When Governor Cuomo signed New York State’s FY 2014-15 executive budget into law last month, he ushered in sweeping changes to New York’s tax provisions – including some which may increase taxes for Multistate taxpayers.
During tax season, divorced and divorcing couples have important questions to answer when filing. Whether you filed for divorce in 2013 or you are considering a divorce this year, it is important to consider how divorce may impact your taxes.
In prior Housing Plus blog entries we’ve discussed the various tax proposals that have been released over the past four months, including the comprehensive tax reform proposal from House Ways and Means Committee Chairman Dave Camp (R-MI), the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, which would temporarily extend more than 50 expired or expiring tax provisions, and the Obama administration’s fiscal year 2015 budget.
In 2013, the IRS revealed that it had selected ”social welfare” groups (like the Tea Party) applying for tax-exempt status for closer scrutiny. That investigation is still ongoing and it has given the IRS a black eye.
“A rule should respect Supreme Court precedent, comport with the Internal Revenue Code, provide clear guidance, be simple to understand and implement, and provide for equitable enforcement.”
Service Issues Favorable Private Letter Ruling On Reverse Parking Exchange Transaction Involving Multiple Related Parties
In PLR 201416006 (4/18/2014) the Service ruled that a taxpayer could successfully effectuate a reverse like-kind exchange under §1031, and in accordance with the safe harbor guidance issued in Rev. Proc. 2000-37, 2000-2 C.B. 308, even though the taxpayer and two related parties entered into a separate qualified exchange accommodation arrangements (QEAAs) for “parking” the same property held by an exchange accommodation titleholder (EATX).
In Johnson v. Commissioner of Internal Revenue, an interesting new decision from the United States Tax Court, a former husband was held unable to deduct the payments to his ex-wife as alimony because the amount of such payment was subject to a “child-related contingency.”
A previous post on this site captioned “Another franchise tax win for a Texas taxpayer” observed that “It’s not been a happy couple of years for the Texas Attorney General’s tax lawyers who’ve represented the Comptroller of Public Accounts in state court tax litigation.”
Proposed San Francisco Ordinance Would Impose Significant New Disclosure Obligations On Nonprofits That Interact with City Officials
A recent proposal by San Francisco Board of Supervisors President David Chiu would impose significant new disclosure obligations on nonprofits that have business with the City and County of San Francisco.