Tax Warrior Chronicles

NJ Makes Revenue-Enhancing Changes to Tax Laws

Posted on Mon, Aug 04, 2014

Throughout his tenure as New Jersey’s governor, Chris Christie has held to his promise to not raise taxes (or sign legislation that would do so) in the Garden State. Recently, however, he signed legislation that expands the definition of operational income for corporate business tax purposes, reduces net operating losses for corporate business tax purposes by the amount of certain types of discharged indebtedness that are excluded from taxable income, prevents a partnership from applying for a refund of any amounts credited to nonresident partners and establishes circumstances when click-through nexus is established for sales and use tax purposes.  Though this is not technically raising

Read More

A Sure Bet: The IRS Can't Tax Nonresident Alien Gross Gambling Winnings

Posted on Mon, Sep 23, 2013

We’ve been conditioned to think that nearly every dollar added to our pocket is taxed. So when something isn’t taxed, it seems truly remarkable (or overlooked). When you add that it’s gambling winnings we’re talking about, the idea that anything isn’t taxed is, well, too good to be true. Confused?  Allow the Tax Warriors to explain.

Read More

“Real Estate Professional” - Rental Real Estate Losses

Posted on Fri, Sep 13, 2013

Guillermo Merino Jr., et ux. V.  Commissioner, TC Memo 2013-167

Read More