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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: Sports and Fitness Bill Would Provide Tax Advantages for Gym Memberships and Sports Equipment - May 19, 2016

As the summer months approach, and many of us begin crawling back out into the sun, the Personal Health Investment Today Act ("PHIT") remains in Congressional hibernation. Introduced in the House on March 3, 2015, the PHIT Act seeks to include certain qualified fitness and sports expenses into the definition of a medical expense. Read More »


Tax Law Blog: Prince's Estate Plan (or lack thereof) - April 29, 2016

Prince died April 21 at the age of 57. This week, his estate planning is making the news, or as we are learning, maybe his lack of an estate plan. News sources are reporting that court documents filed earlier this week indicate Prince died intestate, meaning he did not have a will. Read More »


Tax Law Blog: Tax Brackets: Revisiting the Tax on Gambling Winnings just in Time for the NCAA Tourney - March 15, 2016

March Madness is upon us and, at least until Thursday, all brackets have yet to be busted. When completing your bracket for your office pool or a pick 'em group with friends, keep in mind the tax consequences if you hope to cash in on your bracketology skills with more than just bragging rights. Read More »


Tax Law Blog: How the Change in IRS Partnership Audit Rules will Impact Partnerships and LLCs - February 19, 2016

With the Bipartisan Budget Act of 2015, H.R. 1314 (the "Act"), enacted on November 2, 2015, Congress has introduced some major changes affecting partnerships (including LLCs taxed as partnerships), replacing the current Tax Equity and Financial Responsibility Act ("TEFRA") partnership IRS audit rules. Read More »


Tax Law Blog: Last Minute Tax Extenders - 2015 Edition - December 22, 2015

The Protecting Americans from Tax Hikes Act of 2015 ( "PATH") was signed into law on Friday, December 18. Similarly to last year, certain provisions of the tax code had expired and are just now being extended to apply for the 2015 tax year. Read More »


Tax Law Blog: Delinquent Taxes May Mean No Passport - December 8, 2015

Individuals who are "seriously delinquent" on their taxes may not be able to obtain or renew a passport under a new law signed December 4, 2015. Read More »


Tax Law Blog: Quiet Changes to Social Security Could Have Big Impact - November 18, 2015

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Tax Law Blog: Report Highlights IRS Shortcomings Preventing Business ID Theft - November 16, 2015

Identity theft is not a problem limited to individuals. Businesses are also at risk for misuse of identifying information with regard to tax returns. Read More »


Tax Law Blog: No RMDs to Charity for IRAs in 2015 (yet) - November 9, 2015

As the end of the year approaches, individuals over the age of 70½ are considering their Required Minimum Distribution (RMD) from Individual Retirement Accounts (IRAs). Some of those individuals are asking about the Qualified Charitable Distribution (QCD) option (also called a Charitable Rollover). For now at least, the QCD is not an option for 2015. Read More »


Tax Law Blog: IRS Releases Inflation Adjustments for 2016 - October 23, 2015

Each year, the IRS calculates cost of living and inflation adjustments and determines how much certain limits and thresholds should be adjusted, if at all, for the upcoming tax year. The IRS released a document earlier this week setting the inflation adjustments for 2016. Read More »


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