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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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Special Tax Deduction for Contributions to Support Families of Slain NY Officers - April 6, 2015

Last week the IRS announced a special tax option for taxpayers who make cash contributions to charitable organizations providing relief to the families of the two New York City police officers shot and killed on December 20, 2014 while on patrol. The option is somewhat limited, but is certainly interesting in allowing a choice of timing certain charitable deductions. Read More »

 

Tax Law Blog: 529A ABLE Account Guidance (Sort Of....) - March 27, 2015

In December 2014, the Achieving a Better Life Experience (ABLE) Act was passed by the US Senate and House and approved by the President. Under the ABLE Act, states will be able to create 529A accounts that will offer benefits to persons with disabilities, similarly to hoe 529 accounts operate for college expenses. The problem? States want to start creating the programs, but the IRS doesn't plan to issue guidance until June. Read More »

 

Tax Law Blog: Financial Literacy at Tax Time - March 10, 2015

Did you know the IRS allows you various options in how to receive a tax refund? Your options even include purchasing a savings bond. Read More »

 

Tax Law Blog: Facebook Allows Users to Designate "Legacy Contact" - February 13, 2015

Access to digital assets following an individual's death continues to be a hot topic, and once again has made the news. This time, Facebook has announced a new feature called a Legacy Contact. Essentially, this is the equivalent of naming an executor for your Facebook account. Read More »

 

Tax Law Blog: Sharing Financial Responsibility at Tax Time - January 31, 2015

It's the end of January, and I imagine all of those tax documents are starting to arrive, including W2's and 1099's. For couples, maybe just one spouse handles the finances and taxes, whether by actually preparing them, or by organizing all the documentation to take to someone else to prepare. This year, consider sharing that financial knowledge with the other spouse. Read More »

 

Tax Law Blog: IRS Announces New Standard Mileage Rates - January 14, 2015

The IRS has recently announced the standard mileage rates for business miles driven in 2015, as well as the standard rates for miles driven for medical purposes, moving, and in service of a charity. Read More »

 

Tax Law Blog: Summary of the Tax Extenders in the Tax Increase Prevention Act - December 23, 2014

The Tax Increase Prevention Act, also known as the Tax Extenders Bill, has been enacted extending several Internal Revenue Code provisions through December 31, 2014. Read More »

 

Tax Law Blog: IRA Charitable Rollover Extended - December 22, 2014

For some, the end of the calendar year means more than just the deadline for charitable contributions for the tax year. December 31 is also the deadline to take certain mandatory distributions from individual retirement accounts (IRAs). Following recent action by Congress and President Obama, the IRA Charitable Rollover is once again an option that allows taxpayers to benefit charity, and satisfy their distribution requirements, a win-win for the taxpayer and the charity. Read More »

 

Tax Blog: Tax Tips for Gifts to Charity - December 5, 2014

As the holidays approach and the end of the year draws near, the IRS has again released its list of tips for giving to charity. Read More »

 

Davis Brown Tax Law Blog: New IRS Standards for Qualified Management Contracts - November 20, 2014

A few weeks ago the Internal Revenue Service released a new notice with allows 501(c)(3) organizations with tax-exempt bonds greater flexibility in drafting their management agreements. In the past, entities with outstanding tax-exempt bonds have been bound by the safe harbor rules under Revenue Procedure 97-13, which tests are basically require that a big portion of the contract be a fixed fee. Read More »

 

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