Tax Articles

These Tax articles will give you the news and information you need to stay up to date in the ever changing Tax industry.

July 15, 2014 – 7,295 views
Lisa B. Petkun - Pepper Hamilton LLP
If a tax-exempt organization incurs indebtedness to acquire income-producing property, Sections 512(b)(4) and 514(a)(1) may require taxation of the debt-financed portion of the income as “unrelated business taxable income.” UBTI arises only if there is “acquisition indebtedness”, which is indebtedness incurred in acquiring or improving property. The IRS has held in PLRs 200235042 and 200233032 that short-term borrowing to meet administrative needs is not acquisition indebtedness. These PLRs involved indebtedness incurred by a pension fund to meet deadlines for payment of pension benefits where the loan was repaid within about 20-30 days and was a relatively small amount. Full Story 
July 15, 2014 – 8,400 views
Phil Dottavio - think
Section 41(a) provides an incremental tax credit for increasing research activities based on a percentage of a taxpayer’s qualified research expenses (QREs) above a base amount. QREs consist of wages, supplies and contract research expenses incurred for qualifying research. Under the Alternative Simplified Credit (ASC) method, the base amount is based on the prior three years’ QREs. Under the “regular” method, the base amount is based on the prior four years’ gross receipts as well as gross receipts and QREs incurred during the 1984-88 base period. Full Story 
June 27, 2014 – 7,607 views
Tax Professionals' Resource
Nonprofit organizations have always faced a seemingly uphill battle when it comes to getting the message out about their mission, their impact on the community, and even their needs in terms of financial donations or other resources. One of the best ways to overcome this obstacle is by embracing the numerous social media websites that have come to dominate interpersonal and online communication. With the right plan in place, nonprofit managers can gain access to tens of thousands of people, or even more, who believe in the mission of their organization and are willing to lend a helping hand in any way they can. Five key aspects of this plan will ensure its long-term success. Full Story 
June 27, 2014 – 3,428 views
Tax Professionals' Resource
Delaware has long been known as perhaps the most business-friendly state in the United States, with a low corporate tax rate that produces a significant amount of savings for domestic businesses on an annual basis. With tens of thousands of corporations headquartered in the state's largest city of Wilmington, Delaware has long accommodated the traditional business that works primarily for the benefit of its shareholders. A relatively recent change to the state's business laws, however, is working to change that reality. Full Story 
June 4, 2014 – 5,841 views
Tax Professionals' Resource
Those who operate or own a nonprofit organization should consider whether the organization has protections in place in the event of an on-site injury. Under negligence and premises liability principles, individuals serving on the board of directors for a nonprofit could be liable for payment of a judgment. Full Story 
June 3, 2014 – 3,854 views
Tax Professionals' Resource
IRC Section 183 puts forth limitations for the expenses that an individual can deduct from his or her various incomes. If an individual continues to incur losses for a business, this may be a red flag to the IRS that the activity is actually a hobby. Activities that are considered to be business “ventures” enjoy numerous deductions, while hobbies do not enjoy these deductions. Full Story 
May 27, 2014 – 4,028 views
Greta Hicks
The contents of Revenue Ruling 2013-17 may affect the preparation of 2013 income tax returns and may require that prior year returns be amended. After the Supreme Court struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor, the Internal Revenue Service (IRS) issued Revenue Ruling 2013-17 to clarify the tax treatment of same-sex couples who were legally married in a state allowing the marriage of same-sex individuals. Full Story 
May 27, 2014 – 4,468 views
Greta Hicks
A frequently asked question from female clients is, “My boyfriend has tax problems and he has asked me to marry him. Should I?” The standard answer is, “Tell him yes, but only after his tax problems are resolved.” Once married, his tax problem may become your tax problem. Full Story 

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