Practice Management

by George G. Jones and Mark A. Luscombe

by Roger Russell

IRS NOTICE ADDRESSES IMPROPER DEDUCTIONS FOR CONSERVATION DONATIONS: The Internal Revenue Service advised taxpayers that it will disallow improper charitable contribution deductions for transfers of easements on real property to charitable organizations and for transfers of easements in connection with purchases of real property from charitable organizations.

New York — Former Cendant subsidiary Jackson Hewitt Tax Service Inc. made its Big Board debut in late June in an initial public offering priced at $17 per share.

By George G. Jones and Mark A. Luscombe

By Roger Russell

COURT BARS NADN FROM SELLING TAX SCAMS, GIVES DOJ ACCESS TO CLIENT LIST: The Justice Department scored another victory in its war on tax scams when a federal bankruptcy court barred a Las Vegas-based telemarketing firm from selling abusive tax schemes and preparing federal tax returns, and granted the Justice Department access to the company’s records, including its customer information.

Washington — Costs incurred by a timber grower for post-establishment fertilization of an established timber stand are deductible expenses, according to new guidance announced by the Treasury Department and the Internal Revenue Service.

With the recent focus in the media on abuse of the tax laws and the continuing Internal Revenue Service crackdown on tax shelters, pressure is building in Congress to provide the IRS with some additional tools to address abusive tax shelters, post-Enron corporate governance, and expatriation issues. The Senate included a fairly significant package of provisions covering each of these areas in the international tax reform legislation that it passed on May 11, 2004.

by Roger Russell