Under the “American rule,” litigants on each side generally pay their separate legal fees associated with a lawsuit. This is generally so even if one party prevails on the merits of his or her claim or claims. Texas follows...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
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
A recent Tax Court decision in De Los Santos v. Commissioner illustrates the complexity of split-dollar life insurance arrangements. Taxpayers who participate in these or other types of life insurance arrangements should...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
Business owners in the State of Texas face a lot of tough decisions. Perhaps the most significant of these decisions is the choice of entity the business will utilize while conducting its operations. Similar to many other...more
1/11/2021
/ Business Formation ,
Business Ownership ,
Business Taxes ,
Choice of Entity ,
Corporate Taxes ,
Entrepreneurs ,
Franchise Taxes ,
General Partnerships ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Sole Proprietorship ,
State Taxes
This day in time, you have to be careful what you say or write. Indeed, the utterance of only a few words can lead to an expensive lawsuit and the potential award of damages for causes of action such as defamation, business...more
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