Taxes
Tax Alert: Saving the 3.8% Surtax on Trust Net Investment Income
As is the case for individuals, complex trusts (i.e., a trust other than a grantor trust or a simple trust)…
Can a Noncustodial Parent Claim the Dependent Deduction?
Do you intend to claim your child as a dependent even though you are not the custodial parent? While you…
Net Investment Income Tax Applies to U.S. Shareholders of CFCs and PFICs
The new 3.8% net investment income tax applies to U.S. individual, trust and estate taxpayers for tax years beginning after…
Built-in Gains Tax Planning Opportunity Expires on 12/31/13
If you are a former C corporation with an S election older than five calendar years (i.e., your business has…
IRS Phone Scam Resurgence
The IRS released information of a new phone scam, which over the years has gotten more sophisticated. The IRS never…
DCAA’s Latest Guidance on Maximum Per Diem Rate
In the Memorandum for Regional Directors (MRD) released by DCAA on March 22, 2013, it clarifies the FAR 31.205-46(a)(2) clause…
The Government Shutdown and the IRS
Employees Get Furloughed but the Tax Law Goes On! When the government shut down on October 1st, the IRS, along…
Government Contractor Purchases: Taxable or Not?
We all know that a government contractor’s sale to the government is not a transaction subject to sales tax, but…
IRS Continues to Target Interest Expense Deductions on Intercompany Debt
Tyco International Ltd. filed a case in the US Tax Court in August 2013, in which the company asserted that…
IRS Rules that Mexican Land Trusts are Not Foreign Trusts for Tax Purposes
On June 6, 2013, the IRS issued Revenue Ruling 2013-14, in which it found that Mexican Land Trust (“MLT”) arrangements…