Treasury Inspector General for Tax Administration Announces New Senior Leaders
Recently, J. Russell George, the Treasury Inspector General for Tax Administration (TIGTA), announced three new additions to the Agency’s senior leadership team, naming Heather M. Hill as the new Deputy Inspector General for Audit, Russell P. Martin as the new Deputy Inspector General for…
Arkansas's Answer to the SALT Cap for Business Owners: The Arkansas Pass-Through Entity Tax Act
January 19, 2022
by Craig R. Cockrell
This article was corrected on March 2, 2022. The Tax Cuts and Jobs Act of 2017 (The “TCJA”) imposes a $10,000 cap on the amount an individual may deduct for federal tax purposes for the payment of state and local income, property and sales taxes (referred to as “SALT”). The IRS issued a Notice in…
Lessons from the Tax Court: Smaldino v. Commissioner
A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127, provides important lessons on gifting. The Tax Court found that Louis Smaldino understated the size of his gift to a trust set up for his children because he never effectively transferred a portion of the assets to his wife…
Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits
November 17, 2021
by Ashley Edwards
Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to both individual and corporate donors for contributions made to charitable…
Like-Kind Exchanges Under IRC Section 1031: A Primer
October 22, 2021
by B. Wade Bowen
Individual and business clients engaging in real estate transactions often have an interest in like-kind exchanges under Internal Revenue Code Section 1031 (hereinafter “1031” or “Section 1031”). Clients are usually aware that a properly structured 1031 exchange can reduce tax liability, but have…