News & Analysis as of

Tax Returns

Not a Trade Secret

by Pessin Katz Law, P.A. on

In U.S. v Jennifer Salgado & Jenny’s Tax Service, (No. 1:16-CV-03186-SMJ, Mar. 24, 2017) the U.S. District Court for the Eastern District of Washington (the “Court”) held that a taxpayer’s client list and client identifying...more

Audit Chances

by Pessin Katz Law, P.A. on

As in the past, PK Law reports on the Internal Revenue Service’s (“IRS”) data book (IR 2017-69) regarding a taxpayer’s chances of undergoing an audit. The annual data book reflects data collected during the fiscal year 2016...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

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

Colombia criminalizes Tax Evasion

by Foodman CPAs & Advisors on

On 12/29/2016, Colombia’s Congress approved “Law 1819 of 2016”. The new legislation is a structural tax reform primarily aimed at increasing revenues for Colombia. Colombia suffered a loss of revenues when crude oil...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

Discharge of Federal and State Income Taxes in Bankruptcy

by McNair Law Firm, P.A. on

If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to “older” federal and state income taxes,...more

As Tax Day Approaches, Justice Department and IRS Turn Up Heat on Potential Tax Cheats

by Fox Rothschild LLP on

With less than two weeks until the April 18 deadline for filing individual federal income tax returns, the Justice Department and Internal Revenue Service are issuing stern warnings to potential tax cheats. Today the U.S....more

Streamlined RAR Reporting in South Carolina

by Nexsen Pruet, PLLC on

In early January, I concluded service as Director of the South Carolina Department of Revenue. One of my final actions as Director was signing SC Revenue Procedure #16-1, which provided simplified state reporting of federal...more

IRS Agent Discusses the Look-Back Period for Filing Delinquent International Information Returns

We represent a client who may need to file delinquent international information returns under the IRS Delinquent International Information Return Submission Procedures. These procedures invite taxpayers who meet the...more

IRS Issues Revised Requirements for Employers to Claim FICA Tax Refunds

by McDermott Will & Emery on

On March 20, 2017, the Internal Revenue Service (IRS) issued Revenue Procedure 2017-28, which provides guidance to employers on obtaining employee consents used to support a claim for credit or refund of overpaid taxes under...more

PA Tax Update: Amnesty Program and SUT Change

by Ballard Spahr LLP on

Pennsylvania has a tax amnesty program that will run from April 21, 2017, to June 19, 2017. Even with many limitations on participation, this program may provide value to eligible taxpayers who have unfiled Pennsylvania tax...more

Is your Tax Preparer qualified to do your Return? Beware of Tax Preparers without a Preparer Tax Identification Number (PTIN) or...

by Foodman CPAs & Advisors on

Do you think that you have hired the right Tax Preparer to prepare your Taxes? Tax Season is here and many Tax Preparers portray themselves as “Qualified”. Tax Preparers have different levels of skills, education and...more

Treasury Inspector General Slams IRS for Lack of Strategy Following 2015 Data Breach

In a scathing report published on March 27, 2017, the Treasury Inspector General for Tax Administration blasted the Internal Revenue Service (IRS) following its analysis of the IRS’ steps following a data breach in 2015 that...more

The Importance of Defensive Tax Planning and Defensive Tax Return Preparation

Executive Summary: The Importance of Defensive Tax Planning - Tax reform is in the news again. But until we achieve significant tax reform it is essential that individuals, trusts and estates, and businesses with incomes...more

Charitable Income Tax Deductions: The Rockefeller Edition

by Bryan Cave on

Billionaire David Rockefeller passed away this week at the age of 101. According to Forbes magazine, during his lifetime, the well-known philanthropist gave away nearly $2 billion....more

Tax Preparation is NOT a Commodity

by Foodman CPAs & Advisors on

As we approach this year’s tax filing deadline of April 18th, do you think that you have your Tax Return under control? Before you answer yes, take the time to examine and evaluate who is preparing your taxes. Do they have...more

IRS Will Not Require Response to Qualifying Health Coverage Line on 2016 Form 1040 Filings

by Dickinson Wright on

Individuals completing their 2016 IRS Form 1040s will recognize the question asking if they, their spouses and dependents had qualifying health care coverage in 2016 (Form 1040 line 61, Form 1040A line 38, Form 1040EZ line...more

HMRC publishes responses to the consultation on Partnership taxation

by Goodwin on

The result of the HM Revenue & Custom's consultation on UK partnership taxation was released on 20 March, this is important for both fund partnerships and fund managers structured as LLPs which file UK tax returns. Although...more

March 2017: Client Alert

by Moskowitz LLP on

2016 Proof of Health Insurance: the Form 1095 Wrinkle - Under the current Affordable Care Act (ACA), all Americans must have health insurance. If you receive your health insurance through the ACA marketplace or from...more

Court Orders Administrator To Elect Portability

by Bryan Cave on

When the IRS enacted the portability election provisions in 2011, which allowed estates of married taxpayers to pass along the unused part of their estate and gift tax exclusion amount to their surviving spouse, it remarked...more

Reporting Foreign Income: Four Common Misconceptions

by Moskowitz LLP on

The U.S. government has stringent reporting requirements when it comes to foreign assets and income, but many people are still not coming into compliance based on some mistaken beliefs. Here are four common misconceptions...more

February 2017: Client Alert

by Moskowitz LLP on

Tax Calendar - February 28 - Payers must file informational returns with the IRS. (Except certain Forms 1099-MISC with non-employee compensation payments in box 7, which are due before February 1. Excluding...more

Alignment with international standards

by Hogan Lovells on

In March, two notices were published in the Government Gazette prescribing regulations in respect of third party returns and the fixed penalty provisions that will be applicable in instances where there is non-compliance in...more

IRS Opposes Granting of Certiorari in Cases Addressing Definition of Return

by McDermott Will & Emery on

Two petitions for certiorari are pending before the Supreme Court of the United States, asking the Court to resolve the question of whether a tax return filed after an assessment by the Internal Revenue Service (IRS) is a...more

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