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When taxpayers pay fees contingent on the successful closing of certain "covered transactions," including, for example, taxable acquisitions of assets that constitute a trade or business, ...

The Supreme Court on May 28 declined to hear the appeal of a historic rehabilitation tax credit partnership that claimed the Third Circuit Court of Appeals erred when it held the partnership’s private-sector equity investor was not a bona fide partner and could not claim the rehabilitation tax credits.

In "Cushman v. Folan", Case No. 09-P-894, 2010 Mass. App. Unpub. LEXIS 1135 (Oct. 19, 2010), a decision issued pursuant to Rule 1:28, the Appeals Court addressed the procedural question of whether an appeal of a fees award in probate court was properly dismissed with respect to one of the appellants ("Cushman") for her failure to post a bond to secure the judgment, as ordered by the probate court.

In "Victor v. Massachusetts Executive Office of Health & Human Services", Case No. 09-P-1361, 2010 Mass. App. Unpub. LEXIS 844 (July 21, 2010), a decision issued pursuant to Rule 1:28, the Appeals Court affirmed a denial of Medicaid benefits on the grounds that a family trust established by the plaintiff's husband is a Medicaid-qualifying trust.

The Proposed Regulations have been met with substantial criticism by the tax bar and taxpayers alike.

In Petersen v. Commissioner, 148 T.C. No. 22 (June 13, 2017), the Tax Court addressed the application of Section 267(a)(2) to an S corporation that maintains an employee stock ownership plan (ESOP).

Ultimately, the Tax Court rejected Marvel's arguments that the plain language of Section 108 proved that Congress intended that consolidated groups use a separate-entity approach.

In a recent decision, the Tax Court held that discounts redeemable only against future purchases were deductible when redeemed rather than when earned by the taxpayer’s customers.

The passage of the Tax Cuts and Jobs Act of 2017 ("TC&JA") has increased the planning importance of so-called "unreimbursed partner expenses" for members of partnerships and LLCs treated as partnership.

At the end of last year, we alerted you that the beneficial tax treatment of educational assistance programs under Section 127 of the Internal Revenue Code (the Code) pursuant to which an employer pays, or reimburses, an employee for up to $5,250 in educational assistance was set to expire on December 31, 2012 and it was unclear whether Congress would act to extend it.

The Accounting Standards Update (ASU) 2023-09, issued by the Financial Accounting Standards Board (FASB)...

On February 6, 2025, the Trump Administration announced various tax and budgetary priorities discussed further here, including closing the "carried interest loophole." On the same day...

From Proskauer's Not For Profit / Exempt Organization Blog, a discussion of recent IRS guidance and New York State legislative relief on Internal Revenue Code 512(a)(7)

The plaintiff, a financial consultant, discovered fraudulent Medicare billing practices by some of his clients.

The federal tax reform package recently approved by Congress (the Bill) contains a cap on the state and local tax deduction that may be claimed by individuals on their federal income tax returns.

The Augusta Rule is a lesser-known tax strategy despite its relatively simple structure and effective results.

Businesses with employees in Pennsylvania should be prepared to adapt to a post-COVID-19 world now that temporary guidance regarding remote work has expired and pre-pandemic rules regarding...