News & Analysis as of

Tax Liability

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In naming Gregory Abel and Ajit Jain vice chairs, Berkshire Hathaway took another big step this week in laying out LAWB (Life After Warren Buffet)....more

Pennsylvania To Begin Issuing Penalty Assessments To Taxpayers Who Ignored 2017 Amnesty Program

by Fox Rothschild LLP on

The Pennsylvania Department of Revenue this week will start mailing “non-participation penalty assessments” to delinquent taxpayers who failed to participate in the 2017 Tax Amnesty program, Revenue Secretary Dan Hassell...more

Texas Joins The Amnesty Wave

by Akerman - SALT Insights on

Texas has joined the growing list of states providing amnesty programs for taxpayers with unreported tax liabilities. Texas announced a temporary amnesty program that will commence on May 1, 2018 and run through June 30,...more

Coinbase Urges Bitcoin Users To Pay Their Taxes

by Fox Rothschild LLP on

Coindesk is reporting that Coinbase — the largest U.S.-based Bitcoin exchange and the subject of a recently-concluded “John Doe” summons dispute with the Internal Revenue Service — is reminding its customers of their U.S. tax...more

Choosing a Business Entity After the New Tax Act and Other Important Business Tax Changes Under the New Law

by Sherman & Howard L.L.C. on

Part I: General - The Choice of Entity Decision Prior to 2018 - Since the reduction of individual tax rates in the 1980’s, the decision of whether to conduct a business in the form of a C corporation or in the form of a...more

Why are US Citizens Renouncing their Citizenship?

by Foodman CPAs & Advisors on

A significant number of US Taxpayers living overseas have become “unbankable” where they live because of high account servicing costs for local banks (Foreign Financial Institutions – also known as FFIs) caused by the...more

Michigan Expands Settlement Authority for Tax Disputes

by Varnum LLP on

Governor Snyder signed PA 215 of 2017 on December 20, 2017. This new law creates for the first time the potential to settle tax disputes during the administrative appeal process prior to litigation. However, taxpayers and...more

Bitcoins and the IRS: Reporting and Storing

by Foodman CPAs & Advisors on

Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that...more

New tax law eliminates NOL carry backs

by Thompson Coburn LLP on

In a blow to certain distressed companies, the Tax Cuts and Jobs Act of 2017 eliminates the ability of taxpayers to carry back net operating losses (“NOLs”) incurred after December 31, 2017, to previous tax years. Under the...more

IRS Extends ACA Reporting Deadline

by Ballard Spahr LLP on

As it did last year, the IRS has extended the deadline for furnishing Forms 1095-B and 1095-C to individuals by 30 days. This reprieve will allow employers, health insurers, and other plan sponsors to distribute the forms on...more

Many are now looking for IRS Guidance on Virtual Currency

by Foodman CPAs & Advisors on

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance. IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for...more

Congress Passes Final Tax Reform Bill: U.S. Tax Reform: The Current State of Play

With the affirmative vote in the House today, both Houses of Congress have now passed a final version of the Tax Cuts and Jobs Act, clearing the legislation for President Trump’s signature. President Trump is widely expected...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 5)

by McNair Law Firm, P.A. on

Section 530 Relief - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees. This is a major audit area for the...more

IRS Letter 226J: The Million-Dollar Letter (And How To Respond)

by Varnum LLP on

The IRS has recently started sending employers “Letter 226J,” which is a proposed assessment of Employer Shared Responsibility Payments (ESRPs) under the Affordable Care Act. The IRS sends Letter 226J if it determines that...more

What you need to know about Tax Court

by Foodman CPAs & Advisors on

The US Tax Court is a Federal trial court established by Congress. It is independent from the IRS. The mission of Tax Court is to resolve disputes between Taxpayers and IRS. Tax Court has the authority to provide rulings on...more

The Year of Bitcoin: Gains Subject to Tax by the IRS

by Bowditch & Dewey on

The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more

Partnerships and Limited Liability Companies Take Note: Significant Changes in IRS Audit Procedures Take Effect January 1, 2018

by Pullman & Comley, LLC on

Under pre- 2018 rules, when a partnership (which for this Client Alert will include a limited liability company which is taxed as a partnership) was audited by the IRS, one of the partners acted as the “Tax Matters Partner”...more

Bipartisan House Bill Addresses Syndicated Conservation Easement Tax Shelters

by Coblentz Patch Duffy & Bass on

Last week, Representative Mike Kelly (R) of Pennsylvania and Representative Mike Thompson (D) of California introduced the Charitable Conservation Easement Program Integrity Act of 2017 as H.R. 4459. The Act is simple;...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 4)

by McNair Law Firm, P.A. on

IRS Voluntary Worker Classification Settlement Program - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more

Sleeper Issue? Deferred Tax Assets under a Trump Administration

by Bass, Berry & Sims PLC on

Update as of December 6, 2017: Congress and the President are nearing the finish line for significant tax reform with the likelihood of passing by the end of the year. Since it has the potential to significantly change the...more

IRS On The Hunt for Bitcoin Gains

by Charles (Chuck) Rubin on

While bitcoin seems like money, for federal income tax purposes, it is not. Like any asset, when it is sold or used to purchase goods or services, gain results if the value of the bitcoin is greater than the taxpayer’s basis...more

Tax Treatment of Employee Hardship and Disaster Relief - Tax Update Volume 2017, Issue 6

by Pepper Hamilton LLP on

Recent hurricanes and fires have caused employers to focus on how to help employees who have been victims of disasters. Employees also suffer hardships that are not related to disasters, but that result from personal...more

Dear Littler: 'Tis the Season…for Employer Holiday Gift-Giving Reminders

by Littler on

Dear Littler: I’m in charge of our company’s party-planning committee, but I’m ready to give up my title as Head Elf. We’re working on choosing gifts for employees, and we’d like to raffle off nice prizes for employees and...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 3)

by McNair Law Firm, P.A. on

IRS Form SS-8 Determinations of Employee Status - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as “employees.” This...more

Technology companies and transfer pricing

by Hogan Lovells on

What is transfer pricing? In basic terms, transfer pricing is the process by which multinational enterprises go about determining what jurisdictions their global profits are booked in. It’s something they have to do in...more

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Cybersecurity

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