Searching Content indexed under Tax Authorities by Dickinson Wright PLLC ordered by Published Date Descending.
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Recent Case Sheds Light On When A Trade Or Business Begins
A recent Tax Court summary opinion, Smith v. Commissioner, T.C. Summ. Op. 2019-12, sheds light on when a business becomes an active trade
United States
11 Sep 2019
There's Nothing Like The Feeling Of A New Pencil For School: Michigan's Proposed Tax Holiday For Back-To-School Supplies
House Bills 4824 and 4825 were introduced and referred to the Tax Policy committee early August. These house bills propose what will be, if passed by the Michigan Legislature
United States
4 Sep 2019
An Alternative To 1031 Exchanges
IRC § 1400Z-2, under The Tax Cuts and Jobs Act of 2017, established an investment program designed to provide preferential tax treatment for investment in developments located within certain
United States
1 Aug 2019
Protect Your Assets By Having A Will Or Trust In Place
In 2019, each individual may gift $15,000 to another individual in 2019, without filing a Form 709 Federal Gift Tax Return.
United States
15 Jul 2019
How Long Should You Keep Your Tax Records?
The length of time you should keep tax records depends on the action, expense, or event which the records will substantiate. Generally, you should keep records until the statute of limitations period
United States
10 Jun 2019
Tax Tip: Delinquent Tax Debts & Passport Denials
The IRS is actively working with the State Department to deny passport applications and revoke existing passports of taxpayers with delinquent tax debts of $52,000 or more.
United States
21 May 2019
New Tax Bill Introduced To Improve IRS And Taxpayer Protections
On March 28, 2019, U.S. Senate Finance Committee Chairman Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) introduced new tax legislation referred to as the Taxpayer First Act of 2019.
United States
12 Apr 2019
IRS Issues New Form For Reporting Non-Deductible Fines And Penalties
Internal Revenue Code Section 162, as amended by the 2017 Tax Cuts and Jobs Act (TCJA), provides that no deduction is allowed for any amount paid to, or at the direction of, a governmental entity
United States
20 Mar 2019
Estate And Trust Planning Opportunity – The 65 Day Rule
It is not is too late to plan for 2018.
United States
22 Feb 2019
Updated Voluntary Disclosure Practice Rules
On September 28, the IRS ended its 2014 Offshore Voluntary Disclosure Program
United States
22 Jan 2019
Determining Eligibility For The Employer Credit For Paid Family And Medical Leave
To assist employers in determining whether they are eligible to claim the credit, the IRS provided guidance in Notice 2018-71, summarized below.
United States
17 Jan 2019
Tax Court Rules Against Cannabis Dispensary
In Patients Mutual Assistance Collective Corporation (dba Harborside Health Center) v. Comm'r, 151 T.C. No. 11, the Tax Court held, among other things ...
United States
19 Dec 2018
Lifetime Estate Tax Exemption
With the historically high gift and estate tax exemption amounts ($11,180,000 in 2018, increasing to $11,400,000 in 2019) currently in effect ...
United States
13 Dec 2018
2018 Charitable Gifts
Giving Tuesday," which follows Black Friday and Cyber Monday, is a day set aside each year to remind us to contribute to organizations that are important to us.
United States
6 Dec 2018
A Change In The Tax Rules Relating To Foreign Credit Support Of U.S. Debt
In the continuing stream of IRS guidance relating to the Tax Cuts and Jobs Act of 2017 (the "TJCA"), recent IRS guidance may impact not only a taxpayer's tax situation, but ultimately...
United States
30 Nov 2018
Year End Tax Planning: Charitable Contributions
First, in order to claim a deduction for a contribution to a qualified charitable organization, a taxpayer must itemize deductions.
United States
28 Nov 2018
IRA, 401(K), Profit Sharing Beneficiary Designations: Time To Check Them Out!!
I bet you have no idea what would happen if your intended beneficiaries pass away other than in the order you assume.
United States
1 Nov 2018
Taxation And Virtual Currency
I recently had an opportunity to be involved in tax planning with "virtual currency", or "cryptocurrency", for the first time
United States
16 Oct 2018
Employers Need To Update Their Model IRS Rollover Notices After IRS Changes
The IRS has updated its "safe harbor explanations" for eligible rollover distributions to reflect recent statutory changes and IRS guidance. Employers should review this latest guidance...
United States
10 Oct 2018
IRS Issues Proposed Regulations On Deduction For Owners Of Pass-Through Businesses: The Good, Bad And Ugly For Health Care Providers
early August, the Internal Revenue Service (IRS) issued proposed regulations that provide guidance to owners of pass-through businesses as to eligibility for a federal tax deduction ...
United States
8 Oct 2018
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