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...
The Missouri Department of Revenue has issued a letter ruling, stating that fees charged by an out-of-state healthcare information provider for medical records that it sends to requestors by fax or email are not liable to sales tax payment since no transfer of tangible of personal property is involved in the transaction. More...
The Treasury Department and the Internal Revenue Service have issued a notice to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA). More...
A federal court has barred a Philadelphia tax preparation firm and its owner from preparing federal tax returns claiming first-time-homebuyer tax credits and tax deductions for certain expenses. More...
The issue in this tax advisory opinion is whether name Petitioner could make the separate accounting election under 20 NYCRR former §3-13.1 for its 2005 taxable year with respect to its indirect interest in a limited liability company that is treated as a partnership and is doing business in New York. More...
A federal court has issued a preliminary injunction barring Gwenn Wycoff and Frank Ozak, both of Los Angeles, from promoting so-called “common-law trusts” that help individuals evade taxes, according to the Justice Department. More...
The New York Department of Taxation and Finance (Department) has issued an advisory opinion, stating that a California-based company’s receipts from the sales of the products that it markets and distributes as dietary supplements in the form of ready-to-drink beverages, liquid concentrates, powdered drink mixes, and chews are exempt from State and local sales and use taxes under Tax Law §1115(a)(1) and 20 N.Y.C.R.R. §528.2(c). More...
The Taxpayer Guidance Division of the New York Department of Taxation and Finance has issued a Technical Memorandum to announce that for the period April 1, 2011, through March 31, 2012, clothing, footwear, and items used to make or repair clothing (clothing and footwear) sold for less than $55 per item of clothing or per pair of footwear will be exempt from the state’s 4% sales tax and the state imposed 3/8% sales tax in the MCTD. More...
The California Franchise Tax Board (“FTB,” or “Board”) has issued a guidance, stating that individuals are entitled to an income tax deduction for medical expenses for gender reassignment surgery and hormone therapy used for the treatment of a disease. More...
Illinois Governor Pat Quinn has signed legislation to require all companies doing business in Illinois to collect and remit the legally required sales taxes. More...
The Internal Revenue Service has laid down a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. More...
