September 1st, 2024
August Federal Tax Updates
INDIVIDUALS In Information Release 2024-216, IRS indicated that the cost of summer day camp, even one with a particular focus, may qualify the parents for the Dependent Care Credit, although the cost of a “sleepaway”…
August 1st, 2024
July Federal Tax Updates
INDIVIDUALS In Foradis v Commissioner, TC Summary Opinion 2024 – 13, the Tax Court concluded that a married couple who worked full time jobs were not real estate professionals as neither spent more time constructing…
July 1st, 2024
June Federal Tax Updates
INDIVIDUALS Final Regulations under Code Sections 170 and 786 follow prior Proposed Regulations limiting charitable contributions flowing from partnerships based on conservation easements to 2.5 times the sum of each partner’s “relevant basis” and determine…
June 1st, 2024
May Federal Tax Updates
INDIVIDUALS In Excelsior Aggregates LLC v. Commissioner, TC Memo 2024-60, in a decision applied to 13 cases, the Tax Court doubted the value of conservation easements restricting sand and gravel mining and reduced the deduction…
May 1st, 2024
April Federal Tax Updates
INDIVIDUALS In Estate of Finnegan v. Commissioner, TC Memo 2024-42, the Tax Court concluded that settlement proceeds paid by a state as a result of improper findings of abuse and neglect of their children were…
April 9th, 2024
Podcast: David De Jong Talks About Tax Implications of Catching a Record-Breaking Baseball
As the Major League Baseball season kicks off, tax attorney David De Jong shares insights with Money Life with Chuck Jaffe on what you have to consider from the tax perspective if you’re fortunate enough…
April 1st, 2024
March Federal Tax Updates
INDIVIDUALS In State of New Jersey v. Mnuchin, 133 AFTR2d 2024-________, a New York Federal District Court upheld an IRS Regulation nixing a “workaround” to the $10,000 state and local tax deduction maximum; the method…
March 1st, 2024
February Federal Tax Updates
INDIVIDUALS In Turner v. Commissioner, TC Memo 2024-20, the Tax Court held that a grandparent was not eligible to claim head of household status or to receive the earned income credit despite year-round support inasmuch…
February 1st, 2024
January Federal Tax Updates
INDIVIDUALS In United States v. Cacchione, 133 AFTR2d 2024-________, a Pennsylvania Federal District Court denied a Net Operating Loss carryback generated by an S corporation loss when the taxpayer could not prove that he had…
January 1st, 2024
December Federal Tax Updates
INDIVIDUALS In Quevy v. Commissioner, TC Summary Opinion 2023-34, the Tax Court concluded that $75,000 paid on account of an alleged wrongful termination was includable in the employee’s income as the settlement agreement called the…
