On February 8, 2011, the Internal Revenue Service (the “IRS”) announced a second, special voluntary disclosure initiative for taxpayers with unreported income from foreign accounts or assets during the 2003-2010 taxable years. The new initiative, which is intended to enable… More
On December 17, 2010, President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (the “Tax Relief Act”). The Tax Relief Act is an extensive tax package that includes, among other items, an… More
On September 27, 2010, President Obama signed the Small Business Jobs and Credit Act of 2010 (the “Act”). While the primary goal of the Act was to create the Small Business Lending Fund, it also amends the Internal Revenue Code… More
The most burning question often asked of tax practitioners is a simple one – “What are my chances of being audited?” Despite the simplicity of the question, the answer is relatively complicated. An individual’s or business’ chance of being selected… More
The most burning question often asked of tax practitioners is a simple one – “What are my chances of being audited?” Despite the simplicity of the question, the answer is relatively complicated. An individual’s or business’ chance of being selected… More
As a result of various new federal income tax laws, regulations, and other guidance issued in 2009 and over the last few years, many important federal individual income tax law changes go into effect during 2010. These changes impact a… More
Between the current credit crunch and the decline in property values, many companies are struggling, especially those heavily invested in real estate. As a result, many investors are asking themselves whether the time is right to “throw in the towel.”… More
The recently enacted American Recovery and Reinvestment Act of 2009 (commonly referred to as the “Recovery Act”) significantly amended some of the rules governing the recognition of cancellation of indebtedness (“COD”) income in response to the current economic crisis.
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (commonly referred to as the “Recovery Act”) into law. While the impact of the Recovery Act on individuals has been widely publicized, the Recovery Act… More