Corporate Capital Gains and Losses: An Overview This newsletter discusses the tax treatment of a C corporation’s capital gains and losses. The treatment of capital gains and losses for C corporations is different from the treatment of such items for

news-tax

Recognition of Same-Sex Marriage for Federal Tax Purposes

Some clients have inquired as to the tax treatment of same-sex spouses now that the Supreme Court has struck down the provision of the Defense of Marriage Act that treated same-sex spouses as unmarried under federal law. This newsletter briefly

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IRA’s Ownership of Taxpayer’s Business Resulted in Prohibited Transaction

Ellis, TC Memo 2013-245 In May, 2005, Terry Ellis, organized CST, an LLC. The operating agreement of CST was signed by Ellis on behalf of the Terry Ellis IRA, an entity that did not yet exist. The agreement listed the

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