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|President Proposes Change in Regime for Taxation of Unrealized Gain at Death|
Jordan Winston Busby; Sirote & Permutt, P.C.;
March 23, 2015, previously published on January 21, 2015Prior to the State of the Union address on January 20, 2015, President Obama released the Administration’s proposed changes related to the taxation of property at death.
|Dynamic Changes for Evaluating Budgetary Impact of Proposed Legislation|
Brittany Edwards-Franklin; Sutherland Asbill & Brennan LLP;
March 23, 2015, previously published on March 20, 2015On January 6, the House adopted rules that require the Congressional Budget Office and the Joint Committee on Taxation to use macroeconomic or “dynamic” scoring in forecasting the budgetary impact of proposed legislation. Under this system, which is a change from the previous...
|Coming Clean with Foreign Accounts: The Best and Easiest New Year's Resolution to Make (and Keep)|
Gregory P. Rhodes; Sirote & Permutt, P.C.;
March 23, 2015, previously published on December 11, 2014It's that time of the year when resolutions will soon be made and subsequently broken. According to the University of Scranton Journal of Clinical Psychology, only 8% of New Year's resolutions are kept. This is not surprising given that two of the top five New Year's resolutions include items such...
|UK Budget 2015 Analysis|
Withers Bergman LLP;
March 23, 2015, previously published on March 18, 2015Much was expected of George Osborne when he got to his feet today to reveal the details of a hotly anticipated Budget - would it be an election giveaway, a vote winner, a last hurrah or preparation for another five years?
|Credible Evidence is Key to Real Estate Professional Exception Under Passive Activity Loss Rules|
Ronald A. Levitt; Sirote & Permutt, P.C.;
March 23, 2015, previously published on January 21, 2015Like a great teacher, Judge Kerrigan has used two different cases in the Tax Court to illustrate how a taxpayer can substantiate his activities to qualify as a real estate professional under § 469(c)(7). One case is Lewis v. Comm'r, T.C. Summ. Op. 2014-112 and the other is Flores v. Comm'r,...
|Not So Fast My Friend: Tax Court Holds That A Part-Time Landlord Was Not Really A Real Estate Professional|
Matthew R. Ottemann; McGrath North Mullin & Kratz, PC LLO;
March 20, 2015, previously published on 1st Quarter, 2015Many people invest in rental real estate as a way to build wealth and invest for the future. However, one negative aspect of real estate investing is that, for many small-time investors, losses incurred in rental real estate cannot be immediately deducted. This is because of the IRS’ rules on...
|President Proposes Taxing Capital Gains At Death And Raising Capital Gains Rate|
Jeffrey J. Pirruccello; McGrath North Mullin & Kratz, PC LLO;
March 20, 2015, previously published on 1st Quarter, 2015In his State of the Union address, President Obama proposed that the government could raise tax revenues by imposing capital gains tax on the appreciation within a decedent’s assets at death and by raising the tax rate on capital gains to 28 percent.
|Only One Month Left to Challenge your Ohio Property Tax Assessment|
Ann M. Hunt, David M. Kall, Adam C. Smith; McDonald Hopkins LLC;
March 20, 2015, previously published on February 17, 2015The deadline is fast approaching to potentially lower your property tax bill. In fact, this past year McDonald Hopkins has achieved significant savings by appealing, or defending against, tax assessments in multiple Ohio counties. In one case, our attorneys successfully defended against a complaint...
|States Award Tax Credits For Business Expansion|
David H. Godenswager, David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
March 20, 2015, previously published on February 26, 2015In late January, the Ohio Tax Credit Authority (OTCA), the agency charged with reviewing and approving applications for tax credit assistance, granted tax incentives to 14 business projects throughout the state. The Plain Dealer reported that these projects are expected to create or retain more...
|Rectifying Tax Problems|
Emily A. Gray, Michael J. Hewitt; Singleton Urquhart LLP;
March 20, 2015, previously published on March 2, 2015Inadvertent errors made during the course of tax planning can have catastrophic consequences for a taxpayer if the resulting corporate transactions do not receive the expected treatment by the tax authorities. However, the liabilities incurred can be alleviated because, during the past decade, the...