Paul Bonner

3 weeks ago | journalofaccountancy.com | Paul Bonner

news TAX The IRS issued interim final and proposed regulations Friday (T.D. 10031 and REG-107459-24) lowering the user fee for the Service to issue an estate tax closing letter from $67 to $56.

Aug 14, 2024 | thetaxadviser.com | Paul Bonner

As the table shows, 30% of sole practitioners surveyed used Drake Tax. At the other end of the scale, nearly one-third of respondents in the largest firms, those of more than 500 preparers, used CCH Axcess Tax. Not shown are users of each product by percentage of each firm size category; looked at this way, nearly three-quarters of Drake users were in firms of five or fewer preparers.

Jun 30, 2024 | journalofaccountancy.com | Paul Bonner

A company’s donation of a land conservation easement met the requirements under Secs. 170(h)(2) (C) and (5)(A) that it be granted and its conservation purpose protected “in perpetuity,” the Tax Court held, upholding the company’s charitable deduction. Reversing its previous holding, the court also held that Regs. Sec.

Dec 31, 2023 | journalofaccountancy.com | Paul Bonner

The Tax Court held that owners of a family mining company could not claim charitable contribution deductions for a purported bargain sale of land to a town in New York state because the company did not supply a contemporaneous written acknowledgment showing the value of a rezoning that the company received in return. Facts: Braen Commercial Holdings Corp. (Holdings), an S corporation, was founded in 1904 and, at the time of the proceedings, was owned by seven members of the Braen family.

Oct 13, 2023 | journalofaccountancy.com | Paul Bonner

The IRS and Treasury issued proposed regulations Friday that would modernize provisions concerning the government's sale of taxpayers' property after its seizure by levy (REG-127391-16). The regulations under Sec. 6335 had not been substantially modified since their initial issuance in 1954, other than to reflect minor statutory changes, the IRS and Treasury noted in a preamble to the proposed regulations. Consequently, a number of the provisions of Regs. Sec.