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RECENT DEVELOPMENTS AND TAX LAW CHANGES EFFECTIVE IN JULY 2011

July/August 2011

By Scott E. Vincent, Partner

There have been a number of tax developments during the first half of 2011, as well as several tax changes that are effective for the remainder of 2011. This article is a reminder of several key provisions to watch for with respect to your and your clients’ matters during the upcoming months. This is merely an overview, so be sure to look to the underlying provisions with respect to key items that appear to be applicable to particular circumstances.

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TAXPAYER AND S CORPORATIONS TREATED AS ONE BUSINESS ENTERPRISE

May/June 2011

By Scott E. Vincent, Partner

The Court of Federal Claims (Morton v. U.S., 107 AFTR 2d 2011-xxxx, April 27, 2011) recently granted a Summary Judgment Motion in favor of a business owner holding that the owner’s controlled S corporations and his individual business activities were a “unified business enterprise”. The decision allows the business owner to deduct business expenses and depreciation relating to several airplanes used in the various activities once substantiated.

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TAX COURT RULES ATTORNEYS WERE EMPLOYEES OF LAW FIRM

March/April 2011

By Scott E. Vincent, Partner

A recent Tax Court decision has important employment tax implications for law firms that do not treat attorneys working with the firm as employees. In Donald G. Cave A Professional Law Corp. v. Commissioner, T.C. Memo 2011-48, the Tax Court found that attorneys working with an S corporation law firm were employees of the firm for employment tax purposes, and that the firm was liable for employment taxes and penalties with respect to amounts paid to the attorneys for the periods in question. This decision was contrary to the independent contractor treatment that the law firm sought to sustain with the IRS and in Tax Court, and also required employment taxes with respect to the S corporation’s sole shareholder.

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OVERVIEW of 2010 TAX RELIEF ACT

January/February 2011

By Scott E. Vincent, Partner

The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (the “2010 Act”) is a sweeping tax package with multiple and varied provisions, including a two year extension of the Bush tax cuts, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses. Outlined here are several key elements of the package for your consideration.

Additional Resources

RECENT DEVELOPMENTS AND TAX LAW CHANGES EFFECTIVE IN JULY 2011

July/August 2011

TAXPAYER AND S CORPORATIONS TREATED AS ONE BUSINESS ENTERPRISE

May/June 2011

TAX COURT RULES ATTORNEYS WERE EMPLOYEES OF LAW FIRM

March/April 2011

OVERVIEW of 2010 TAX RELIEF ACT

January/February 2011

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