Lessors in Pennsylvania not Subject to Local Business Privilege Taxes Email John In a recent court case (Fish, Hrabrick and Briskin, v. Township of Lower Merion, 1940 C.D. 2013, 09/19/2014), a Pennsylvania court decided that the imposition by Lower Merion Township of the Business Privilege Tax (BPT) on lessors’ rental income violates the Local Tax…
Finance That Matters Fall 2014 Limited Partners May Be Subject to Self-Employment Tax [author-style]By Anthony J. Tuths, JD, LLM, Partner [email protected][/author-style] Email Tony The IRS recently took a shot across the bow of limited partners of investment management companies with respect to the application of self-employment tax (or, SE tax, for short). In fact, the…
New Exception to PFIC Reporting for Mark-to-Market Taxpayers The IRS recently announced in Notice 2014-51, 2014-40 IRB that certain Mark-to-Market (“MTM”) taxpayers will be exempted from PFIC reporting rules, effective for tax years ending on or after December 31, 2013. The IRS will be amending Reg. § 1.1298-1T to provide an exception from its PFIC…
Medicare Cost Report Preparation Refresher (1 CPE Credit) Wednesday, October 22, 2014 Please join WithumSmith+Brown Healthcare Services professionals Joseph Denuto, CPA, and Maria Inciardi, CPA, members of our firm’s Healthcare Group, as they present a Medicare Cost Report preparation refresher relative to Hospitals, Home Health and Hospice Agencies, Nursing Homes and Federally Qualified Health Centers….
Internet-Based Fundraising Not-for-profit (“NFP”) organizations have a diverse set of options when it comes to ways of accepting donations from the general public. One of the fastest growing and easiest ways to reach a wide range of donors is by utilizing the power of the internet and social media —often referred to as internet-based fundraising….
Not-for-Profit Accountability and Transparency Everyone talks about not-for-profit accountability and transparency, but what is it, how is this best achieved and whose responsibility is it anyway? Accountability and transparency are necessary in today’s not-for-profit environment because these elements can shield the organization from negative public comments and are an indication of good governance. Not-for-Profit Accountability…
Share In a Chief Counsel Advice, a Taxpayer owned an office building that was leased to an agency of the United States Government (the “Agency”). The primary issue was whether the payments for the cost of certain tenant improvements was rental income to the Taxpayer pursuant to Internal Revenue Code (“IRC”) Section 61(a)(5). The Taxpayer…
Your Pitch Deck – It Really Is A Test “You talkin’ to me?” – Travis Bickle (Robert DeNiro ) – Taxi Driver, the movie So, what is the real purpose of preparing a pitch deck? Like everyone else, I have a format I like to follow. In fact, you can find it on our website…
Transitional Reinsurance Fee 2014 First, the Patient-Centered Outcomes Research Fee; next, the Transitional Reinsurance Fee (“Fee”); if that is what you were thinking, know you are not alone. Introduced as part of the Affordable Care Act (“ACA”), the Fee was created and designed to fund reinsurance payments to health insurance issuers that cover high-risk individuals…
Penalty Relief Pilot Program for Certain Form 5500 Late Filers The Internal Revenue Service (“IRS”) issued a temporary one-year pilot program under Revenue Procedure 2014-32, Pilot Penalty Relief Program – Late Annual Reporting for Non-Title I retirement Plans (“One-Participant Plans” and Certain Foreign Plans) which grants sponsors and administrators of retirement plans, not covered by…