Category Archives: IRS Matters

Many of the tax cuts granted to individuals by the 1997 Tax Act will be fueled by corresponding increases in taxes paid by businesses. Those increases will result primary from (1) the imposition of significant limitations on NOLs and on … Continue reading →

Many property owners seek to swap management-intensive property for property requiring no active management. However, triple net leased properties – the primary candidates for passive ownership – are generally unavailable for less than $1 million. Rev. Proc. 2002-22 ameliorated this … Continue reading →

The Housing and Economic Recovery Act of 2008 includes a new credit of $7,500 for first-time homebuyers. The credit is refundable, and applies to home purchases made after April 8, 2008 and before July 1, 2009. It operates as a … Continue reading →

IRS Commissioner Douglas Shulman announced at the National Press Club on April 13 that the IRS wants to provide “tangible relief to taxpayers in distress while also helping others from straying across the line into non-compliance.  Mr. Shulman stated that … Continue reading →

The IRS recently reversed its long-held position that intangibles such as trademarks, trade names, mastheads, and customer-based intangibles could not qualify as like-kind property under Section 1031. Chief Counsel Advisory (CCA) 20091106 states that these intangibles may qualify as like-kind … Continue reading →

National Taxpayer Advocate Nina Olson released  her annual report urging Congress to simplify the Code and lessen the burden on taxpayers who cannot meet their tax obligations. The report noted that “[i]f tax compliance were an industry, it would be … Continue reading →

National Taxpayer Advocate Nina Olson released  her annual report urging Congress to simplify the Code and lessen the burden on taxpayers who cannot meet their tax obligations. The report noted that “[i]f tax compliance were an industry, it would be … Continue reading →