It’s common for a business to own not only typical business assets, such as equipment, inventory, and furnishings but also the building where the business operates — and possibly another property as well. There can, however, be negative consequences when a company’s real estate is included in its general corporate assets. By holding real estate […]
Facebook’s IRS document request suit fails because the claim didn’t match FOIA request. A district court has denied Facebook’s motion to compel the IRS, based on the Freedom of Information Act (FOIA), to provide the social media giant with documents about the IRS’s audit of the company. The court held that Facebook’s claim in its […]
The U.S. Tax Court has upheld the IRS determination that two brothers’ losses on the disposal of partnership interests weren’t ordinary abandonment losses, as they claimed on their returns, but rather were capital losses. The court also rejected the brothers’ argument that they received proceeds from the sale, which were used to acquire an intangible […]
Many clients see their CPAs at tax time when the primary focus is on completing and filing their tax return. As a result, they may not take the opportunity to ask questions about long-term tax planning or other significant financial concerns. The good news is that we are available to you all year. We have […]
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