The Tax Court has invited amicus briefs and will address the codified meaning of the economic substance doctrine after increased IRS use of the doctrine to challenge taxpayer transactions.
In a July 19, 2024, order in...more
The IRS is making good on its promise to step up enforcement on large partnerships that issue more than 100 annual K-1s and have more than $100 million in assets. As noted in this Latham Client Alert, the IRS’s renewed focus...more
The IRS’s simmering concern with pass-through entities is heating up, with IRA funds earmarked for increased personnel, AI, and other resources for partnership audits. ...more
The Third Circuit challenges the long-held view that the timing requirements for Tax Court review of a notice of deficiency preclude any extension or delay of the filing deadline.
Culp v. Commissioner is the first case in...more
The Tax Court’s decision setting aside IRS Notice 2017-10 for ignoring the APA’s notice and comment requirements has serious implications for other notices identifying listed transactions.
Key Points:
..Notice 2017-10...more
Taxpayers must act quickly to determine if further action is necessary to obtain relief. Delinquent returns must be filed on or before September 30, 2022.
...more
The ruling provides a new avenue for parties to bring pre-enforcement challenges to IRS rules and regulations.
Key Points:
..In CIC Services v. IRS, the US Supreme Court allowed a pre-enforcement challenge to an IRS...more
6/17/2021
/ Administrative Procedure Act ,
Anti-Injunction Act ,
CIC Services LLC v IRS ,
Criminal Liability ,
Criminal Penalties ,
Enforcement ,
Federal Jurisdiction ,
Internal Revenue Code (IRC) ,
IRS ,
Notice and Comment ,
SCOTUS ,
Subject Matter Jurisdiction ,
Tax Penalties
Updated guidance relieves most tax deadlines, provides new procedures for claiming tax relief, and addresses communications with the IRS during the widespread shutdown.
...more
Notice 2020-18, expanded by Notice 2020-20, provides welcome economic relief from filing and payment obligations for certain federal taxes; however, traps for the unwary exist.
Tax Deadline – Key Points:
..On March 20,...more
News release details operational changes and additional administrative relief for taxpayers facing uncertainty due to COVID-19.
Key Points:
..The IRS is prioritizing taxpayer and IRS personnel safety and security with...more
Notice 2020-18 provides welcome economic relief from filing and payment obligations for certain federal income taxes; however, traps for the unwary exist.
Tax Deadline – Key Points:
..On March 20, 2020, the Internal Revenue...more
3/26/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Office Closures ,
Popular ,
Relief Measures ,
State of Emergency ,
Tax Court ,
Time Extensions
Considerable thought and commentary has been given to the numerous technical features introduced by P.L. 115-97 (Dec. 22, 2017), colloquially referred to as the “Tax Cuts and Jobs Act” (the “TCJA”). Nearly one-and-a half...more
Certainty regarding characterization of intercompany transactions remains a priority after US tax reform, opinion highlights importance of established pattern of conduct.
On August 6, 2018, the US Tax Court decided...more
LB&I has announced compliance initiatives regarding the Section 965 Transition Tax, Repatriation via Foreign Triangular Reorganizations, and Virtual Currency transactions.
Key Points:
..The IRS continues its efforts to...more
The new tax law limits the deductibility of False Claims Act settlements and requires that settlement agreements identify the deductible “restitution” amount.
Settlements under the False Claims Act (FCA), which often...more
Favorable decision clarifies the value of cash grants and investment tax credits for renewable energy projects.
A large wind developer won a significant victory in the Court of Federal Claims on October 28 in a case that...more
While FBAR reporting rules are frequently misunderstood, US persons have several options to correct mistakes, before the government learns of the non-compliance.
June 30th is the annual deadline for filing a Foreign...more
The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad.
The US Department of Justice (DOJ) has announced the first non-prosecution agreement (NPA) with BSI, SA, (BSI)...more
4/16/2015
/ Banks ,
BSI SA ,
Department of Justice (DOJ) ,
FATCA ,
FFI ,
Foreign Banks ,
IRS ,
Non-Prosecution Agreements ,
OVDP ,
Swiss Banks ,
Tax Evasion
On Sept. 9, 2014, in U.S v. Robert Bandfield et al., federal prosecutors in the Eastern District of New York announced the indictment of a U.S. citizen and others, including offshore corporate service providers (CSPs) and...more
Indictment demonstrates the strength of US law enforcement efforts to combat offshore fraud and is the first to charge a FATCA violation.
On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in...more
9/16/2014
/ Conspiracies ,
Enforcement Actions ,
FATCA ,
FATCA Timeline ,
Fraud ,
Indictments ,
Investment Adviser ,
Money Laundering ,
Offshore Companies ,
Reporting Requirements ,
Securities Fraud ,
Tax Evasion ,
Third-Party Service Provider
Appellate court affirms $50 million tax refund to FCA defendant, holding that the “economic realities” of settlement payments determine whether they are compensatory.
Civil False Claims Act (FCA) settlements, which...more
You have implemented FATCA; what comes next? Will your company be the next witness in a US tax investigation? Financial institutions around the world must now prepare to respond to anticipated inquiries and investigations as...more
8/12/2014
/ Banking Sector ,
Banks ,
Chief Compliance Officers ,
Department of Justice (DOJ) ,
Enforcement ,
FACTA ,
FATCA ,
FFI ,
Financial Institutions ,
Government Investigations ,
IRS ,
OVDP ,
Popular ,
Transparency
The changes give taxpayers who mistakenly failed to report foreign assets a simpler path back to tax compliance.
On June 18, 2014, the Internal Revenue Service (IRS) announced major modifications to the terms of its...more
Initial success of DOJ Swiss bank amnesty program creates greater urgency for US taxpayers.
On December 31, 2013, the window to apply for the US Department of Justice’s (DOJ) amnesty program closed for certain Swiss...more
The Patient Protection and Affordable Care Act (ACA) links the number of employees a business has to that business’s healthcare coverage responsibilities and penalties. As such, the ACA focuses new attention on the already...more