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IRS Reevaluates Environmental Cleanup Costs and Partnership Abuses 

Environmental Clean up Costs In a dramatic about face, the IRS has issued a pro taxpayer announcement clarifying the tax implications of businesses handling environmental costs. How must a taxpayer treat the costs incurred to clean up land contaminated with

Be Careful Handling Partnership Withholding Taxes and Condemnation Legal Fees 

Withholding Requirements If you are involved in a partnership, you'll need to know about certain withholding requirements. Most states impose a withholding tax on nonresident partners of partnerships that derive income in state. To facilitate the filing of nonresident tax

Planning Your Next Rent Holiday 

A n automotive products marketer that aggressively tried to expand sales became a victim of the recent recession it had to retrench quickly and found itself with excess real estate inventory. A downsizing conglomerate had to prune dead wood from

Navigating the Rules on Tax-Deferred Exchanges 

Related Person Exchanges Under &sect 1031 Though property transfers usually are taxable, a &sect 1031 real property exchange is one instance in which investors can defer taxes but they need to be sure to follow the rules. You should be

Self Employment and Partnerships May Be More Taxing Than Ever 

Self Employment Taxes and Health Care A section of the Clinton Administration's Health Security Bill contains a revenue generating proposal that could significantly affect the amount of taxes paid by self employed real estate professionals. The bill proposes, among other