In Palmolive Building Investors, LLC v. Commissioner, 149 T.C. No. 18, the Tax Court denied a charitable contribution deduction of a donated façade easement because the easement deed failed
Continue Reading Conservation Easements: Easement Deed Fails to Satisfy Perpetuity Requirement

Two members of Congress have introduced a bill that would exempt from income tax transactions under $600 conducted using Bitcoin or other digital currencies. Currently, the Internal Revenue Service treats

Continue Reading Bill Introduced in Congress to Exempt Small Bitcoin Transactions From Income Tax

Recently, a Colorado business protested the IRS’ disallowance of their business expenses.  The IRS alleges that the taxpayer was a Colorado medical marijuana dispensary to which Section 280E applies, as
Continue Reading Colorado District Court: IRS Enforcement of Section 280E Is Not A Criminal Investigation

In a strongly worded opinion that is very favorable for taxpayers who engage in sophisticated tax planning, the Sixth Circuit overturned a Tax Court opinion denying the benefits of a
Continue Reading Sixth Circuit Acknowledges Some Tax Laws Sanction Tax Avoidance

passportThe Internal Revenue Service is moving forward with implementation of new rules requiring the State Department to deny, or revoke, the U.S. passports of individuals with seriously delinquent federal tax
Continue Reading IRS, State Department Move Closer To Implementing Passport Revocation Rules for Tax Delinquents

In 2015, the IRS first included micro-captives, or small insurance companies which have elected under section 831(b) to exclude premiums from their income, on its annual dirty dozen list. At
Continue Reading IRS Imposes New Reporting Requirements on Certain Micro-Captives