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Monthly Archives: December 2017

Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017

The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances.  The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction…
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Canadian Court Allows Extradition Of Tax Shelter Promoter

A Canadian court has granted the U.S. government’s request to extradite a tax attorney who is facing charges back home accusing him of helping former partners of Ernst & Young LLP develop and market fraudulent tax shelters, while dodging more than $8 million in taxes himself. In 2007, David L. Smith, a tax lawyer and…
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2017 Top Federal Tax Cases: Year-In-Review

According to Law360, this year resulted in some major setbacks in court for the Internal Revenue Service and the U.S. Department of the Treasury, including rulings that set aside anti-inversion regulations for violating the administrative law and siding with a Greek company over the taxation of foreign partners. Major Federal Tax Decisions of 2017: 1.…
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