Tax Returns

News & Analysis as of

Michael Jackson Estate Tax Case Moving Forward

Most estate tax practitioners will tell you estate tax it is all about valuation when assets are other than cash and marketable securities. The estate tax case of the Michael Jackson estate is an ideal demonstration. Tax...more

CMS, IRS Address Affordable Care Act Issues in Transition

The Centers for Medicare and Medicaid Services (CMS) and the IRS have each published guidance on matters arising under the Affordable Care Act (ACA). It is too early to tell whether these measures—some of the first guidance...more

IRS is Getting More Info About Your Home Mortgage

This information will allow the IRS computers and personnel to make some judgments on whether a mortgage interest deduction was properly taken on an income tax return. Without this information, the IRS would have had to audit...more

Are you in compliance with Colombia's transfer pricing rules?

Colombian law requires income taxpayers to file an informative return and supporting transfer pricing documentation in certain circumstances. The following summary will help determine if you or your business are required to...more

Employees, Political Advocacy and the NLRB – What Can an Employer Do?

In the first few weeks of the Trump Presidency, there have been numerous marches, protests and other forms of political advocacy expressing views both in support of and in opposition to the President’s various appointments,...more

Protecting Employee Information From W-2 Phishing Scams

The IRS recently provided an update on a growing scam targeting employers. The scam generally operates as follows: criminals devise methods to create emails that appear as though the message has been sent from an...more

Gone Phishing: IRS Warns Businesses of Tax Season W-2 Phishing Scam

Tax season is upon us, and as millions of people nationwide are preparing to file their tax returns, the Internal Revenue Services (IRS) has issued an urgent warning regarding a recurring e-mail phishing scheme targeting...more

No Seriously, When is My Return Due?

It’s that time of the year again. Or maybe it isn’t. Effective for tax years beginning on or after December 31, 2015, the filing deadlines for many common federal tax returns have changed. As a result, taxpayers coming...more

Wealth Management Update - February 2017

February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

CPAs: Top 10 list for fiduciary income tax returns and planning

As we near tax season, below are some tips for CPAs when planning and preparing tax returns for trusts, along with a link to an upcoming webinar on this very topic. ...more

W-2 Phishing Scammers Are Targeting Tech Companies

The W-2 phishing scams are back. Fraudsters have learned that W-2 phishing scams can be highly effective when targeting businesses while they are handling and sending employee income-tax-related documents early in a new year....more

New Extended Due Dates for Foreign Bank Account Reports (FBAR)

All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more

Privacy Tip #71 – It’s Tax Time and the Thieves are Out in Droves

Just when I thought everyone knew about the continued W2 schemes, where phishing emails are used to get company employees’ W2 forms so the thief can file a false tax return and get a refund, several additional clients have...more

[Webinar] Fiduciary Income Tax Refresher and Update - February 7th, 12:00pm CT

In the webinar the presenters will discuss tax-savings tools that can be used between now and March 6 when preparing 2016 returns. The presenters will provide a top-ten list of planning tips to help attendees save income tax...more

IRS Formalizes Transcripts as Substitute for Estate Tax Closing Letters

In 2005, I discussed how the IRS had posted information on its website that an account transcript notation bearing transaction code “421” could be used to determine that the IRS had concluded its review of a filed estate tax...more

Tax Season Becomes "Spear Phishing" Season for Cybercriminals

Imagine this scenario. Your HR team receives an email from your CEO: "I want you to send me W-2s of employees' wage and tax statement for 2015, I need them in PDF file type, you can send it as an attachment." They hurry to...more

Boozelaw: TTB Adopts Changes Designed to Benefit Startup Brewers, Winemakers and Distillers

For certain brewers, wine makers and distillers, the gift-giving season did not necessarily end in December. The Alcohol and Tobacco Tax and Trade Bureau (TTB) recently announced it has adopted changes that may impact the tax...more

Estate Administrative Update: IRS Notice Confirms Account Transcripts May Serve as Estate Tax Closing Letter

Recently, the IRS issued Notice 2017-12, providing further guidance on ways to confirm that the IRS has closed its examination of an estate tax return. Notice 2017-12 officially confirms what the IRS website has said for...more

New Year, New Filing Deadline for Certain Tax Returns

In 2015, President Obama signed the Surface Transportation and Veterans Health Improvement Act of 2015 (the "Act") into law. The Act included provisions which changed the due dates for many federal tax returns, effective for...more

Courts Split on Definition of a “Return” for Tax Discharge

On October 11, 2016, Martin Smith petitioned the Supreme Court for a writ of certiorari to review a decision by the Ninth Circuit. After Smith failed to file a timely tax return, the IRS assessed a deficiency against him....more

2016 was the Year of the Data Breach

Although every year we lament about the significance of data breaches in the past year, 2016 was by far the worst. Data breaches were rampant, victimizing every industry and numbing consumers in the process. It was so bad...more

Reckless Indifference Is Enough For Willfullness Finding For Puroses Of FBAR Nonfiling Penalties

A husband and wife had an accounting in Switzerland at UBS AG, into which they deposited commissions from camera sales and also directed some of their international customers to make deposits. In 2007, the tax year at issue,...more

3 Strikes Against the IRS in Attempting to Impose Fiduciary and Beneficiary Liability for Estate Taxes

During her lifetime, Anna Smith established the Anna Smith Family Trust, a revocable trust administered for her benefit. Initially, Anna was initially a co-trustee with two of her children, but eventually became sole trustee....more

NJ-PA Income Tax Compact Survives

New Jersey Governor Chris Christie gave Pennsylvania and New Jersey commuters who live in one state and work in the other a Thanksgiving present when he announced that he will not terminate the New Jersey-Pennsylvania income...more

Gift Tax Statute of Limitations if Prior Gifts Omitted from Return

The IRS only has three years after a Form 709 is filed to assess gift taxes on a gift, so long as the gift is adequately disclosed on the return. If a gift is not disclosed, the statute of limitations does not begin to run on...more

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