Real estate dealer or investor? A recent Tax Court case
This dispute in this tax case was whether the land was a capital asset or inventory.
Specialized Issues
Tax consequences of real property foreclosures
Real property foreclosures can produce various tax consequences depending on whether the debt is recourse or nonrecourse.
Importance of purchase price allocation in real estate transactions
In a year when real estate prices are soaring in many areas of the country, these easily overlooked allocations can have a significant tax impact.
Investors are (legally) shielding crypto gains in opportunity zones
The opportunity zone program offers a solution for deferring gains and allows investors to diversify into real estate or operating businesses.
Assuming the role of the reviewer with a professor-prepared tax return
Professor-prepared returns with intentional errors give students practice applying reviewing skills that will benefit them in professional interactions once they enter the accounting workforce.
IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
Commercial real estate: Debt restructuring and planning
As many companies continue to work remotely and demand for office space dries up, landlords and banks may be forced to renegotiate debt agreements or foreclose on assets, which could have significant tax consequences.
Supreme Court lets health care law stand
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
Debt workouts involving commercial real estate
As short-term agreements that borrowers and creditors reached at the beginning of the pandemic start to expire, real estate companies and others will need to find long-term solutions to their insolvency problem.
The role of family CPAs in IRS tax controversies
This article focuses on the role of family CPAs in IRS collection matters.
Using Instagram to connect with the social media generation
Accounting programs can adapt the social media platform Instagram to promote learning outside the physical classroom.
Practitioners can benefit from academic tax research
The findings of four recent research papers are distilled in this column.
Helping young professionals build a foundation for success
Build up young professionals by encouraging continuing education, mentorships, and volunteering opportunities with professional and charitable organizations.
Promoting integrity in the classroom
Academic integrity of colleges and universities depends on developing and enforcing a comprehensive policy that sets a framework for responding judiciously and transparently to academic dishonesty, such as cheating and plagiarism.
Recent developments in individual taxation
This semiannual update of recent developments in the area of individual taxation includes cases on hobby losses, innocent-spouse relief, material participation in a business, discharge of indebtedness, and self-employment tax, as well as IRS guidance on charitable deductions, cryptocurrency, and other topics.
Incorporating analytics into the tax curriculum
The growth of emerging technologies is forcing educators to consider how to implement training in these vital tools across the accounting and business curriculum.
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
Deconstructing a tax law change: The case of the kiddie tax
An exercise helps students grasp the interplay of earned taxable income and net unearned income in calculating the kiddie tax as revised by the TCJA.
Health savings accounts can save taxpayers money
Combined with higher standard deductions under the TCJA, most people do not have enough medical expenses and other qualifying itemized deductions to exceed the standard deduction.
Current developments in individual taxation
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
