Roger Russell

1 week ago | accountingtoday.com | Roger Russell

One of the attractive features of doing business through a limited liability company is the protection it gives from personal liability — but that is not always the case, as a New Jersey dentist recently discovered when the Internal Revenue Service sought to foreclose on a dental practice he co-owned with another dentist. Dr. William Vockroth co-owned his practice with another dentist, Dr. Thomas Driscoll, via an LLC, and co-owned the physical property as tenants in common.

2 weeks ago | accountingtoday.com | Roger Russell

If research is considered to be "funded research" within the meaning of Section 41(d)(4)(H), then it is not eligible for the research credit. Research is considered to be funded if payment is not contingent on the success of the research. Two recent cases before the Tax Court — Systems Technologies Inc. and Smith, et al. — flesh out the meaning of funded research by turning to local law in their analysis of whether the research was funded or not.

3 weeks ago | accountingtoday.com | Roger Russell

The Supreme Court has denied the attempt of the bankruptcy trustee of a failed business to claw back assets fraudulently transferred to the Internal Revenue Service from the debtor-business's assets to satisfy the personal federal tax liabilities of the shareholders. The shareholders had misappropriated $145,000 in company funds to satisfy their personal federal tax liabilities.

3 weeks ago | accountingtoday.com | Roger Russell

Although filing season began smoothly and proceeded with little fanfare, there are still some issues that are on the minds of tax pros. "While it began looking like a smooth year, it has been anything but," said, according to Misty Erickson, tax content manager at the National Association of Tax Professionals. She listed the following as contributing to the angst felt by many preparers: With the IRS laying off employees, there are a lot of questions on how this will impact the filing season.

4 weeks ago | accountingtoday.com | Roger Russell

The Internal Revenue Service has issued a chief counsel memorandum that offers guidance on who is eligible to take a theft loss deduction for scams. The memorandum, No. 202511015, released March 25, 2025, addresses a number of common scenarios and analyzes the deductibility of each.