News & Analysis as of September 23, 2024

Income Taxes › Good Faith

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

The Appeal of Nevada: Why Corporations are Heading West

Holland & Hart LLP on 5/13/2024

More and more corporations are moving to Nevada. Is this because of the lack of corporate or franchise taxes associated with incorporating in the state or the lack of state income tax? Likely not (Nevada does not collect...more

Alivio Del IRS Para Ciertos Documentos Internacionales Presentados Tarde

Foodman CPAs & Advisors on 10/16/2023

El 11/08/23, el IRS anunció que, en las circunstancias adecuadas, los contribuyentes internacionales podrán utilizar una nueva herramienta totalmente electrónica para presentar solicitudes de alivio de multas del IRS para...more

IRS Relief For Certain Late-Filed International Documents

Foodman CPAs & Advisors on 10/16/2023

On 8/11/23, the IRS announced that under the right circumstances, international taxpayers will be able to use a new, fully electronic tool to submit penalty IRS relief requests for a few late-filed forms: a fax...more

Recent Tax Court Case Outlines Factors Taxpayers can use to Avoid Negligence Penalties

Gray Reed on 12/10/2021

The IRS is vigorously litigating cases involving conservation easements they believe are abusive. One such case was Plateau Holdings, LLC v. Comm’r, T.C. Memo 2020-93 (Plateau I). In that case the Tax Court denied the entire...more

South Carolina Tax Penalties

Burr & Forman on 2/11/2019

South Carolina imposes a number of civil tax penalties that are similar to those imposed under the Internal Revenue Code (the “Code”). South Carolina’s civil tax penalties, while similar in some respects, are not the same as...more

IRS and Accuracy

Foodman CPAs & Advisors on 3/19/2018

According to the IRS, accuracy related penalties remain the number one most litigated tax issue. The Internal Revenue Code authorizes the IRS to impose penalties if a Taxpayer is negligent or disregards tax rules and...more

The Case Against Do-It-Yourself Tax Returns: You Don't Know What You Don't Know

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/7/2017

In an effort to comply with the increasing complexity of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder, many taxpayers are looking to tax preparation software for assistance in preparing...more

Focus on Tax Controversy - December 2015

McDermott Will & Emery on 12/16/2015

IRS Updates Administrative Appeals Process for Cases Docketed in Tax Court - In Notice 2015-72, the Internal Revenue Service (IRS) provided a proposed revenue procedure to update Rev. Proc. 87-24, 1987-1 C.B. 720, which...more

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Income Taxes › Good Faith

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