- A recent court case serves as a good reminder of how the passive activity loss (PAL) rules apply to real estate professionals.
- There are many elements of the proposed Tax Reform Act of 2014 that would result in significant changes for not-for-profit organizations.
- The long procedural history of United States v. Quality Stores finally ended on March 25, 2014, when the Supreme Court held that severance payments paid by Quality Stores in connection with a “reduction in force,” were subject to FICA taxes. Prior to reaching the Supreme Court, the decision had been decided in favor of Quality Stores by the Bankruptcy Court, a US District Court and the Sixth Circuit Court of Appeals.
- 2013 is the first tax year for which limited and general partners in investment funds will have to contend with the 3.8 percent tax on net investment income (NII). The final regulations for section 1411, released Nov. 26, 2013, made significant changes in the treatment of investment income, gains, and losses realized by investor and trader funds.
- As a result of Baker Tilly recommendations, the client recognized more than $1,000,000 of tax savings over a two-year period.