Paul Bonner

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.

Aug 31, 2023 | journalofaccountancy.com | Paul Bonner

The Tax Court rejected a taxpayer’s arguments that because he experienced problems that delayed electronically filing his Tax Court petition, the court should accept the petition despite having received it 11 seconds after midnight on the day after the last day permitted for filing. Facts: The IRS sent a notice of deficiency dated Sept. 12, 2022, to the taxpayer, Antawn Jamal Sanders, specifying that the last day to file a Tax Court petition contesting the notice was Dec. 12, 2022.