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Internal Revenue Service Fine Art

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.  
Offit Kurman

The Top 10 Mistakes Made When Planning for Art and Other Collectibles: A Guide for Professionals and Their Clients - Mistake #1

Offit Kurman on

Navigating the tax landscape for art dealers, investors, and collectors can be a complex endeavor, but proper classification is key to maximizing tax savings and avoiding pitfalls....more

Gray Reed

The Fine Print: IRS Examination of Artwork

Gray Reed on

Many taxpayers have art collections. However, the art collections of some high-net-worth individuals, family offices, and business taxpayers may draw the unwanted eye of the IRS. With the increased focus on auditing...more

Foodman CPAs & Advisors

Esquema De Donaciones De Arte: Advertencia Del IRS

Foodman CPAs & Advisors on

El 5/10/23, el IRS emitió una advertencia y ofreció consejos a todos los contribuyentes, incluyendo los contribuyentes de alto patrimonio neto (declarantes de altos ingresos), para que estén atentos a promociones que prometan...more

Foodman CPAs & Advisors

Art Donation Scheme Warning From IRS

Foodman CPAs & Advisors on

On 10/5/23, the IRS issued a warning and offered tips to all taxpayers, including, High-Net-Worth taxpayers (high income filers) to be on the lookout for promotions that promise art donation deductions that are a tax scheme....more

Dorsey & Whitney LLP

The Supreme Court Update - May 18, 2023

Dorsey & Whitney LLP on

Today, the Supreme Court of the United States issued six decisions: Amgen Inc. v. Sanofi, No. 21-757: This case addressed the Patent Act’s “enablement” requirement—the provision that requires a patent applicant to describe...more

Epstein Becker & Green

Supreme Court Decides Five Cases, Some of Which Lay Down Markers That Could Impact Future Decisions: SCOTUS Today

Epstein Becker & Green on

Auguring a flood of opinions in the remaining weeks of the term, the Supreme Court decided five cases today. Some of them offer support for the media/popular equation of a political party background with jurisprudential...more

Dorsey & Whitney LLP

The Supreme Court - April 21, 2022

Dorsey & Whitney LLP on

Boechler, P.C. v. Commissioner of Internal Revenue, No. 20-1472: This case involves the application of “equitable tolling” in tax “collection due process” cases. This case arose after the IRS sustained a proposed levy on the...more

Gray Reed

Taxation of Digital Collectibles: Sports, CryptoPunks and CryptoKitties, Oh My!

Gray Reed on

What do professional athletes, punk artwork and digital kittens have in common?  They are all part of the expansion of valuable collectible assets using cryptocurrency and blockchain technology.  You can collect digital items...more

Robins Kaplan LLP

Financial Daily Dose 3.11.2020 | Top Story: US Markets Officially Hit Bear Territory as COVID-19 Fallout Continues

Robins Kaplan LLP on

Go ahead and put Tuesday, March 11th in the history books. The same day the WHO declared the COVID-19 outbreak as an official pandemic, the US stock market’s 11-year bull run officially came to an end, with the Dow closing...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner - November/December 2019

What’s a clawback ? and should you be worried about it? By temporarily doubling the gift and estate tax exemption amount, the Tax Cuts and Jobs Act created an historic opportunity for affluent families to shelter wealth...more

Proskauer Rose LLP

Wealth Management Update - May 2017

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

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