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Author Archive for Brian Whelan

bwhelan

Disaster tax relief unveiled in Congress

Disaster tax relief unveiled in Congress As millions of Americans recover from Hurricanes Harvey, Irma and Maria, Congress is debating disaster tax relief. The relief would enhance the casualty loss rules, relax some retirement savings rules, and make other temporary changes to the tax laws, all intended to help victims of these recent disasters. At […]

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bwhelan

Courts Loosen Up On Conservation Easement Rules

Courts Loosen Up On Conservation Easement Rules Two recent court cases indicate that, although use of a conservation easement to gain a charitable deduction must continue to be arranged with care, some flexibility in determining ultimate deductibility may be beginning to be easier to come by. The IRS had been winning a string of cases […]

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bwhelan

How do I? Distinguish partnerships from other arrangements

How do I? Distinguish partnerships from other arrangements A partnership is created when persons join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and losses, the ownership of capital, the conduct of parties, and whether a written agreement exists. Despite […]

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bwhelan

FAQ: What is “assignment of income” under the tax law?

FAQ: What is “assignment of income” under the tax law? Gross income is taxed to the individual who earns it or to owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may not avoid tax by assigning the right to income to another. Specifically, the assignment of income […]

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bwhelan

September 2017 tax compliance calendar

September 2017 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2017. September 1 Employers. Semi-weekly depositors must deposit employment taxes […]

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bwhelan

IRS continues campaign against worker misclassification

IRS continues campaign against worker misclassification The IRS remains focused on an issue that doesn’t seem to be going away: the misclassification of workers as independent contractors rather than employees. Recently, the IRS issued still another fact sheet “reminding” employers about the importance of correctly classifying workers for purposes of federal employment taxes (FS-2017-9). Generally, […]

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bwhelan

Debate over health care and taxes moves to Senate

Debate over health care and taxes moves to Senate The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves more slowly in the Senate than in the House, which means that any […]

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bwhelan

Tax reform proceeds to possible summer enactment

Tax reform proceeds to possible summer enactment Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress. […]

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bwhelan

Lack of contemporaneous written acknowledgement nixes donation

Lack of contemporaneous written acknowledgement nixes donation In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter have convincing, is not acceptable under […]

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