Tax Returns

News & Analysis as of

With April 18 Just Days Away, DOJ’s Tax Division Warns Would-Be Tax Cheats

With “Tax Day” fast approaching, the Justice Department’s Tax Division has issued a stern warning of its own to taxpayers thinking of cheating on their taxes. In a press release entitled “Justice Department Reminds Taxpayers...more

As Tax Day Approaches, Justice Department and IRS Increase Intensity of Public Warnings

It is well-known that the Justice Department and Internal Revenue Service increase the frequency and intensity of their press releases announcing tax charges as “Tax Day” approaches (which is April 18 this year), so as to...more

Potential Refund Opportunity: Recent Michigan Business Tax Ruling Clarifies the Meaning of ‘Indirect’ Ownership

The Michigan Court of Appeals has held that Treasury cannot use the constructive ownership rules of IRC § 318 to determine whether a group of entities meets the threshold for mandatory combined reporting under the Business...more

Failure to Report Foreign Accounts is Illegal, IRS Warns

Maintaining a foreign bank or other financial account is not illegal. Such accounts are increasingly common, as the globe shrinks. However, in the case of U.S. citizens or residents (and certain non-residents), failing to...more

Tidewater Community College hit with phishing scam exposing data of 3,193 employees

Tidewater Community College (Tidewater) has announced that the personal information, including names and Social Security numbers of 3,193 current and former faculty and staff members was compromised in a phishing scheme and...more

Privacy Tip #28 – What do you do if you are a victim of IRS tax fraud?

It’s tax season. The dreaded April 15 federal tax filing deadline is looming. You try to be diligent, and you file your tax return early, hoping to get an early refund. But when you try to e-file your return, it gets rejected...more

Keeping your Tax Forms out of the Phishing Net

It's tax filing season, but did you know that it is also phishing season? Tax phishing scams abound at this time of year, and each year they grow more sophisticated. Historically, these scams were aimed at individuals, but...more

No April Fool's Joke: New Scam Targeting HR And Payroll

An unfortunate number of employers have recently fallen victim to a phishing scam that tricks them into disclosing highly sensitive employee information to unknown third parties. Make sure to warn your Human Resources and...more

Protect Yourself by Learning About Your Family’s Finances

All too often, clients enter the divorce process with little or no knowledge about the family’s bank and investment accounts, stocks, retirement assets, ownership of real property, and debt. If you recognize that you and your...more

New Basis Reporting Requirements for Executors and Beneficiaries

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

Puerto Rico Qualified Retirement Plans: Treasury Eliminates Form 480.70(OE) Filing Requirement for Plan Years Beginning on January...

On March 11, 2016, the Puerto Rico Department of the Treasury (“PR Treasury”) issued Administrative Determination No. 16-05 (“AD 16-05”), eliminating the requirement to file PR Treasury Form 480.70(OE) for retirement plans...more

Wealth Management Update - March 2016

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

Gavel to Gavel: Tax-refund fraud – a growing problem

As tax season is now upon us, taxpayers should know that tax-refund fraud is increasingly occurring. This kind of fraud happens when someone uses a stolen Social Security number to file a fraudulent tax return and obtain...more

Fraud Alert: Computer Hackers Target HR and Payroll Departments – Guard Your W-2s!

Have you by chance recently received an email from your company’s CEO requesting copies of employee W-2 forms? If so, don’t respond without first verbally confirming that the request is legitimate. Several of our clients in...more

FC Dismisses JR Application for Delay

A party may bring an application pursuant to section 18.1 of the Federal Courts Act for review of a discretionary decision of a government board, commission or other tribunal.  Generally, the application must be made within...more

Spotlight on Louisiana: IRS Grants Tax Relief to Louisiana Storm Victims

In a March 14, 2016, news release (LA-2016-1), the IRS announced that certain Louisiana taxpayers affected by the storms occurring on or around March 8, 2016, will receive tax relief. Eligible Taxpayers - Taxpayers who may...more

Don’t Get Phished! Hackers Pose as CEOs to Steal Tax Information from HR and Payroll Professionals at Healthcare Organizations

Every tax season is plagued with scams to defraud individuals and companies for money from tax returns. However, this year has started off with a bang and this means that the healthcare industry has another reason to worry....more

IRS (Temporarily?) Halts IPPIN Application Process

I have previously written about the IPPIN program that the IRS offers many taxpayers as a way to prevent tax-related identity fraud. Unfortunately, the IRS has halted the application process for now. On its website,...more

New Basis Consistency and Reporting Proposed Regulations - Did the IRS Go Too Far?

The IRS has issued proposed regulations under new Code Sections 1014(f) (relating to requirements that the initial income tax basis of an asset received from a decedent cannot exceed the estate tax basis of that asset) and...more

Things to Remember at Tax Time

April 15th is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're...more

Applying New Proportionality Requirements, Court Grants Motion to Compel and Orders Production of Unredacted Tax Returns and...

In this patent infringement action, Slide Fire Solutions, LP ("Slide Fire") moved to compel discovery responses from Bump Fire Systems ("Bump Fire"). Bump Fire also requested a protective order to prevent the disclosure of...more

It's Time to Apply for the Virginia Wineries and Vineyards Tax Credit

April 1st is the deadline to file for a tax credit against 2015 individual or corporate income on “qualified capital expenditures” made in connection with establishing or improving a Virginia farm winery or vineyard. The...more

Delay in Need to Report Basis

Currently, taxpayers have until February 29, 2016 to file Forms 8971 for estate tax returns previously filed. Form 8971 is used to report basis to beneficiaries of inherited assets, pursuant to provisions that came into law...more

IRS Issues Draft Basis Consistency Form

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires the executor of an estate that is required to file an estate tax return to report to the Internal Revenue Service (“IRS”), and to...more

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