IRS Issues Safe Harbor for Application of Section 199A Deduction to Rental Activities
November 14, 2019
by Craig R. Cockrell
On September 24, 2019, the IRS issued much-needed guidance clarifying whether owners of rental real property may qualify for the 20 percent qualified business income deduction under Section 199A of the Code. The guidance, set forth in Revenue Procedure 2019-38, provides a safe harbor for real…
Are Hospital Clinics Tax Exempt in Arkansas? Court of Appeals Weighs in on the Bounds of the Public-Charity Tax Exemption
It is widely recognized that the public-charity tax exemption in the Arkansas Constitution covers charitable hospitals, provided they meet certain criteria established by Arkansas Supreme Court case law. But what about a free standing clinic owned and operated by a charitable hospital? And does…
Property Tax Valuation: Wisconsin Appellate Court Addresses Impact of Environmental Contamination
September 10, 2019
by Walter G. Wright, Jr.
A Wisconsin Court of Appeals (“Court”) addressed in an August 27th opinion an issue involving the impact of environmental contamination on the tax valuation of a parcel of real property. See State of Wisconsin ex rel Ronald L. Collison, Appeal No. 2018AP669. A Milwaukee real property owner argued…
Series LLCs and the Arkansas Uniform Protected Series Act
Arkansas’ most recent legislative session saw the adoption of a number of laws, none more complicated than Act 665, an Act to adopt the Uniform Protected Series Act. Arkansas’ Uniform Protected Series Act (the “UPSA”) is set out at Ark. Code Ann §4-41-101 et. seq. The series LLC is in part designed…
The Taxpayer First Act Changes IRS Powers in Ways Important to Your Civil and Criminal Tax Clients
On July 1, 2019, President Trump signed the Taxpayer First Act (“Act”), which includes a host of important expanded taxpayer protections ranging from adjustments to criminal tax seizures, to John Doe summonses, to the creation of an Independent Office of Appeals, to smaller changes to innocent…