This program is the first of Freeman Law’s multi-class course designed to prepare CPAs and Enrolled Agents for the Tax Court’s admissions examination. Participants will receive an overview of the Tax Court and will learn...more
8/19/2021
/ CPAs ,
Estate Tax ,
Federal Rules of Evidence ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Legal Ethics ,
Subject Matter Jurisdiction ,
Tax Court ,
Tax Litigation ,
Webinars
When a taxpayer makes a voluntary payment to the IRS, the taxpayer has the option to designate the application of the payment to certain periods and/or taxes. For example, if a corporation owes federal employment taxes and...more
8/18/2021
/ Employment Tax ,
IRS ,
Payroll Taxes ,
Personal Liability ,
Tax Evasion ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Returns ,
Trust Fund Recovery Penalty (TFRP) ,
Trust Funds
In many cases, taxpayers attempt to transfer assets or property to third persons to shield those assets and property from the federal tax lien or federal tax levy. Predictably, the IRS has various tools at their disposal to...more
8/17/2021
/ Criminal Liability ,
FDCPA ,
Fraudulent Transfers ,
Income Taxes ,
IRS ,
Statute of Limitations ,
Tax Evasion ,
Tax Levy ,
Tax Liability ,
Tax Liens ,
Tax Planning ,
Transfer of Assets
On July 29, 2021, the United States Attorney for the Southern District of New York, the Assistant Attorney General for the Department of Justice Tax Division, and the IRS Commissioner all announced that a federal court in New...more
8/9/2021
/ Criminal Investigations ,
Department of Justice (DOJ) ,
FBAR ,
Financial Institutions ,
Foreign Financial Accounts ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Panama Papers ,
Reporting Requirements ,
Tax Avoidance ,
Tax Evasion
The IRS’ streamlined filing procedures were first offered by the IRS on September 1, 2012. Since that time, the IRS has made several revisions. A current summary of the IRS’ Streamlined Filing Compliance Procedures is...more
Kovel Agreement - The Internal Revenue Service (IRS) has broad statutory authority to investigate and audit taxpayers. In many cases, the IRS attempts to fulfill this statutory authority through seeking communications made...more
Federal tax law permits taxpayers to deduct so-called “theft losses,” provided certain requirements are met. Initially, a taxpayer must show that he or she will not receive compensation through insurance or another third...more
Join us as we discuss important developments and bring you up to speed on current initiatives. Many businesses are still facing unprecedented challenges, and we are here to provide insights.
During this information-filled...more
7/23/2021
/ Automatic Stay ,
Cryptocurrency ,
Enforcement ,
Income Taxes ,
IRS ,
Reasonable Compensation ,
State Taxes ,
Tax Benefits ,
Tax Court ,
Tax Litigation ,
Tax Planning ,
Webinars
The proper federal tax treatment for any given settlement payment is something of an enigma. Generally, federal courts (and thus, the IRS) respect the terms of a settlement agreement if the terms are clear and the parties...more
Section 7202 of the Code makes it a felony for any person to willfully fail to collect and pay over payroll taxes to the IRS. Put simply, a taxpayer may be subject to jail time if the government merely proves that the...more
The Section 6652(c) Penalty.
Section 6033(a)(1) of the Internal Revenue Code (the “Code”) generally requires “every organization exempt from taxation under section 501(a) . . . [to] file an annual return.” For...more
Some time ago, the IRS issued an Audit Techniques Guide on the taxation of lawsuits, awards, and settlements. As many tax practitioners can attest, there are a multitude of tax issues involving any one of these issues. In...more
5/21/2021
/ Attorney's Fees ,
Compensatory Damages ,
Emotional Distress Damages ,
Fair Labor Standards Act (FLSA) ,
Federal Taxes ,
Income Taxes ,
IRS ,
Legal Fees ,
Punitive Damages ,
Settlement Agreements ,
Tax Audits
Federal tax cases against the IRS can be difficult. Even procedurally so. Under the pay-first, litigate-later rule, taxpayers are generally required, prior to filing suit against the United States: (1) to full pay the...more
5/20/2021
/ Administrative Procedure Act ,
Anti-Injunction Act ,
CIC Services LLC v IRS ,
Criminal Liability ,
Criminal Penalties ,
Federal Jurisdiction ,
IRS ,
Notice and Comment ,
SCOTUS ,
Subject Matter Jurisdiction ,
Tax Penalties
A recent Tax Court opinion demonstrates the complexities involved when a taxpayer attempts to discharge tax liabilities through bankruptcy proceedings. The case emphasizes the need for an attorney knowledgeable in both tax...more
Two things are virtually certain in life: death and taxes. But, one more should be added to the list where the two converge—an IRS audit. Indeed, this scenario played out all too well for the “King of Pop,” Michael...more
Federal tax penalties have always been an IRS priority. But, perhaps more so today than three decades ago. For example, in 1987, the IRS reported that it had assessed penalties of approximately $14 billion. Compare that...more
2/4/2021
/ Failure To Pay ,
Failure-to-File ,
Filing Requirements ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
Tax Fraud ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Returns
Taxpayers who suffer from physical injuries or physical sickness can generally take advantage of a special provision in the Code that makes such damages non-taxable. See I.R.C. § 104(a)(2). Generally, this can be an easy...more
Over 5 years ago, then President Obama ushered in sweeping changes to the method and manner in which partnerships are audited and partnership tax is assessed and collected through his signing of H.R. 1314, the Bipartisan...more
12/8/2020
/ Audits ,
Bipartisan Budget Act ,
C-Corporation ,
Criminal Investigations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Proposed Regulation ,
REIT ,
S-Corporation ,
Statute of Limitations ,
Tax Liability ,
U.S. Treasury
In many respects, operating a law firm is no different than any other business. Specifically, the law firm generates revenues through providing services to its clients and incurs various operating expenses throughout the...more
12/8/2020
/ Attorney-Client Privilege ,
Client Funds ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
IRS ,
Law Firm Ownership ,
Law Practice Management ,
Legal Fees ,
Self-Employment Tax ,
Tax Audits
Tax professionals are intimately familiar with certain reporting requirements under the Internal Revenue Code. Indeed, a failure to properly and timely report a position on a return where it is otherwise required may result...more
Virtual currency, such as Bitcoin, continues to be a topic of interest for the IRS. Indeed, for the 2019 tax year, the IRS added for the first time a unique question to Schedule 1, Additional Income and Adjustments to...more
11/18/2020
/ Bitcoin ,
Criminal Prosecution ,
Cryptocurrency ,
Failure To Disclose ,
False Statements ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Evasion ,
Tax Returns ,
Virtual Currency
I have previously written on the Bittner (E.D. Tex.) case in a prior Insight. Briefly summarized, the taxpayer, Mr. Bittner, was a dual citizen of both Romania and the United States. However, in 1990, he moved back to...more
10/10/2020
/ Appeals ,
Business Taxes ,
Calculation of Penalties ,
Civil Monetary Penalty ,
Congressional Intent ,
Cross Motions ,
Dual Citizenship ,
Failure-to-File ,
FBAR ,
Foreign Bank Accounts ,
Genuine Issue of Material Fact ,
Income Taxes ,
IRS ,
Reasonable Cause Defense ,
Reporting Requirements ,
Romania ,
Rule of Lenity ,
Summary Judgment ,
United States
The law has always favored the term “reasonable.” For example, the law affords protection against a negligence lawsuit if a person can demonstrate he or she acted as a reasonable person would have under similar...more
10/2/2020
/ Appeals ,
Business Expenses ,
C-Corporation ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Reasonable Cause Defense ,
Reasonable Compensation ,
Tax Allowances ,
Tax Court ,
Tax Penalties