News & Analysis as of

Internal Revenue Service

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  

Access Denied: In Facebook, Federal Court Rejects Taxpayer Right to Appeals

by Morgan Lewis on

The US District Court for the Northern District of California on May 14 rejected Facebook’s argument that taxpayers have a right to be referred to the IRS Office of Appeals after a case has been brought in US Tax Court. The...more

IRS Guidance To Field: Deep Clean Equipment Used In Cannabis Businesses Before Selling

by Fox Rothschild LLP on

Attorneys representing cannabis businesses are often faced with questions about what happens when the cannabis business has not paid its taxes and the IRS is proceeding with collection actions. No one thinks the IRS will...more

Window On Washington - Vol. 2, Issue 20

by Clark Hill PLC on

Outlook for This Week in the Nation's Capital - Farm Bill Re-vote? Last week’s vote on the farm bill failed after the Freedom Caucus refused to support the measure. A roll call vote on the motion to reconsider was postponed...more

Governor Baker Submits List of 138 Opportunity Zones to U.S. Treasury

by Bowditch & Dewey on

On April 19, 2018, the Commonwealth’s Executive Office of Housing and Economic Development announced that Governor Baker submitted a list of Opportunity Zone designations to the U.S. Treasury. The full list of Massachusetts...more

IRS releases updated automatic changes in methods of accounting list

On May 10, 2018, the Internal Revenue Service (IRS) released Rev. Proc. 2018-31, which provides an updated list of automatic changes in methods of accounting. As was the case with its predecessor, Rev. Proc. 2017-30, the list...more

Tax Cuts and Jobs Act Taxes Some Incentives - ACREL News & Notes

Section 118 provides “[i]n the case of a corporation, gross income does not include any contribution to the capital of the taxpayer.” The regulations promulgated under Section 118 under prior law provide, with respect to...more

IRS Announces HSA and HDHP Limitations for 2019

On May 10, 2018, the IRS released Revenue Procedure 2018-30 setting dollar limitations for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2019. HSAs are subject to annual aggregate contribution...more

FATCA is still Standing!

by Foodman CPAs & Advisors on

Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. ...more

IRS Announces 2019 Increases For HSAS And Provides Relief For 2018 Reduction In Family Contribution Levels

by Fraser Trebilcock on

The IRS has just released its 2019 annual inflation adjustments for Health Savings Accounts (HSAs) as determined under Section 223 of the Internal Revenue Code. Specifically, IRS Revenue Procedure 2018-30 provides the...more

New Tax Law May Affect Mileage Reimbursement Policy for Employers

by Nexsen Pruet, PLLC on

Outside of potential minimum wage issues, there is no federal law requiring employers to reimburse employees who use their personal vehicles for business purposes....more

IRS Bitcoin Enforcement: Four Suggestions for Cryptocurrency Investors

In January 2018, an individual investor visited my office and asked me to prepare income tax returns based on his cryptocurrency trading gains. This individual used U.S. dollars to buy Bitcoins. ...more

2019 Health Plan Design Considerations

by Winstead PC on

2019 HDHP and HSA Limits - Since many employers are working on their health plan designs for calendar year 2019 during the month of May, the Internal Revenue Service just issued the HDHP and HSA limits shown below for...more

1031 Exchange Tax Audits

by Moskowitz LLP on

1031 exchanges are among the most closely scrutinized tax issues for auditors – they are widely used and frequently misused, with many investors running afoul of the rules. In this blog post, we will outline the main reasons...more

Are Cryptocurrencies Subject to FBAR and Form 8938 Reporting?

by Sanford Millar on

On May 2, 2018 The Section of Taxation of the ABA issued its “Comments Regarding OVDP and Streamlined Procedures” in the form of a lengthy letter to Acting IRS Commissioner Kautter. Section II B provides “Guidance on...more

A Business Owners Guide to the New Partnership Audit Rules

by Barley Snyder on

The Bipartisan Budget Act of 2015 – which became effective at the start of this year – instituted new requirements for auditing large partnerships or entities that are taxed as partnerships, such as limited liability...more

Application of Partnership Audit Rules to Private Funds

by Bracewell LLP on

On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015, which included a new federal audit regime for partnerships and entities classified as partnerships for federal income tax purposes (the...more

IRS Is Sending ACA Penalty Notices to Employers

by Holland & Hart LLP on

If you believe your company was subject to the Affordable Care Act (ACA) coverage requirements in 2015 (generally, all employers with 50 full-time or full-time equivalent employees), please take note that the Internal Revenue...more

Say Redesign One More Time

by McGuireWoods LLP on

A series of IRS reform related bills passed by the House on April 17 are still pending in the Senate, but it is unclear as to how the upper chamber will proceed. The Senate Finance Committee is currently reviewing the House...more

Sometimes, change is anyone’s guess

by Ary Rosenbaum on

An advisor asked me a very interesting question that had me thinking: since a good chunk of what an advisor does is helping a plan sponsor minimize their fiduciary duty, is it a proper plan expense to use assets to pay for...more

IRS Announces Limits for Health Savings Accounts and High-Deductible Health Plans for 2019

by McDermott Will & Emery on

On May 10, 2018, the IRS announced cost-of-living adjustments to the applicable dollar limits for health savings accounts and high-deductible health plans for 2019. Many of the limits will change for 2019....more

Estate Tax Account Transcripts Available on IRS.gov

Estate tax transcripts can now be accessed online through the IRS website. “The ability to access those transcripts online is a significant milestone in the Internal Revenue Service’s effort to reduce the number of estate...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Chalk one up for big Carl (and Darwin).  Xerox announced this weekend that it’s bowing to Icahn’s pressures and ending its $6.1 billion combination with Fuji....more

Common But Costly Mistakes in 401(k) Plan Loans

by Dickinson Wright on

Many 401(k) plans allow participants to borrow amounts from their vested 401(k) plan accounts and repay such amounts, typically through payroll deductions, back to their own accounts. Plan loans must comply with IRS rules...more

Cryptocurrency Holders: Avoid a Tax Audit!

by Moskowitz LLP on

The recent Coinbase, Inc. case marks the beginning of a new phase in IRS investigations, and U.S. taxpayers should beware that our government is unlikely to relinquish its pursuit of digital currency holders. ...more

Impact of Tax Reform on Compensation Structures and Popular Fringe Benefits

by McDermott Will & Emery on

US tax reform is changing the game with respect to many of the popular benefits employers have traditionally provided to their employees. These new rules have produced a great deal of questions. However, while the Internal...more

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