IRS Issues Regulations Limiting Deductibility of Legal Fees

In real estate transactions, legal fees can become a substantial cost during the deal. In the past, because the IRS position on the treatment of such fees were unclear, one might have argued that such fees were deductible as a business expense and that a client was therefore paying with “after-tax” dollars.

BEPS Update for Small- and Medium-Sized Businesses

The Organization for Economic Cooperation and Development (OECD) has decided to exempt small- and medium-sized businesses (i.e. international groups that report total revenues of less than ?750 million) from the country-by-country (CbC) transfer pricing reporting requirement recommended in September of 2014 in its “Guidance on Transfer Pricing Documentation and Country-by-Country Reporting.”

Donating Property? Don’t Skimp on the Appraisal

If you decide to donate property to charity, it’s critical that you comply with tax rules for substantiating the value of your gift. If you don’t, the IRS may deny your entire charitable deduction, even if your valuation is spot-on.

Tax Credits Help to Make Electric Cars Affordable

Both federal and state income tax credits exist for zero emission plug-in electric cars. Amounts, details, and qualifications for federal and state credit programs differ, so it is important to understand the differences and how to obtain and maximize the credits.

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