Extension of Time for Payment of Tax Due to Undue Hardship: “How to Prepare IRS Form 1127” by Frank Agostino, Esq. and Young Kim, Esq., and Yiwei Chen, J.D.

Tax Day is around the corner. This year the filing deadline for most taxpayers is Tuesday, April 18, 2023. As always, individual taxpayers can request an extension of the time to file income tax returns and to pay their tax liabilities. Taxpayers requesting tax return filing extension should use a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

The Role of Hypotheticals in the USPAP’s “Highest and Best Use” by Frank Agostino, Esq. and Billy Min, Esq.

In the Pension Protection Act of 2006, Congress passed legislation to further encourage individuals to contribute conservation easements. Initially enacted in the Tax Reform Act of 1976, conservation easements (CE) are “voluntary, legal agreements that permanently limit uses of the land in order to protect its conservation value.” Under the 2006 provisions, conservation easement donors were now able to deduct up to 50 percent of their adjusted gross income, previously capped at 30 percent, and were allowed to carry forward the remaining balance for up to 15 years, a value previously capped at 5 years. These provisions, which were renewed yearly by Congress between 2006 and 2015, were eventually made permanent in the Consolidated Appropriations Act of 2016.

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