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I had a good friend send me the attached letter (here) that one of his clients received from the “IRS”. The letter is a hoax and another attempt by scammers to take money from people.  I called the number...

Earlier this month, the Fifth Circuit Court of Appeals had occasion to decide the applicability of the “self-rental rule” in Treas. Reg. § 1.469-2(f)(6) in the context of a Subchapter S corporation renting commercial...

In the right circumstances, a taxpayer may be able to significantly reduce his/her federal income tax liability from the sale of his/her business by establishing that the buyer separately bargained for the purchase of that...

The IRS issued Notice 2016-19 (here), effective February 11, 2016. The notice extends the filing deadline for the new Form 8971 to March 31, 2016.  As discussed in last week’s post, Form 8971 implements basis...

Conventional wisdom is that the U.S. income taxation of partnerships is advantageous compared to the taxation of corporations for many reasons, one of which is that it is often easier to contribute “built-in” gain...