Update on President Joe Biden’s Proposed Tax Policies

Introduction Last year I discussed President Joe Biden’s Proposed Tax Policy For Individuals, Charles J. Allen discussed the tax plans of the democratic presidential candidates, and Josh Sage discussed some of Biden’s potential changes. We are now a few months into President Biden’s tenure and the first ripples of tax reform can be felt by…
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Student Loans – Not Dischargeable, Even If Made to Family

When an individual files for bankruptcy, they are released from personal liability for certain specified types of debts. However, for public policy reasons, Congress has determined that certain debts can’t be discharged by filing for bankruptcy.[1] One of the most well-known non-dischargeable liabilities is student loan debt.[2] The recent U.S. Bankruptcy Court case, In re…
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Warne Case gives Insight on Valuation and Gifting

Many know the old adage of “it’s the thought that counts” when it comes to gifting. According to a recent Tax Court opinion, when it comes to charitable contributions, what the recipient receives is significantly more important than what is given by the donor. Charles Allen previously discussed this issue in his article on the…
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Consolidated Appropriations Act Ensures Deductibility of PPP Expenses

Introduction The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) authorized approximately $350 billion to fund the Paycheck Protection Program (“PPP”). The PPP was designed to provide a direct incentive for small businesses to keep their workers on the payroll via potentially forgivable loans (“PPP Loans”), assuming certain criteria were met. The Consolidated Appropriations…
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President Joe Biden’s Proposed Tax Policy for Individuals

INTRODUCTION In a prior article, Charles J. Allen previously discussed the tax plans of the democratic presidential candidates, while Josh Sage discussed some of Biden’s potential changes here. With the Associated Press calling the presidential race for former vice president Joe Biden on November 7th, time is running short for many taxpayers to take advantage…
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Ninth Circuit says Nice Try on Passive Rental Activities

Introduction The U.S. Court of Appeals for the Ninth Circuit recently affirmed a District Court’s ruling against a married couple who claimed their losses related to three vacation properties were not limited under the passive activity loss rules of IRC § 469.[1] The couple argued that the management company responsible for renting the property to…
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