On July 15, GT Shareholder Jim Lang will serve as moderator for the panel titled “Tax Strategies, 1031 Tax Law Reform, and other hot OZ Topics” at the in-person Opportunity
Continue Reading James Lang to Moderate Panel at In-Person 2021 Opportunity Zone Expo
Taxpayers who lease or purchase aircraft face a myriad of tax issues, and aircraft can be a favorite target of both federal and state tax auditors. While the restrictions imposed
Continue Reading Non-Recourse Financing Can Imperil Tax Deductions: The Application of the Internal Revenue Code ‘At-Risk’ Rules to Aircraft Purchases
According to CNBC, New Jersey, New York, California, Connecticut and Illinois are the five states that had the most residents move away in 2020; they are also among the
Continue Reading Residency Audits: What To Expect When You Move To Another State
On Nov. 9, the IRS may have endorsed a workaround to the $10,000 cap on state and local taxes when it comes to state and local taxes paid by passthrough
Continue Reading IRS Endorses State and Local Tax Deduction Cap Workaround
Life changes as a result of COVID-19 may also have business considerations. One of those considerations is how changing residence will affect an individual’s taxes. That has become even more
Continue Reading Considerations When Changing Residency To Another State
Under the Tax Cuts and Jobs Act of 2017, the new Section 163(j) generally limits a taxpayer’s deduction of any business interest expense to 30% of the taxpayer’s adjusted taxable
On Feb. 19, 2020, the IRS released Notice 2020-12 and Revenue Procedure 2020-12 (together, the “Carbon Guidance”) which provide highly anticipated clarity on the Internal Revenue Code Section 45Q credit
Continue Reading Summary of Guidance on Section 45Q Carbon Tax Credits Under 2020 Notice and Revenue Procedure
On Feb. 19, 2020, the Internal Revenue Service released partial guidance on the implementation of section 45Q tax credits related to the capture and sequestration of carbon dioxide. The
Continue Reading IRS Takes First Steps to Implement Carbon Capture Tax Credit
The Tax Cuts and Jobs Act included a provision increasing taxes on tax-exempt organizations. New Internal Revenue Code Section 512(a)(7) required that tax-exempt organizations include in computing unrelated business taxable
Continue Reading 2019 Tax Act Effects on Tax-Exempt Organizations; Required Section 501(c)(4) Notices