News & Analysis as of

Internal Revenue Service Settlement

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.  
Foodman CPAs & Advisors

IRS Pilot Mediation Programs

On 1/15/25, the IRS announced three pilot programs to test changes to existing Alternative Dispute Resolution (ADR) programs. The new IRS Pilot Mediation Programs are designed to help taxpayers resolve tax disputes earlier...more

Miller Canfield

IRS Fast-Track Settlement Has Been Refined to Improve Accessibility

Miller Canfield on

Taxpayers whose tax returns the IRS examines may experience long administrative delays in working with the IRS to resolve unagreed issues. About twenty years ago, the IRS developed a procedure – fast track settlement – to...more

DarrowEverett LLP

The Tax Implications of Divorce: Alimony, Child Support, IRAs and More

DarrowEverett LLP on

Divorce is a complex and emotionally charged process that also brings substantial financial considerations, with three of the most significant financial aspects of a divorce being alimony (spousal support), child support, and...more

Allen Barron, Inc.

Internal Revenue Service Criminal Investigation (IRS-CI) Reports Billion Dollar Impact

Allen Barron, Inc. on

Internal Revenue Service Criminal Investigation (IRS-CI) recently released its Fiscal Year 2024 (FY24) Annual Report, providing insight into the types of crimes the agency is focused upon, as well as the first criminal...more

ArentFox Schiff

Investigations Newsletter: Judge Orders Government to Pay Relators a Cut of FCA Settlement

ArentFox Schiff on

Judge Orders Government to Pay Relators a Cut of FCA Settlement - On November 4, a federal judge from the US District Court for the District of Massachusetts ordered the government to pay the relators’ share of a...more

ArentFox Schiff

Investigations Newsletter: Connecticut State Court Finds Defunct Pharmacy Liable for $39.2 Million in Damages and Penalties

ArentFox Schiff on

Connecticut State Court Finds Defunct Pharmacy Liable for $39.2 Million in Damages and Penalties - A Connecticut Superior Court judge found Assured Rx, LLC, a Florida-based pharmacy, liable for violating the Connecticut...more

Buchalter

Historic AML Prosecution, Previously Led by Shareholder Daniel Silva: Wynn Las Vegas Agrees to $130M Penalty in Largest-Ever...

Buchalter on

On September 6, 2024, Wynn Las Vegas (“Wynn LV”) agreed to forfeit over $130 million to resolve a criminal investigation into the gaming giant’s suspected violated federal anti-money laundering (“AML”) laws. Daniel Silva, a...more

Proskauer Rose LLP

Wealth Management Update - September 2024 - 2

Proskauer Rose LLP on

September 2024 AFRs and 7520 Rate - The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September...more

Polsinelli

Real or Ruse? IRS’s New Settlement Initiative for Syndicated Conservation Easements

Polsinelli on

The Internal Revenue Service (IRS) recently announced a new settlement initiative for Syndicated Conservation Easements (SCEs) that are currently under audit and have not reached the Tax Court. This new settlement initiative...more

Morris, Manning & Martin, LLP

DOJ Settles Conservation Easement Case

The Department of Justice has reached a settlement in Townley, a case concerning a $43 million conservation easement deduction. Earlier this year, I wrote an article highlighting a case in which, by most measures, the IRS...more

Chambliss, Bahner & Stophel, P.C.

Is a Personal Injury Settlement Taxed?

Approximately 6 percent of adult Americans experience an activity-limiting injury every three months, according to the Centers for Disease Control and Prevention (CDC). Injuries can happen because of carelessness, such as...more

ArentFox Schiff

Investigations Newsletters: Georgia Laboratory Owner Pleads Guilty to Felony Anti-Kickback Statute Violations

ArentFox Schiff on

Georgia Laboratory Owner Pleads Guilty to Felony Anti-Kickback Statute Violations - On February 28, the US Department of Justice (DOJ) announced the guilty plea of Andrew Maloney, who, along with his clinical laboratory...more

Allen Barron, Inc.

Tax Updates and Information for US Expatriates

Allen Barron, Inc. on

US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes...more

Lippes Mathias LLP

IRS Halts Processing of ERC Claims Citing Extensive Fraud and Abuse

Lippes Mathias LLP on

In an extraordinary development, the IRS has halted its processing of Employee Retention Credit (“ERC”) refund claims as it struggles to keep up with the massive number of claims filed within the last several months. The...more

ArentFox Schiff

Investigations Newsletter: Arkansas Men Convicted in $18 Million Global Investment Fraud Conspiracy

ArentFox Schiff on

Arkansas Men Convicted in $18 Million Global Investment Fraud Conspiracy - A federal jury in the Western District of Arkansas convicted four men of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money...more

Flaster Greenberg PC

Tax Pitfalls To Avoid In Employment Litigation Settlements

Flaster Greenberg PC on

By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more

ArentFox Schiff

Guilty Plea in $250 Million Federal Child Nutrition Fund Fraud Scheme

ArentFox Schiff on

Guilty Plea in $250 Million Federal Child Nutrition Fund Fraud Scheme - A man from Brooklyn Park, Minneapolis, Minnesota, pled guilty for his involvement in a $250 million fraud scheme that exploited a federally-funded...more

Nilan Johnson Lewis PA

Recommendations for Nonprofits After the Minnesota Attorney General Settlement for Self-Dealing

Nilan Johnson Lewis PA on

A nonprofit recently settled with the Minnesota Attorney General due to conflicts of interest and allegations of self-dealing. While it may be easy to dismiss the settlement as an example of a sham nonprofit obviously...more

Freeman Law

[Webinar] Updates: IRS Tax Enforcement, Taxation of Settlements, and Cross-Border Tax Planning - August 31st, 3:00 pm CT

Freeman Law on

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

Skadden, Arps, Slate, Meagher & Flom LLP

Final Regulations Clarify Rules on Deductions for Judgments and Settlement Payments in Government Disputes

On January 12, 2021, the Treasury Department (Treasury) and the IRS released final regulations under Section 162(f) and Section 6050X of Title 26 of the U.S. Code. Section 162(f), as amended by the Tax Cuts and Jobs Act of...more

Littler

Tax Court Reiterates the Proper Tax Treatment of “Physical Injuries” in Employment Cases

Littler on

In Stassi v. Commissioner, the United States Tax Court found that a settlement was not excludable from income as a personal physical injury because the taxpayer failed to demonstrate that her shingles was caused by her...more

ArentFox Schiff

Investigations Newsletter: DOJ’s 2020 False Claims Act Recoveries Lowest Since 2008

ArentFox Schiff on

DOJ’s 2020 False Claims Act Recoveries Lowest Since 2008 - On January 14, 2021, the Department of Justice (DOJ) announced that it obtained more than $2.2 billion in settlements and judgments from civil cases involving...more

Freeman Law

Are Lawsuit or Settlement Damages Taxable?

Freeman Law on

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

Freeman Law

[Webinar] Freeman Law Legal and Tax Update - October 27th, 3:00 pm CT

Freeman Law on

As businesses face unprecedented challenges, our legal team is here with insights and guidance. Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. During...more

Mitchell, Williams, Selig, Gates & Woodyard,...

IRS Announces Settlement Program for Certain Conservation Easement Cases Docketed in the Tax Court

In News Release 2020-130 issued yesterday, the IRS Office of Chief Counsel announced a time-limited settlement offer for certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement...more

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