Tax

A few months ago the U.S. Tax Court ruled on a case involving the treatment of qualified personal service corporations when those corporations are part of an affiliated group. The ruling has important, and beneficial, tax implications for qualified personal service corporations in these types What...

The Affordable Care Act (ACA) introduced significant change throughout the United States. One area of change relates to S-corporations and how these corporations provide health insurance to employees. Further, not only did the law change, it also became ambiguous in some areas. Because of the...

Many large employers, particularly technology companies such as Google, Facebook, and Twitter, provide free or subsidized meals to their employees. Reports suggest that the IRS is taking a closer look at the tax treatment of these meals in its audits and additional guidance is expected...

With the 113th Congress drawing to a close, Chairman Camp (R-Mich.) introduced the Tax Reform Act of 2014 to the House to formalize the legislative draft he released in February 2014.  While acknowledging that there was little time to pass the bill in the current...

It’s time again to think about year-end tax planning. The bad news is that Congress has yet to act on several tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not...

In January 2013, the American Taxpayer Relief Act of 2012 modified the requirements for the Production Tax Credit (PTC) by replacing the “placed in service” requirement with a “beginning of construction” requirement.  This meant that taxpayers could claim the PTC with respect to a facility...

Beginning in tax year 2013, a new “net investment income tax” (NIIT) of 3.8% applies to a taxpayer’s “net investment income” (on top of existing taxes on capital gains) when the taxpayer’s income is above the threshold amount ($200,000 for single taxpayers and heads of...

Hot on the heels of Chairman Camp’s tax reform proposal, the White House released its fiscal year 2015 budget on March 4, 2014, which included major tax reform proposals. As with Chairman Camp’s proposal, we are unlikely to see the budget passed in its current...

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