Tax Law Blog
July 15, 2010 / Tax Guidance for Gulf Oil Spill Victims
With BP continuing to send claims checks to individuals and businesses affected by the recent oil spill in the Gulf of Mexico, recipients of these payments must be mindful of how the IRS will treat such payments come tax time. Read Full Article »
June 09, 2010 / Demand for New Markets Tax Credits Remains Strong
The CDFI has released information about the number of applications and the aggregate total of allocations for New Market Tax Credits. Read Full Article »
June 09, 2010 / IRS Releases Two Revenue Rulings Pertaining to the New Markets Tax Credit (NMTC) Program
On June 8, 2010, the Internal Revenue Service ("IRS") released two revenue rulings pertaining to the new markets tax credit ("NMTC") program. Generally, the revenue rulings address passive activity credit and recourse loans related to limited liability companies' ("LLC") qualified equity investments ("QEIs") in qualified community development entities ("CDEs"). Read Full Article »
June 08, 2010 / As 2011 Approaches, What Changes Can We Expect from the Gifting and Estate Tax Rules
The Economic Growth and Tax Relief Act of 2001 (EGTRRA) provided for a gradual reduction and elimination of the estate tax. Under EGTRRA, the estate tax exemption rose from $675,000 in 2001 to $3.5 million in 2009, and the rate fell from 55% to 45%. In 2010, the estate tax was eliminated. As Congress has failed to enact any permanent solution to the current situation, 2011 will bring harsh tax results if new legislation is not passed by years end. These results include: exemption of $1 million and the tax rate of 55%. Read Full Article »
May 25, 2010 / IRS ANNOUNCES COMPLIANCE CHECK PROGRAM
The Employee Plans Compliance Unit of the IRS announced earlier this month that it will be conducting a compliance check program of a sample of 1,200 sponsors of 401(k) plans. Although technically the questionnaire is not an audit, it may be used to open a future audit. Read Full Article »