Search

Pilot Program Offers Relief for Late 5500 Filers The IRS recently established a one-year pilot program to provide penalty relief under Internal Revenue Code (“IRC”) §§ 6652(e) and 6692 for certain small businesses that are delinquent in filing Form 5500. The program gives sponsors andadministrators of retirement plans that are not covered by Title I...

New York State Tax Benefits for Seniors Seniors and retired persons have found the current economic condition difficult to endure. There are many ways for these individuals to take advantage of various tax breaks on their New York State income tax return. This article will describe some ways that they can do so. Senior citizens...

Settlement Costs and Legal Fees Stemming from Corporate Reorganization Are Non-Deductible If a capital transaction produces litigation, the potentially resulting settlement costs and associated legal fees are capital acquisition costs. As such, these amounts cannot be deducted. This was the holding in the recent court case Ash Grove Cement Company vs. U.S., 113 AFTR 2d...

President Obama Proposes Sweeping International Tax Reforms Jason Furman, President Obama’s Chief Economic Advisor, outlined proposals to be put forward by the Obama Administration, aimed at removing tax advantages for American multinational companies operating in low-tax jurisdictions. While Republican Senator Camp has proposed his own changes, including reducing the U.S. Corporate Income tax rate to...