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More Companies Change Business Designation for Tax Purposes
A growing number of companies across a variety of industries are changing their business designations in an effort to lower their liability under federal tax law. The New York Times exclusively...
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Harsh Tax Law for American Expatriates
Tax law for American expatriates continues to be a hot topic of debate. While financial experts think that employees in this position may be getting the best of the tax system, many Americans living...
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The Plight of Billionaires Looking For New Havens to Shield Assets
In a recent article in Wealth Management, the author David de Jong and Robert Lafranco describe the difficulty billionaires face in providing a safe haven to shield assets. For example, they point out...
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What Happens Now: The Aftermath of DOMA (Defense of Marriage Act)
The United States Supreme Court recently struck down the Defense of Marriage Act (DOMA) as unconstitutional. Despite this ruling, there are a number of issues that will result from this decision where...
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Investors Plead Guilty to Rig Bids at New Jersey Municipal Tax Auctions
Two financial investors who purchased municipal tax liens pleaded guilty today for their roles in a conspiracy to rig bids at auctions conducted by New Jersey municipalities for the sale of those tax...
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IRS Releases New Regulations for Deductible Business Repairs
The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may finally put an end to disputes and challenges between the federal tax agency and...
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Paying Estate Taxes Over Time
An estate may, in certain circumstances, elect to pay estate tax in a series of payments over a number of years. This election is available to estates in which assets are used in an active trade or...
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New York Passes “Big Ugly” Property Tax Rebate Bill. Do You Qualify?
Property Tax Rebate Governor Andrew Cuomo recently announced that the “Big Ugly” $1.3 billion rebate check program will be installed to offset New York state property taxes. In accordance with the...
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Tax Benefits: Home Mortgage Interest Deduction for Unmarried Couples
The Ninth U.S. Circuit Court of Appeals recently ruled that unmarried individuals who purchased a home together are eligible to a home mortgage interest deduction for up to $1.1 million in debt each....
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Rentals Not Treated as Passive Investment Income for S Corporation Purposes
In PLR 201725022, a corporation received rental income from its leasing of offices for medical and related services. The taxpayer intended the rental income from its maintenance-related operations as...
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