Gifts of Family Business May Get Costly!

For individuals who may be considering transitioning the family business, the IRS is presently evaluating whether to eliminate a technique frequently employed to produce Gift Tax savings for such transitions. Current tax strategy for these transitions is to take a […]

If You Hold Foreign Bank or Financial Accounts

If you hold foreign bank or financial accounts and the total value of your account exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It’s easy […]

International Flight Attendant Cannot Exclude All Income

Individual U.S. taxpayers earning foreign-sourced income are typically able to exclude a portion of their earnings from Federal taxation. However, a recent D.C. Circuit case affirmed that a U.S. flight attendant based in Hong Kong could not claim all of her earnings […]

Are Marshawn Lynch’s Fines Tax Deductible?

Seattle Seahawks running back Marshawn Lynch has gained notoriety over the last two seasons for his continual avoidance of the media and the resulting fines. By making himself unavailable to the media after games, Lynch is no stranger to league penalties. […]

Expanded New Philadelphia Jobs Credit

A recent amendment to the Philadelphia new job creation tax credit ordinance provides an additional special multi-year tax credit for certain new jobs created in 2015. This special tax credit provides businesses a tax credit in the amount of not […]

Who Should Sign Your Partnership’s Tax Return?

A recent memorandum from the IRS’s Office of Chief Counsel makes it clear that a federal Partnership Return Form 1065 or the associated Signature Authorization Form 8879-PE must be signed by a general partner or a limited liability company member […]