A Federal Appeals Court ruled earlier this month that an S-Corporation’s rental income from a lea![irs[1]](https://www.wisconsinbusinesslawblog.com/files/2016/02/irs1.jpg)
se agreement with a C-Corporation with entirely common ownership with the S-Corp, could not be classified as passive activity income, and therefore could not offset the individual’s passive activity losses.
Internal Revenue Code section 469 was passed in the
It’s too bad the United States Supreme Court didn’t issue its ruling in Comptroller v. Wynne in time for the 2014 tax season. In early May 2015, the nation’s highest Court ruled in favor of a couple in Maryland who argued that part of Maryland’s state tax regime was unconstitutional because it failed to give
Good news for those of you starting new exempt organizations: the IRS just released a new form, called the 1023-EZ, which will make applying for tax-exempt status for some smaller organizations much easier. The new form is only three pages long, compared to the lengthy 26 page standard 1023 form. The simplified form will substantially
How is Washington going to raise legal fees? Quite simple: just raise the costs for lawyers to do business by raising taxes substantially on many law firms.
The Federal Government has two bills pending, each of which would require law firms with gross receipts in excess of $1 Million to report for tax purposes using
Starting in 2013, a new 3.8% federal tax, known as the “Medicare Tax,” may apply to some gains on the sale of real estate, including even sales of personal residences. However, this is not a general tax and there are some exceptions. It is best to know the rules and seek competent tax advice.
The
One of my favorite legal publishers, Thomson-Reuters, to whom I subscribe to their newsletter, “Checkpoint,” recently released an extensive report entitled, “NAVIGATING THE FINAL REGS ON DEDUCTION VS. CAPITALIZATION OF TANGIBLE PROPERTY COSTS.” In it, they say:
The IRS recently issued long-awaited final regs providing guidance on the application of Code Sec. 162(a)
Maybe its time for Americans to start taking sides on the issue of what their government ought to be spying on. While I have been no fan of Edward Snowden, I have also become no fan of the NSA. The longer this matter drags out, the more the NSA looks like it has become even
While the new tax law was aimed at averting the “fiscal cliff,” it contained some provisions which benefitted American business. As I see it, here they are: