News & Analysis as of

Tax Returns

IRS Schools Taxpayers On Duty Of Consistency

by Charles (Chuck) Rubin on

Shirley died in October 1997. The estate filed an estate tax return and paid the tax indicated. The IRS subsequently audited Shirley’s estate and issued a notice of deficiency. After Tax Court proceedings, the court issued a...more

FBAR Penalties Now Adjusted for Inflation: Abatement/Mitigation Still Possible

If you haven’t filed your Report of Foreign Bank and Financial Accounts (FBARs) on a timely basis, you could be at risk of a higher civil penalty assessment. Inflation-adjusted FBAR penalties are now in effect....more

Tax-Exempt Does Not Mean Exempt From Filing Tax Returns

May 15 was the filing deadline for nonprofits operating on a calendar year that are required to file Form 990-series information returns. Many nonprofits mistakenly believe that they are not required to file returns with the...more

IRS Reminds U.S. Taxpayers Living Abroad of Misc. Filing Due Dates and Filings

by Charles (Chuck) Rubin on

In News Release 2017-105, the IRS reminded U.S. taxpayers living abroad: The extended due date, if the taxpayer had his or her tax home and abode abroad on the original due date, is June 15. But interest on taxes runs from...more

Proposed Partnership Audit Regulations Reissued in Substantially Identical Form

by Proskauer - Tax Talks on

On June 13, 2017, the U.S. Internal Revenue Service (“IRS”) and the Department of the Treasury (“Treasury”) re-released proposed regulations (REG 136118-15) that provide guidance on the new centralized partnership audit...more

IRS Simplifies Ability To Obtain Late Portability Election Relief

by Cole Schotz on

On June 9, 2017, the Internal Revenue Service issued Revenue Procedure 2017-34, which is effective immediately and provides a simplified method to obtain permission for an extension of time under Reg. 301.9100-3 to file Form...more

This Week in FCPA-Episode 56

by Thomas Fox on

This week, Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: 1. The Kokesh case at the US Supreme Court is significant for SEC enforcement of the FCPA around profit...more

Filing Your Own Return

by Moskowitz LLP on

In our last post, we reviewed the main advantages and disadvantages of joint tax returns for married couples. This post will focus on when a married couple should consider filing separately, and special considerations if they...more

Third Circuit Widens the Circuit Split on Late-Filed Tax Returns

by PretiFlaherty on

The Court of Appeals for the Third Circuit has joined the Fourth, Sixth, Seventh, Eighth, and Eleventh Circuits in employing a four-part test to determine whether debt associated with a late-filed tax return is dischargeable...more

Taxpayer Tips: Best Practices for U. S. Tax Court

Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States...more

Deducting Cost of Assisted Living Facilities

by Dickinson Wright on

Assisted living facilities for elderly persons (“ALFs”) can be very expensive, but for many taxpayers, the cost can be fully deducted on federal income tax returns as a medical expense if the ALF resident’s health problems...more

Update on Nonqualified Stock Options and Statutory Limitations on Refunds Claims

by Shipman & Goodwin LLP on

In Allen v. Commissioner, 324 Conn. 292 (2016), the Connecticut Supreme Court did not permit a Connecticut taxpayer to seek a refund in connection with a late-filed tax return because the return was filed more than three...more

Eight Thousand Clients Affected by Data Breach at Two Massachusetts Accounting Firms

Two Massachusetts accounting firms separately recently notified the Office of the Massachusetts Attorney General and the Office of Consumer Affairs and Business Regulation of data breach incidents at their firms, resulting in...more

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

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