This message was sent to ##Email##
|
|
|
|
|
| |
By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC
 In Hatcher v. Commissioner, 121 AFTR2d 2018-1397, the 5th U.S. Circuit Court of Appeals agreed with the Tax Court that an individual who lent her then boyfriend in excess of $582,000 was not in the business of lending and could only claim a capital loss when only $7,000 of it was repaid.
In Davidson v. Commissioner, TC Memo 2018-38, the Tax Court determined that payments made toward marital debt were not deductible alimony as the family law court had decreed that the former wife should not receive any alimony and that the obligation did not necessarily terminate upon the recipient's death under Arkansas law.
In Davis v. Commissioner, TC Memo 2018-56, the Tax Court denied a deduction for $1,700 of cash donations and $1,391 of noncash donations to an inactive church where the donor was the church’s president and senior minister, and the only substantiation was a noncontemporaneous letter from the taxpayer himself.
In Wendell Falls Development, LLC v. Commissioner, TC Memo 2018-45, the Tax Court denied a $1.8 million charitable contribution deduction for land donated to a county for use of a park inasmuch as the Court determined that a quid pro quo would exist as the homes to be developed near the park would become more desirable, and hence the conservation easement did not diminish value.
READ MORE
AAA-CPA
 Mike Hoffman is the founding and managing partner (member) of Hoffman & Associates, and oversees the general operations and personnel of the legal and tax sections of the firm. Mike works primarily in the areas of estate planning, to minimize the effect of the estate tax, insure orderly transition of generations in family businesses and maximize asset protections. He also devotes a considerable amount of his efforts to the business law and tax planning needs of the firm's clients. Mike is licensed to practice in the states of Georgia and Ohio and is also a Certified Public Accountant.
He is currently a member of the Georgia, American and Ohio bar associations; the tax and fiduciary law sections of the State Bar of Georgia; the Real Property and Probate Section of the American Bar Association; the American Academy of Attorney-CPAs; the American Institute of Certified Public Accountants; the Georgia Society of Certified Public Accountants; and founder and member of the Estate & Financial Planning Section of the Georgia Society of CPAs.
Previous to founding Hoffman & Associates, Mike was a tax partner at Deloitte & Touche (then Touche Ross & Co.), audit and tax department of Ernst & Young (then Ernst & Ernst), with Chamberlain, Hrdlicka, White, Williams & Martin (a tax law firm based in Houston, which opened a satellite office in Atlanta in 1986) and was a partner with the Atlanta law firm of Somers & Altenbach. He received his business and accounting degree from Bowling Green State University, summa cum laude, and was awarded his Juris Doctor degree from the University of Toledo College of Law.
Mike is on the board of several corporations. He is the recipient of 1999 Georgia Society of CPAss President's Award for Distinguished Committee Chair. In addition to coaching basketball and baseball, his volunteering in the past included being Vice President on the Management Committee and a member of the Georgia Society of CPAs Board of Directors, Chairman of the Estate & Financial Planning Section of the Georgia Society of CPAs, during which tenure the Annual Estate Planning Conference was established and the Estate Planning Section of the Georgia Society of CPAs became the inaugural "section" recognized by the Georgia Society of CPAs. He has served on the Board of Directors of the Atlanta Country Club, served on Parish Council at Holy Family Catholic Church, and has served and chaired numerous committees of the Georgia Society of CPAs. He is an Eagle Scout. He is a frequent speaker on a variety of legal topics, especially in the estate planning area, to professional and lay groups. Mike has moderated/lead the Current Events Panel of the Georgia Society of CPS's Annual Estate Planning Conference for the past 14 years.
"Big Bear" lives in Marietta, Georgia, with his wife Lynne and is the father of four children and has six grandchildren.
READ MORE
 |
|
Estate Planning and Elder Law professionals turn to INTERACTIVE LEGAL as their main resource for the latest in legal planning strategies and practice management resources.
MORE
|
|
AccountingWEB
Busy season is technically over, but CPAs and tax professionals know all too well that some clients miss the tax-filing deadline. Here's some advice on how to handle the dawdlers.
READ MORE
The Tax Adviser
On Dec. 22, 2017, President Donald Trump signed into law P.L. 115-97, known as the Tax Cuts and Jobs Act. Its many new provisions include noteworthy changes to the income taxation of trusts and estates, most of which are effective for tax years 2018 through 2025 (unless otherwise noted).
READ MORE
CNBC
As people face their own mortality, their legacy can become increasingly important to them, as their internal concept of self inevitably transitions to what others will say about them after they are gone. Charitable giving at the time of one's death can often be an intentional shaping of that story — a way for people to still tell their own narrative after they are gone and shape what is remembered by others as having been important to them.
READ MORE
Accounting Today
A new study by the International Federation of Accountants has found high rates of adoption of international accounting standards in areas such as auditing and ethics.
IFAC surveyed 104 of its member organizations in 80 jurisdictions around the world for its "International Standards: 2017 Global Status Report."
READ MORE
Reuters via U.S. News & World Report
Slow revenue growth and challenges from the recent U.S. tax reform are hurting many U.S. states' credit quality, said global investment management firm Conning as it issued a negative outlook for the sector for the rest of 2018.
Revenues are largely trending below expenditures and U.S. gross domestic product, leading to shrinking reserves for many governments, Conning said in its "State of the States" report.
READ MORE
Bloomberg BNA
Adjustments to the amount of foreign-housing expenses U.S. workers abroad may claim under Section 911 of the United States tax code were announced by the U.S. Internal Revenue Service in Notice 2018-44, which is to be released May 21 in I.R.B 2018-21.
Notice 2018-44 revokes Notice 2018-33, which was issued on April 23, 2018, because that notice used an incorrect amount for the maximum foreign earned income exclusion to calculate the housing cost amount for 2018, the IRS said in the updated notice.
READ MORE
| |
MISSED AN ISSUE OF THE AAA-CPA WEEKLY UPDATE? VISIT AND SEARCH THE ARCHIVE TODAY. |
|
Missed last week's issue? See which articles your colleagues read most.
|
|
Don't be left behind. Click here to see what else you missed.
|
May 15, 2018
Webinar: What Non-international Tax Specialists Need to Know About International Tax Reform
May 22, 2018
Webinar: The New Deduction for Flow Through Entities
June 5, 2018
Webinar: Maneuvering the Online Marketplace and Managing Sales Tax
June 12, 2018
Webinar: Tax Practice Ethical Standards
June 22, 2018
The New Basic Facts: 21st Century Estate Planning
July 3-8, 2018
2018 Annual Meeting & Education Conference
|
|
|
|
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063
|
