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Court cases, judgements and ongoing coverage of tax topics with a legal perspective
By Myron C. Weinstein | April 21, 2023
It is this article's thesis that Rosenbaum was wrongly decided: that the credit, unless waived, is still viable. Simply put, why would the Legislature afford borrowers a credit against interest payable on their mortgages that was inapplicable to all mortgages?
8 minute read
By Elliot Pisem and David E. Kahen | April 19, 2023
In their Taxation column, Elliot Pisem and David E. Kahen discuss "Estate of Hoensheid v. Commissioner," where it was found that the valuation of shares did not meet the requirements of a qualified appraisal under section 170. The authors write: "The discussion in the opinion underscores the need to engage a qualified appraiser and for such further steps as are necessary to be taken to assure that the appraiser's report complies with the requirements of a qualified appraisal."
10 minute read
By Jim Turner | April 13, 2023
The House Ways & Means Committee's package includes such things as sales-tax "holidays" and cutting a commercial-lease tax that businesses have long criticized.
4 minute read
By Adolfo Pesquera | April 12, 2023
The firm allegedly would not honor the 30-day notice period, and terminated the former partner immediately, the attorney's reply to the writ stated. The firm also instantly allegedly locked the attorney out of her computer and escorted off the premises, according to court records.
4 minute read
By YuhTyng Patka | April 5, 2023
In an effort to boost childcare centers in New York City, for a limited time the city is offering a tax abatement to eligible owners.
5 minute read
By Jennifer W. Karpchuk | March 30, 2023
Gov. Josh Shapiro announced his first budget proposal earlier this month, including a handful of tax-related provisions. Meanwhile, Mayor Jim Kenney announced his last budget proposal as mayor of the city of Philadelphia.
4 minute read
By Sidney Kess | March 27, 2023
In February 2023, the IRS reported that it has issued nearly eight million refunds to individuals with respect to 2022 returns averaging $1,963, down slightly from last year's average of $2,201. Almost 87% of refunds were made through direct deposits.
7 minute read
By Richard J. Sapinski and Joseph B. Shumofsky | March 24, 2023
In a 5-4 decision in Bittner v. United States, the Supreme Court held that the $10,000 per violation non-willful FBAR penalty, contained in 31 USC § 5321, applies only to each FBAR and not to each account listed in that FBAR.
8 minute read
By Brian Lee | March 21, 2023
The 6-0 New York Court of Appeals remitted the case to the Third Department, Appellate Division, in a reversal of two lower court rulings against the lender, James B. Nutter & Co.
6 minute read
By Jeremy H. Temkin | March 16, 2023
On Feb. 28, the U.S. Supreme Court issued a 5-4 decision in Bittner v. United States that cut across ideological lines and, in a victory for taxpayers, limited the IRS to a single $10,000 penalty regardless of how many accounts should have been reported in a given year.
10 minute read
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