News & Analysis as of

Internal Revenue Service TEFRA

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.  
Holland & Knight LLP

Tax Court: IRS Must Adhere to BBA Regulations' Plain Language

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The U.S. Tax Court recently held in SN Worthington Holdings LLC v. Commissioner, 162 T.C. No. 10 (2024), that the petitioning partnership had properly elected into the Bipartisan Budget Act of 2015 (BBA) procedures for the...more

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Rolls Out Long-Planned Strategy Targeting Large Partnerships and High-Wealth Individual Taxpayers

On September 8, 2023, Internal Revenue Service (IRS) Commissioner Danny Werfel announced the rollout of a coordinated enforcement strategy that will involve audits of returns filed by 75 of the largest partnerships operating...more

Foley & Lardner LLP

Qualifying Qualified Broadband Projects: NABL’s Request for Guidance to Clarify Qualified Broadband Project Provisions

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The Infrastructure Investment and Jobs Act (“IIJA”) has provisions to encourage investment in high-speed broadband projects, but as written, the legislation leaves open for interpretation several provisions. Guidance or...more

Freeman Law

Tax Court in Brief | Clark Raymond & Co., PLLC v. Comm’r | Partnership Intangible Assets, Economic Effect and Treas. Reg. §...

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Tax Litigation: The Week of October 10th, 2022, through October 14th, 2022 Scheider v. Comm’r, T.C. Memo. 2022-104 | October 11, 2022 | Urda, J. | Dkt. No. 4048-20 Cochran v. Comm’r, 159 T.C. No. 4 | October 12, 2022 |...more

Freeman Law

Tax Court in Brief | Deitch v. Comm’r; and Barry v. Comm’r | Deductible Interest Under IRC 163

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Tax Litigation:  The Week of August 22nd, 2022, through August 26th, 2022 Warner Enterprises, Inc. v. Comm’r, T.C. Memo. 2022-85 | August 22, 2022 | Buch, J. | Dkt. No. 17163-19L. ...more

Freeman Law

Tax Court in Brief | Warner Enters., Inc. v. Comm’r | TEFRA and Partner’s Belated Objection to Penalty Determination

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Tax Litigation:  The Week of August 22nd, 2022, through August 26th, 2022 Alexander C. Deitch v. Comm’r, No. 21282-17; and Jonathan D. Barry and Susan S. Barry v. Comm’r, No. 21283-17, T.C. Memo 2022-86 | August 25, 2022 |...more

Freeman Law

Tax Court in Brief | Pettennude v. Commissioner | A Warning to All Tax Matters Partners Under TEFRA

Freeman Law on

Tax Litigation: The Week of July 18th, 2022, through July 22nd, 2022 Gonzalez v. Comm’r, T.C. Summary Opinion 2022-13 | July 18, 2022 | Panuthos, J. | Dkt. No. 1548-19S Soler v. Comm’r, T.C. Memo. 2022-78 | July 18, 2022 |...more

Freeman Law

Tax Court in Brief | Genecure, LLC v. Commissioner | Capital Expenses, QTDP Recapture Tax, Fraud-Related Penalty Requirements

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Tax Litigation: The Week of May 23rd, 2022, through May 27th, 2022 Albrecht v. Comm’r, T.C. Memo 2022-53 | May 25, 2022 | Greaves, J. | Dkt. No. 13314-20. Genecure, LLC v. Comm’r, T.C. Memo 2022-52 | May 23, 2022 | Jones, J....more

K&L Gates LLP

Permanent Dial-In Option Makes TEFRA Hearings Easier Than Ever – Forever

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The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) requires a public hearing as a form of public approval for certain types of tax-exempt private activity bonds. Thanks to COVID-19, holding a hearing is easier than...more

Partridge Snow & Hahn LLP

IRS Permanently Allows TEFRA Hearings by Teleconference

On March 18, 2022, the IRS issued Revenue Procedure 2022-20, which permanently allows issuers of tax-exempt private activity bonds to hold TEFRA hearings via teleconference. Pursuant to § 147(f) of the Internal Revenue...more

Dickinson Wright

IRS Independent Office of Appeals

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When dealing with the Internal Revenue Service during the initial stages of a tax case, whether it involves an audit, collection issue, request for penalty relief, or a proposed plan of resolution such as an Offer In...more

Morrison & Foerster LLP

The Impending Large Partnership Audits

In August, the Federal Bar Association Section on Taxation held an informative roundtable on the IRS’s new large partnership compliance or LPC program. One of the speakers, Maria Dolan with the IRS’s Large Business &...more

Holland & Knight LLP

IRS Extends Time Period of Telephonic Public Approval Hearings for Private Activity Bonds

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The Internal Revenue Service (IRS) has released Revenue Procedure 2021-39, which extends the time period for telephonic Tax Equity and Fiscal Responsibility Act (TEFRA) hearings until March 31, 2022. In response to the...more

Partridge Snow & Hahn LLP

IRS Extends the Time Period for Holding TEFRA Hearings by Teleconference

On August 31, 2021, the IRS issued Revenue Procedure 2021-39, which allows issuers of tax-exempt private activity bonds to continue to hold TEFRA hearings via teleconference through March 31, 2022. Pursuant to § 147(f) of...more

McDermott Will & Emery

Weekly IRS Roundup August 31 – September 4, 2020

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 31, 2020 – September 4, 2020. Additionally, for continuing updates on the tax impact of...more

Locke Lord LLP

In Response to the COVID-19 Pandemic, the IRS Releases Temporary Guidance to State and Local Issuers of Tax-Exempt Bonds

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On May 4, 2020 the Internal Revenue Service (IRS) released Notice 2020-21 (Public Hearing Notice) and Notice 2020-25 (Reissuance Notice). These Notices provide limited, temporary relief to issuers of tax-exempt bonds in two...more

Cozen O'Connor

Regulatory Relief Granted to Issuers of Tax-Exempt Bonds in Response to the COVID-19 Pandemic

Cozen O'Connor on

TEMPORARY GUIDANCE REGARDING TEFRA HEARINGS - On May 4, 2020, effective immediately in response to the COVID-19 pandemic, the Treasury and the IRS issued Rev. Proc. 2020-21 that retroactively permits telephonic hearings...more

Bracewell LLP

IRS Allows Telephonic TEFRA Hearings in Light of COVID-19

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As a result of the prohibitions on public gatherings resulting from the COVID-19 pandemic, issuers of tax-exempt private activity bonds have been facing difficulty complying with the federal tax laws requiring that a public...more

Maynard Nexsen

Is Your Partnership Ready for the IRS's New Centralized Audit Regime?

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The new centralized audit regime for partnerships established by the Bipartisan Budget Act of 2015 (“BBA”) has been in effect since January 1, 2018, but is your partnership or LLC treated as a partnership for tax purposes...more

McDermott Will & Emery

Weekly IRS Roundup January 13 – 17, 2020

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 13 – 17, 2020. January 13, 2020: The IRS published an information letter relating to the...more

Foodman CPAs & Advisors

Did you know that the IRS has 59 Compliance Campaigns? Have your Audit Plan Ready!

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IRS Large Business and International (IRS LBI) currently has 59 Active Compliance Campaigns.  The purpose of the IRS compliance campaign strategy is to redefine large business compliance work and build a supportive...more

Akin Gump Strauss Hauer & Feld LLP

BBA Tax Audits: Final Deadline for Designating a U.S. Partnership Representative

• U.S. and non-U.S. investment funds that are required to file, or file, a U.S. partnership tax return (Internal Revenue Service (IRS) Form 1065) are generally subject to a new U.S. partnership audit regime that permits the...more

Spilman Thomas & Battle, PLLC

Spilman Alert - Breaking Insights: Update from IRS - Tax-Exempt Private Activity Bonds

At the end of December, the Internal Revenue Service released the final regulations under Internal Revenue Code 147(f), which relate to public notice, hearing, and approval requirements for private activity bonds, which...more

Harris Beach PLLC

IRS Publishes Final Regulations for Tax Equity and Fiscal Responsibility Act (TEFRA)

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On December 31, 2018, the Internal Revenue Service (“IRS”) published final regulations (the “Final Regulations”) regarding the public approval requirement for tax-exempt private activity bonds....more

Ballard Spahr LLP

Tax-Exempt Bond Community Considers New Bond Regulations

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In a very busy end of the year, the IRS provided two new bond regulations: The final public approval (TEFRA) regulations and proposed reissuance regulations....more

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