The Tax Court recently examined the character of the gain on property sold to Centex Homes by GDLP (a limited partnership). The Tax Court examined several factors and found many favored the taxpayers, including: The property had never been substantially
The IRS announced Tuesday, May 26, 2015 that criminals used taxpayer data acquired from non-IRS sources to gain access to information through the IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address.
The greatest spectacle in racing will occur in Indiana this weekend. We pray for safety and enjoyment for all of the auto drivers, crew members and racing fans. Indianapolis will welcome over 400,000 spectators to the largest single-day sporting
The U.S. Supreme Court ruled that Maryland’s personal income tax scheme is Unconstitutional, and we see an opportunity to file refund claims for open years in the state of Indiana. In a 5-4 decision, the U.S. Supreme Court has
Ohio CAT Tax and the Bright-Line Presence Standard: The Ohio Board of Tax Appeals recently upheld the “bright-line presence” nexus standard with regard to the Commercial Activity Tax (CAT). In two similar cases, retailers (Newegg, Inc. and Crutchfield, Inc.) with
If a taxpayer is trying to qualify as a real estate professional on the basis of a rental real estate business with multiple rental real estate interests, and he has a job unrelated to those activities which takes up
Senate Bill 297 was passed in the 2015 legislative session. The bill increases the limits of the amount of beer that a small brewery can produce, and sell in-state, annually by threefold (from 30,000 barrels to 90,000). The other
Are you experiencing slowness or lockups in your Sage 50 Accounting Software? Here are the steps to check you Sage Accounting database size. Step 1: Open your largest Sage accounting company. Step 2: In the Help menu, select “Customer
A Personal Perspective from Somerset’s Nick Netherton Ever met the mom or dad who says, “Man, raising kids is so expensive and so exhausting?” I think we all can agree the time, effort and money of raising children can
Cleveland, Ohio lost a case against Jeff Saturday and, in another related case, to a Chicago Bears linebacker. Jeff Saturday was hurt and going through physical therapy in Indianapolis during a Colts/Browns game in 2008. While he was watching
The Michigan Department of Transportation has a program for disadvantaged business enterprises (DBEs). The DBE program is a federally required program designed to ensure that firms owned and controlled by minorities, women and other socially and economically disadvantaged persons
Spring is the time when flowers and grass grow, but how about your business? Many states and localities offer tax credits and incentives to encourage economic development. Oftentimes, a business can overlook tax credit opportunities because management is too busy
