By H. Jacob Lager of Zuber & Taillieu
The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...
Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2011 and the years ahead, according to the Internal Revenue Service. More...
The Internal Revenue Service has reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes, and announced the collection of more than $4.4 billion so far from the two previous international programs. More...
The Internal Revenue Service opened the 2012 electronic tax return filing season yesterday with a reminder to taxpayers that e-file remains the best way to get fast refunds and ensure accurate tax returns. More...
In a technical advisory memorandum, the New Jersey Division of Taxation (“Division”) has held that a website’s charge for sales leads is subject to tax as an information service. More...
A federal grand jury in San Jose, California has indicted Ashvin Desai of San Jose on three counts of tax evasion, two counts of willfully aiding the preparation of materially false tax returns and three counts of failing to file Reports of Foreign Bank and Financial Accounts (FBARs), according to the Justice Department and Internal Revenue Service (IRS). More...
Nearly 160 million workers will benefit from the extension of the reduced payroll tax rate that has been in effect for 2011. More...
In revenue Ruling 2011-32, the Internal Revenue Service has stated that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2012. More...
Governor Andrew M. Cuomo has signed a new law that will reduce the MTA (Metropolitan Transportation Authority) payroll tax, providing relief for more than 290,000 small businesses and more than 410,000 self-employed New Yorkers. More...
In a tax advisory opinion, the New York Department of Taxation and Finance has held that an out-of-state company (“Petitioner”) is not subject to corporate franchise tax in the State because its business is limited to the sale of tangible personal property, and its orders are filled by third-party vendors which has no affiliation with the company. More...
A superseding indictment has been returned in the US District Court for the Eastern District of Wisconsin against Dr. Arvind Ahuja of Greendale, Wis., adding a charge of conspiracy to defraud the Internal Revenue Service (IRS), the Justice Department and IRS announced. More...
