News & Analysis as of September 23, 2024

Statute of Limitations › Tax Court

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Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -

IRS Has No Statutory Authority to Assess Penalties for IRS Form 5471

Procopio, Cory, Hargreaves & Savitch LLP on 4/25/2023

The U.S. Tax Court ruled recently that the U.S. Internal Revenue Service has no statutory authority to assess (or collect) civil penalties under IRC §6038(b) for failure to file or filing late IRS Form 5471, “Information...more

Tenth Circuit Affirms Deficiencies, Penalties for Offshore Income

Lerch, Early & Brewer on 4/4/2023

Harrington v. Commissioner - In Harrington v. Commissioner of Internal Revenue, George S. Harrington (Harrington) challenged tax deficiencies and fraud penalties assessed for tax years 2005 through 2010. Originally...more

Tax Court in Brief | Fairbank v. Comm’r | Reporting Obligations for Foreign Trust Income and Ownership; Statute of Limitations

Freeman Law on 2/27/2023

Summary: At its core, this 31-page opinion regards married U.S. citizen taxpayers, Leigh Fairbank (Leigh) and Barbara Fairbank (Barbara), challenge to deficiency notices issued for the tax years in issue (2003 through 2009...more

Tax Court in Brief | Schwartz v. Comm’r | Collection Due Process; Credit Election Overpayment; Quintessential Tax Procedure

Freeman Law on 12/27/2022

Schwartz v. Comm’r, T.C. Memo. 2022-125| December 21, 2022 | Vasquez, J. | Dkt. No. 17291-14L - Short Summary: Eric Schwartz (“Schwartz”) and his spouse divorced. Pursuant to those divorce proceedings, the state court...more

Ten Years After - The IRS Collection Statute of Limitations

Gerald Nowotny - Law Office of Gerald R.... on 11/22/2022

I was a youngster for the Woodstock Music and Art Fair commonly known as Woodstock took place in Bethel, NY between August 15-18, 1969. Frankly, I never knew anyone growing up in the Canal Zone that attended in person. The...more

New Jersey Tax Court Rules that the Division Cannot Offset a Taxpayer’s Refund against a Liability from a Closed Tax Year

Blank Rome LLP on 2/18/2022

On January 19, 2022, the New Jersey Tax Court issued a decision denying the Division of Taxation’s attempt to take away a refund due to a taxpayer and apply it against a purported liability from a tax period for which the...more

Should Your Lawyer Be a Grammar Nerd?

Venable LLP on 1/18/2022

Sometimes, yes. At least that’s one takeaway from the argument in a recent U.S. Supreme Court case, Boechler, P.C. v. Commissioner of Internal Revenue. ...more

Extending the Statute of Limitations for Assessing Federal Tax

McDermott Will & Emery on 1/17/2022

We previously provided an overview of the time limits imposed on the Internal Revenue Service (IRS) for assessing federal tax. The general rule is that the IRS must assess tax within three years from the later of the due date...more

What are the Time Limits for Assessing Additional Federal Tax and Filing a Refund Claim?

McDermott Will & Emery on 9/3/2021

The Internal Revenue Service (IRS) must follow the “statute of limitations” as stated in Internal Revenue Code (IRC) Section 6501 to “assess” additional federal tax. Likewise, taxpayers must seek a tax overpayment or refund...more

The Tax Court in Brief - July 2021

Freeman Law on 7/13/2021

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of July 5 – July 9, 2021 - Peterfreund v. Commissioner,...more

The Tax Court in Brief - June 2021

Freeman Law on 6/28/2021

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of June 14 – June 18, 2021 - Bell Capital Management, Inc....more

When Is a Tax Return "Filed"?

Holland & Knight LLP on 3/10/2021

In Notice 2004-45, 2004-2 C.B. 33, the IRS put taxpayers who were asserting to be bona fide residents of the U.S. Virgin Islands (USVI) and who were not following the requirements of meeting the applicable bona fide residency...more

Duty of Consistency Doctrine - Effective Sword for the IRS, but Not Likely a Shield for Taxpayers - Tax Update Volume 2016, Issue...

Troutman Pepper on 8/15/2016

Two recent cases illustrate the IRS’ ability to successfully argue that taxpayers should not benefit from their own mistakes if they result in less tax being paid. Two recent cases highlight the most current view of the...more

Double Down! - Inter-Generational Split Dollar Throws Sand in the Face of the IRS Again

Gerald Nowotny - Law Office of Gerald R.... on 8/1/2016

Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once...more

Whose Intent to Evade Tax Is It?

McDermott Will & Emery on 8/5/2015

On July 29, 2015, the Federal Circuit, rejecting the Tax Court’s decision in Allen v. Commissioner, 128 T.C. 37 (2007), held in BASR Partnership v. United States, No. 2014-5037, that section 6501(c)’s suspension of the...more

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Statute of Limitations › Tax Court

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