IRS | JD Supra Law News

Capital Thinking Updates - May 16, 2013

by Amy Davenport, Tanya DeRivi, Alexis Early, Eugenia Edwards, Jared Fleisher, Norma Krayem, Karen Kudelko, Matthew Kulkin, Jessica Monahan, Amy Budner Smith, Stacy Swanson, Joseph Urso, more +Sarah Vilms, Kristin Wells, Pam Welsh | Patton Boggs LLP on 5/21/2013

In This Issue: - General Legislative - Agriculture and Food - Budget and Appropriations - Cybersecurity - Defense - Education - Energy - Environment - Financial Services - Health...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

FBAR Filing Due for Foreign Financial Account Holders

by Michael Cho | Berkeley Research Group, LLC on 5/18/2013

The 2012 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is due June 30, 2013. An employee or officer who has signature or other authority over, or financial interest in, foreign financial accounts is...more

Did Sergio Garcia Lose in Match Play with the IRS?

by Thomas Wechter | Duane Morris LLP on 5/17/2013

One of the most recognizable names in professional golf—although not the most winning name, having never won a major golf tournament—is Sergio Garcia. He is especially known for his tree shots, the latest of which was a...more

IRS, Treasury Department Issue Proposed Rules Governing Minimum Value, Affordability, and Wellness Programs

by Alden J. Bianchi | Mintz Levin - Employment, Labor & Benefits on 5/17/2013

A key policy goal of the Patient Protection and Affordable Care Act (the “Act”) is the expansion of health insurance coverage to all Americans. The concepts of “minimum value” and its correlate “actuarial value” speak to the...more

IRS Announces Plans To Look Into UBTI Reporting On A Broader Scale

by Deirdre Mitacek | Cullen and Dykman LLP on 5/17/2013

On May 8, 2013, the House Ways and Means Subcommittee on the Oversight of Tax-Exempt Organizations held a hearing on the College and University Compliance Project Final Report (“Final Report”) issued by the IRS on April 25,...more

Raising the Stakes of Worker Misclassification Yet Again

by Morgan Lewis on 5/16/2013

New requirements under the Patient Protection and Affordable Care Act are set to intensify state and federal governments' crackdown on worker misclassification....more

Be Careful If ROBS Is Your Business Financing Strategy

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/16/2013

Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups....more

The Current IRS Firestorm over Conservative Political Nonprofits: Any Lessons for the Rest of the Tax-Exempt Community?

by Jeffrey S. Tenenbaum | Venable LLP on 5/16/2013

Jeff Tenenbaum discusses the IRS’ inappropriate flagging of conservative political groups for additional review during the 2012 election season On May 10, 2013, the nonprofit tax bar – and much of the country – was...more

IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

by Wilson Sonsini Goodrich & Rosati on 5/16/2013

On May 10, 2013, the Internal Revenue Service (IRS) and Treasury Department released the long-awaited final regulations under Section 336(e) of the Internal Revenue Code, treating certain sales, exchanges, and distributions...more

IRS Scandal UPDATE: DOJ And FBI Launch Criminal Probe

by William McGinley | Patton Boggs LLP on 5/15/2013

The Washington Post is reporting that Attorney General Eric Holder disclosed during a press conference today that he has ordered the Department of Justice and Federal Bureau of Investigation to probe the IRS’s targeting of...more

IRS Scandal’s Next Question: Who Received The Information From The Conservative Groups?

by William McGinley | Patton Boggs LLP on 5/15/2013

The mounting problems facing the IRS continued to expand on Monday. News outlets disclosed that IRS employees and officials outside of the Cincinnati office sent inappropriate requests for information to conservative...more

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

by Fuerst Ittleman David & Joseph, PL on 5/15/2013

In our most recent discussion of the IRS’s Offshore Enforcement Initiatives, we discussed the John Doe Summons recently issued by the U.S. Department of Justice to Wells Fargo seeking information about First Caribbean...more

IRS Releases College And University Compliance Project Final Report – Implications For All Tax-Exempt Organizations

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Thomas J. Schenkelberg | Polsinelli on 5/15/2013

On April 25, 2013, the IRS released its College and University Compliance Project Final Report, which updates the interim report issued in 2010. ...more

IRS Approves New Rules To Minimize Taxes Related to M&A Transactions

by Craig Circosta, Karen McConnell, Wayne Strasbaugh | Ballard Spahr LLP on 5/14/2013

The Internal Revenue Service recently adopted long-awaited regulations intended to provide a new means of minimizing taxes in M&A transactions. The newly adopted regulations take effect on May 15, 2013, under Section 336(e)...more

Capital Infusion - May 2013: Tax Consequences: Noncompensatory Partnership Options

by Sean Clancy, Adam Connatser, Lindsay Faine, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, David McLean, George Schutzer | Patton Boggs LLP on 5/14/2013

The Department of the Treasury and the Internal Revenue Service issued final regulations, effective February 5, 2013, concerning the tax consequences of noncompensatory options and convertible instruments issued by a...more

At Last: Final Regulations Issued Under Section 336(e)

by Dennis Allen, Robert S. Chase II, Reginald Clark, Jeffrey Mace, Daniel McKeithen, Michael Miles, William Pauls, David Roby, Jr., Christopher Schoen, William Sheumaker, Carol Tello, more +H. Karl Zeswitz, Jr. | Sutherland Asbill & Brennan LLP on 5/14/2013

In a move that was nearly 27 years in the making, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued long-awaited final regulations under §336(e) (the Final Regulations) on May 10. Section 336(e)...more

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Capital Thinking Updates - May 16, 2013

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

FBAR Filing Due for Foreign Financial Account Holders

Did Sergio Garcia Lose in Match Play with the IRS?

IRS, Treasury Department Issue Proposed Rules Governing Minimum Value, Affordability, and Wellness Programs

IRS Announces Plans To Look Into UBTI Reporting On A Broader Scale

Raising the Stakes of Worker Misclassification Yet Again

Be Careful If ROBS Is Your Business Financing Strategy

The Current IRS Firestorm over Conservative Political Nonprofits: Any Lessons for the Rest of the Tax-Exempt Community?

IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

IRS Scandal UPDATE: DOJ And FBI Launch Criminal Probe

IRS Scandal’s Next Question: Who Received The Information From The Conservative Groups?

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

IRS Releases College And University Compliance Project Final Report – Implications For All Tax-Exempt Organizations

IRS Approves New Rules To Minimize Taxes Related to M&A Transactions

Capital Infusion - May 2013: Tax Consequences: Noncompensatory Partnership Options

At Last: Final Regulations Issued Under Section 336(e)

IRS Targets Conservative Groups

Five Years in the Making - IRS Releases Findings from Colleges and Universities Compliance Project

Financial Services Legislative and Regulatory Update -- May 13‚ 2013

IRS Announces Information Sharing Agreement With Australia And The UK To Combat Tax Evasion

IRS Releases Guidance on Wellness Programs and “Affordability” under the Employer Mandate

IRS Issues Final Regulations On Employer Identification Numbers

An Overview of the IRS’s Proposed Rule on Community Health Needs Assessments

Corporate Suspension Blocks Tax Court Access

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