News & Analysis as of

Internal Revenue Service

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  

Debit cards, Offshore Funds and a John Doe Summons

by Foodman CPAs & Advisors on

IRS remains committed to its priority efforts to stop offshore tax evasion wherever it occurs. It pursues cases in all jurisdictions of the world. Over the years, numerous individuals have been identified as evading US...more

We Need a License To . . . Be a Charity?

by Ward and Smith, P.A. on

Wait a minute! Haven't we done everything we're supposed to do? We've clearly defined our charitable mission. We formed our non-profit corporation. We got our 501(c)(3) determination letter from the Internal Revenue Service...more

The trials and tribulations of the NJSPCA

by Fox Rothschild LLP on

As recently reported, the NJSPCA has hefty legal fees, averaging nearly a quarter of a million dollars a year, as reported by Kane In Your Corner: NJSPCA refusing to show invoices for legal fees. But, following an OPRA...more

IRS Releases Updated Automatic Changes in Methods of Accounting List

On April 19, 2017, the Internal Revenue Service (IRS) released Rev. Proc. 2017-30, 2017-17 I.R.B. 1, which provides an updated list of automatic changes in methods of accounting. As was the case with its predecessor, Rev....more

IRS Announces Disagreement with Ninth Circuit’s Holding on Completed Contract Method of Accounting

by Miles & Stockbridge P.C. on

The IRS recently announced its disagreement with the Ninth Circuit’s ruling that, with respect to planned communities, the 95% test under the completed contract method of accounting applies on a development-wide basis rather...more

Creditor Protection of Retirement Plan Assets

Assets in qualified retirement plans and individual accounts (IRAs) total more than $20 trillion and represent 34% of U.S. household assets.1 Clients and their advisers are rightfully concerned about insulating those assets...more

IRS Issues Guidance Regarding Estate Tax Lien Discharge Process

by Charles (Chuck) Rubin on

When an individual dies, an estate tax lien attaches automatically to all of the property included in the gross estate. It arises prior to tax assessment, and is not recorded....more

IRS Targets Globally-Mobile Individuals and Businesses: The Importance of Proactive Planning

IRS targets globally-mobile individuals and businesses through its Global High Wealth Industry Group and its Large Business and International Division. Targeted taxpayers find these audits distracting, taking time from...more

Structuring A Parking Reimbursement Plan As A Taxable Or Tax-Free Fringe Benefit

by Dickinson Wright on

In Information Letter 2017-0007, the IRS analyzed an employer’s parking reimbursement arrangement and concluded that it was not a tax-free fringe benefit. ...more

IRS Releases 2017 Section 45 Production Tax Credit Amounts

On April 12, 2017, the Internal Revenue Service (IRS) published the 2017 inflation-adjustment factors and reference prices used in the calculation of renewable energy production tax credits under IRC section 45. That guidance...more

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

With Tax Day Nearly Behind Us, Justice Department Pivots to Warnings About Employment Tax Violations

by Fox Rothschild LLP on

Following a relentless flurry of press releases announcing criminal charges against tax evaders in the run up to today’s tax filing deadline, the Justice Department wasted no time in turning its attention to its next target:...more

Be Wary of Designs to Avoid Employment Taxes through Wellness Plan Benefits

by Jackson Lewis P.C. on

We are aware that employers are being marketed various types of benefit arrangements designed to reduce the employer’s tax obligations by using a combination of wellness programs, voluntary benefits, and cafeteria plans. Not...more

IRS Issues Guidance on “Placed in Service" Date for Retail Stores

by Miles & Stockbridge P.C. on

The IRS recently announced its disagreement with the ruling of the U.S. District Court for the Western District of Louisiana, that a retail store building could be considered “placed in service” before the retail store was...more

Tax Court Déjà Vu – IRS Tried, and Failed, to Overturn Veritas

by Alston & Bird on

In a recent decision (Amazon Inc. v. Commissioner, March 23, 2017), the Tax Court handed the IRS an unsurprising loss when it attempted to relitigate many of the same issues it unsuccessfully raised before the Tax Court in...more

For Many Nonprofits, May 15 Is Tax Filing Deadline and Marks ‘Start of the Year’ Review

by Fox Rothschild LLP on

For nonprofit organizations, the IRS Form 990 return must be filed on or before the 15th day of the fifth month following the fiscal year-end – or May 15 for those using a Dec. 31 year-end. This deadline should also...more

DOL Continues Investigating Defined Benefit Plans Regarding Procedures for Locating Participants and Paying Benefits at Mandatory...

by Jackson Lewis P.C. on

The U.S. Department of Labor (DOL) publicized last year its stepped up enforcement efforts inquiring about procedures used by larger defined benefit plans for locating, and then beginning payment of benefits to, terminated...more

Government Refuses to Define "willfulness" for FBAR Purposes

by Sanford Millar on

Whether a taxpayer's conduct in failing to report foreign financial accounts is "willful" or "non-willful" makes a huge difference in penalty determination. However the government refuses to publish a definition of...more

IRS Asks Employers to Report Phishing Schemes

Every tax season seems to bring with it new attempts by criminals to fraudulently obtain tax refunds. One popular “phishing” scheme involves fraudulent emails that appear to be from a company executive seeking personal...more

FICA Taxes and Administrative Traps for Employers

by Sullivan & Worcester on

The nuances of the Social Security and Medicare tax system – collectively FICA taxes – continue to confound and increase the potential liability of employers who are not well versed in this area....more

Two Important New International Tax Filings

by Charles (Chuck) Rubin on

While not the only international reporting changes that are occurring, there are two significant ones that apply for the current filing season for 2016 returns. First is the FBAR, which reports interests in foreign...more

IRS Releases 2017 PTC Amounts

by Foley & Lardner LLP on

The IRS just published its annual notice that provides the inflation adjustment factors and reference prices used in determining the amount of the section 45 production tax credit (PTC) for the production of renewable energy...more

On the Eve of Tax Day, Justice Department Warns That Tax Evaders Will Face Prison Time

by Fox Rothschild LLP on

With only four days remaining until “Tax Day,” the Justice Department’s well-publicized campaign to deter potential tax evaders continues with more stern warnings to taxpayers. In a bleak press release entitled “With the...more

The IRS and the Controlled Substance Act

by Garvey Schubert Barer on

Two recent District Court cases, High Desert Relief, Inc. v. United States of America and Alpenglow Botanicals, LLC et. al. v. United States of America have raised a novel issue in the IRS’s audits of cannabis businesses....more

RSU Awards to U.S. Taxpayers Require Careful Review Before Grant

by Dorsey & Whitney LLP on

Recently we blogged about pitfalls and potential adverse tax consequences for U.S. taxpayers with respect to deferred share unit awards that pay out following the participant’s termination of services. But what about...more

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