Uncle Sam Tax and Accounting Corp.

Timely points of particular interest
*Don’t Be Greedy—In a new case, a medical group arranged to sell their practice to a tax-exempt hospital. Prior to the acquisition, the physicians donated their stock to the hospital. They valued the deductions at $400 per share, even though the practice was folding. Result: The Tax Court set a value of only $37 a share. Plus, it imposed a 40% penalty for the overvaluation of the donations.
*In the Genes—Are you looking to hire new employees next year? Be aware that the Genetic Information Nondiscrimination Act of 2008 (GINA) was recently signed into law. This new federal legislation protects job candidates from discrimination based on their genetic makeup. Caveat: The provisions in GINA affecting hiring practices do not officially take effect until November 21, 2009.