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.  
News & Analysis as of

Taxpayer Identity Theft

Recently, there has been a spike in felons filing fraudulent income tax returns seeking refunds. The identity thief merely acquires a taxpayer’s name, address and Social Security Number, and files a return with a different...more

Tax Policy Update

The top estate tax rate under Democratic presidential candidate Bernie Sanders’ proposal to tax the wealthiest Americans and narrow income inequality in the U.S. The proposal splits the estate tax into four brackets...more

IRS Confirms that Flip Partnership Guidelines Do Not Apply to Solar Projects

The IRS has advised that the flip partnership guidelines under Rev. Proc. 2007-65, 2007-2 C.B. 967, do not apply to solar facilities or other projects claiming the Section 48 investment tax credit (ITC). The statement, made...more

Corporate E-Note - June 2015

In this Issue: - IRS Issues Guidance on Portability: The IRS recently issued final regulations that provide guidance on the federal estate and gift tax applicable exclusion amount, in general, as well as the...more

The IRS’s Proposed ABLE Regulations: Obstacles for Launching State Programs, and Potential Solutions

The IRS’s recently-published proposed regulations for Section 529A qualified ABLE programs have taken some wind out of the sails of state program administrators and potential program managers who had hoped for regulations...more

Special Focus: What The Insurance Industry Should Know About The IRS’s Campaign Against “Abusive” Micro Captives

Though in the midst of a stifling budget and personnel reduction, the United States Internal Revenue Service (“IRS”) recently announced an increased effort to curb what it sees as widespread abusive applications of so-called...more

Trenchant Analysis or Jiggery-Pokery? U.S. Supreme Court Upholds Affordable Care Act

In a 6-3 decision on June 25, 2015 in King v. Burwell, the U.S. Supreme Court held that tax credits are available under the Patient Protection and Affordable Care Act (Affordable Care Act or PPACA) to all eligible Americans,...more

No Theft Loss for Securities “Pump-and-Dump”

Pump-and-dump occurs when corporate officers or other shareholders fraudulently promote shares of a company and engage in fraudulent sales to increase the value of shares. This is injurious to other shareholders who suffer...more

Supreme Court Update: King V. Burwell (14-114)

The Supreme Court once again came to the rescue of Obamacare—or as Justice Scalia now calls it, in light of the Court's second intervention, "SCOTUScare". This Update will bring you analysis of this morning's decision in King...more

IRS Data Breach Highlights the Growing Threat of Cybercrime

On May 26, 2015, the IRS announced that hackers had gained access to over 100,000 tax accounts. The data breach involved the “Get Transcript” application, which allows individuals to request transcripts of their past tax...more

Uber Driver—Independent Contractor or Employee? One Labor Commissioner Hearing Officer's Opinion

A hearing officer for the Labor Commissioner’s local office in San Francisco concluded earlier this month that an Uber driver was an employee of Uber, not an independent contractor. As a result, the hearing officer awarded...more

ACA strong: Supreme Court upholds ACA subsidies

On June 25, the US Supreme Court issued a 6-3 opinion in King v. Burwell upholding the Affordable Care Act’s subsidy scheme. In its decision, the Court held that taxpayers who purchase coverage on any exchange created under...more

King v. Burwell – Supreme Court Upholds Premium Subsidies under Federally-Run Marketplaces; ACA Remains (Mostly) Unfazed

On June 25, 2015, the United States Supreme Court released its much anticipated King v. Burwell decision regarding the validity of premium assistance issued by Federally-run Marketplaces. Chief Justice Roberts, writing for...more

IRS Releases New Proposed Issue Price Regulations

On June 23, 2015, the IRS released new proposed Treasury Regulations (the “2015 Proposed Regulations”) concerning the definition of “issue price” for purposes of arbitrage investment restrictions on tax-exempt bonds. The...more

The ERISA Litigation Newsletter - June 2015

Editor's Overview - In this month's newsletter, Anthony Cacace analyzes the heavily anticipated Supreme Court ruling in Tibble v. Edison Intl., 135 S. Ct. 1823 (2015), where the Court held that ERISA's fiduciary duty of...more

How Does the King v. Burwell Decision Affect the Affordable Care Act?

The Supreme Court handed the Obama administration a key victory this morning, upholding the tax credits that allow many low-income Americans to purchase health care insurance in states where the federal government is running...more

IRS Updates Retirement Plan Correction Procedure (Part 2)

The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more

IRS Issues Last-Minute FBAR Filing Reminder

With the June 30 deadline to file the FBAR form fast approaching, the IRS issued another reminder to taxpayers with bank accounts located outside of the United States. The IRS noted that during 2014, the total number of FBAR...more

King v. Burwell Decision Upholds Subsidies in Federal Exchanges

On June 25, 2015, the Supreme Court of the United States ruled in King v. Burwell that the Affordable Care Act (ACA) requires premium tax credits to be made available in states that use a federal exchange. The case challenged...more

Supreme Court Upholds ACA Subsidies on Federal Exchanges: McGuireWoods Healthcare Reform Guide: Installment No. 51

This is the 51st in a series of WorkCite articles concerning the Patient Protection and Affordable Care Act and its companion statute, the Health Care and Education Reconciliation Act of 2010 (referred to collectively as the...more

IRS New Guidance Significantly Reduces Maximum FBAR Penalties

To moderate the draconian Foreign Bank and Financial Accounts (FBAR) violation penalties under Title 31 of the U.S. Code, the IRS just published guidance that significantly reduces willful and non-willful FBAR violations....more

Supreme Court Once Again Saves the ACA: Rules Yes on Tax Credits For Purchasers From a Federal Exchange

On June 25, 2015, the Supreme Court of the United States ruled that tax credits are available to individuals in states that have a federal Exchange under Section 1321 of the Affordable Care Act (the Act or the ACA). In a...more

ACA Update: Supreme Court Rules that Federal Insurance Exchanges May Issue Tax Subsidies

On June 25, 2015, the U.S. Supreme Court issued its decision in King v. Burwell, ruling that Section 36B of the Patient Protection and Affordable Care Act (“ACA”) authorizes insurance exchanges run by the federal government...more

Senator Targets Carried Interests

Wednesday, Senator Al Franken sent a letter to the Department of Treasury taking aim at “carried interest” income. In the letter, Senator Franken asked the IRS to revise Form 1065 (the tax return form for partnerships) to...more

Supreme Court Upholds Premium Subsidies in 34 States with Federally-Facilitated Marketplaces

Thursday, the U.S. Supreme Court handed down its much anticipated decision in King v. Burwell, a case challenging the legality of Federal subsidies provided to individuals in the 34 States that did not establish State-based...more

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