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Davis Brown Tax Law Blog

The Davis Brown Tax Law Blog provides clients with updates and analysis of tax law - including asset and stock purchase/sale transactions, public and private bond financing, tax credit financing and international tax law.



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Tax Law Blog: DIY Will is a 'Cautionary Tale' - April 7, 2014

A Florida court recently ruled in favor of two nieces who were not in the will to inherit certain property not covered by the will that the decedent drafted on her own using an online form. Her DIY will can serve as a lesson for others. Read More »

 

Tax Law Blog: FICA Taxes on Severance Payments - March 31, 2014

Last week, the United States Supreme Court ruled severance payments are included in the definition of "wages" for FICA tax purposes, clarifying two conflicting lower courts rulings. Read More »

 

Tax Law Blog: Digital Assets Development: IRS Characterizes Bitcoin as Property, Not Currency - March 26, 2014

On Tuesday, the IRS issued Notice 2014-21, in this Notice, the service announced that it would treat Bitcoin or other virtual currency as property for tax purposes. The IRS reasoned since the virtual currency is not regulated by any government, it would not be treated as currency. Read More »

 

Tax Law Blog: Filing From Home, and Health Insurance Reporting on W-2s - March 19, 2014

A recent IRS announcement shows an increase in taxpayers filing their own returns. The IRS also issues various tax tips at this time of year, including an informative tip about employers reporting the cost of health insurance for employees on Form W-2. Read More »

 

Tax Law Blog: Taxing Olympic Winnings - February 23, 2014

As the 2014 Winter Olympics come to a close, we are again seeing legislation proposed to "save" the United States athletes from paying tax on their winnings. This is not a new argument. Read More »

 

Tax Law Blog: "Extensive Wait Times" Ahead with the IRS - February 11, 2014

On February 10, the IRS released a YouTube video from new commissioner John Koskinen advising taxpayers the best methods to seek tax assistance, and in doing so warned that phone assistance will not be the best method, stating there would be "extensive wait times." Read More »

 

Tax Law Blog: Expired Housing-Related Tax Rules - February 6, 2014

Did you know that when the calendar changed to 2014, certain tax breaks for homeowners expired? These rules have typically been extended each year, but they have not yet been extended to cover 2014 expenses. Read More »

 

Tax Law Blog:Taxing Bike Share Programs - January 24, 2014

Bike sharing programs are becoming more and more popular as a convenient and not to mention healthier alternative to driving or taking a cab from point A to point B in large cities. The IRS does not seem to be a fan. Read More »

 

Tax Law Blog: Reinstating Tax-Exempt Organizations - January 3, 2014

On January 2, 2014 the IRS released Revenue Procedure 2014-11 regarding reinstating an organization's tax-exempt status after the privilege was automatically revoked due to failure to file annual returns for three consecutive years. Read More »

 

Tax Law Blog: The Impact of FATCA - December 31, 2013

The U.S. government loses an estimated $150 billion in revenue each year from offshore tax shelters. The Foreign Account Tax Compliance Act (FATCA), which became law in March 2010, is designed to prevent tax evasion by U.S. taxpayers with foreign accounts and has been projected to raise $7.6 billion in tax revenue over a 10-year period. Read More »

 

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