Congressional Republicans Look to Knock Out Treasury’s Proposed Section 2704 Regulations

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Let the fight begin! There has been a groundswell of protest against the Internal Revenue Service’s proposed Treasury regulations under Internal Revenue Code 2704, which were released in early August. These rules, if enacted, could end the use of discounts and other estate planning strategies long accepted by both political parties to move family businesses […]

Bulk Sale of Land Produced Ordinary Income Rather than Capital Gain

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An interesting tax question arises when a taxpayer decides to sell land in bulk.  To fully understand the issue, it is first necessary to describe the income tax strategy considered in such planning and the alternative treatments accorded an alternative finding by the Internal Revenue Service. Depending on the particular facts and circumstances, land can […]

GYF Recognized in “Top Workplaces”

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Grossman Yanak & Ford LLP was recognized in the “Top Workplaces” feature published by the Pittsburgh Post-Gazette for the sixth year in a row. Evaluation for the awards is based upon results of employee surveys conducted by Workplace Dynamics. GYF managing partner, John Yanak, was interviewed by Workplace Dynamics for a related article, “Six Key Contributors to Employee Engagement and Performance.”

Proposed Retirement Plan Changes Would Benefit Taxpayers

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Senate Finance Committee ranking member Ron Wyden, D-Oregon, released a discussion draft on September 8 of his proposed Retirement Improvements and Savings Enhancements (RISE) Bill. The Bill contains many taxpayer-friendly provisions. One notable change put forward by the Bill would increase the age for taking required minimum distributions (RMDs). This proposed change could prove beneficial […]

Bob Grossman to Address the U.S. Treasury on Proposed IRS Regulations

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Bob Grossman has been selected to Co-Chair a Special Committee of the National Association of Certified Valuators and Analysts (NACVA) and to prepare the organization’s response and comments to recently-released Treasury regulations. The rules, as proposed, could adversely affect the ability of taxpayers in family businesses to use valuation discounts in their estate and gift tax […]

Federal Tax Debt Can Hinder Your Travel Itineraries

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New rules put into place by the FAST Act prohibit anyone with “seriously delinquent tax debt” from obtaining a passport (and can cause previously-issued documents to be revoked). If you are planning a trip, make sure you are current with your payments to the IRS. Read the article from the Fall 2016 GYF Perspectives.

Changes to the R&D Credit Benefit Taxpayers

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The PATH Act made the R&D Credit permanent as well as including two other favorable changes for taxpayers — the AMT limitation was lifted, and the option for qualified small businesses to use the credit to offset FICA taxes. Read the article from the Fall 2016 GYF Perspectives.