Category Archives: Business Taxation

International Tax Issues Are A Major Focus of Newest Launch of IRS Compliance Campaigns in 2017

by Attorney Patricia Weisgerber, LL.M. Earlier this year, the IRS Large Business and International division (LB&I) rolled out 13 compliance campaigns[1] to target both individual taxpayers and corporations for examinations on certain tax compliance issues. On November 3, 2017, IRS announced the identification of an additional 11 compliance campaigns ...

Are Your Business Deductions at Risk of Being Disallowed by the IRS?

by  Attorney Patricia Weisgerber, LL.M. Small businesses run on tight margins. The last thing a business owner wants is an IRS notice announcing the disallowance any of their business expense deductions. This is particularly the case for sole proprietorships who report their business expenses on Schedule C of IRS Form 1040. For ...

UPDATE: MTC Extends Deadline for Amnesty under the Online Marketplace Seller Voluntary Disclosure Initiative

Earlier today, the Multistate Tax Commission (MTC) released an update extending the October 17, 2017 deadline for businesses to file under its Online Marketplace Seller Voluntary Disclosure Initiative. The new deadline is now November 1, 2017. This initiative is specifically for businesses who are online marketplace sellers using a marketplace provider/facilitator ...

SCORE! for the Boston Bruins – Jacobs v. Commissioner

by Attorney Patricia Weisgerber, LLM Like Napolean recognizing that an army marches on its stomach, the owners of the Boston Bruins know a hockey team needs to be well-fed to ensure optimal performance on game day. So, when the Bruins go on the road to play away-games, management plans ahead. With ...

Federal Tax Reform Legislation in 2017: Comments by Attorney Morris N. Robinson

Attorney Morris N. Robinson, the Managing Director of M. Robinson Tax Law in Boston, recently published an op-ed titled: Viewpoint: A 15 percent tax rate on business would maximize economic growth (Boston Business Journal, May 5, 2017, subscription required).

Net Operating Loss Carryforwards on President Trump’s 2005 Income Tax Return

James B. Stewart, writing for The New York Times (March 23, 2017), explored the complexities of President Donald Trump’s 2005 U.S. income tax return, which was revealed publicly last week.  President Trump used $103 million of net operating loss (NOL) carryforwards in 2005 to reduce his regular income tax. ...

Building Wealth through Real Estate: Financial and Tax Policies of the United States Government That Can Lead To Significant Wealth through Real Estate Ownership

Financial and tax policies of the United States government can help Americans achieve significant wealth through real estate ownership. These policies tend to favor taxpayers who, like the Trump family, are willing to commit to "the long game”, where the full benefits of real estate ownership accrue over decades and ...

Tax Complications of a $1 Billion Dollar Net Operating Loss

Recently, The New York Times shared information that presidential candidate, Donald Trump, declared a loss of $916 million on his 1995 income tax returns. In response, there has been much speculation that Donald Trump may have violated the tax laws of the United States. This may be why he is under audit. ...

AccountingToday Article Provides Tax Primer: “Global Commerce 101”

Owners of small to mid-size U.S. businesses are finding the world is a smaller place, which can be very good for business. However, the opportunities of the international marketplace come with additional responsibilities, especially in the area of global taxation. AccountingToday’s July 2016 magazine contains a good “primer” on international business ...

The Power of Voluntary Taxpayer Disclosure

Today the Boston Globe reported that PTC, Inc. (“PTC”) voluntarily disclosed that its Chinese subsidiaries allegedly provided about $1.5 million in bribes to foreign officials over a period of five years (from 2006 through 2011) in violation of the United States Foreign Corrupt Practices Act. PTC is a publicly held ...