News & Analysis as of

Tax Returns

You Can Give Away More Tax Free in 2018

After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018. ...more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part III: Substantial Misstatements

by Moskowitz LLP on

We continue our discussion of Franchise Tax Board (FTB) accuracy-related penalties with penalties relating to substantial understatements or misstatements of income and asset values....more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part I: The Basics

by Moskowitz LLP on

It’s not enough to just file your tax returns and pay some amount to the government – the penalties for incorrect returns can be as significant as those for late filing and payment. There are quite a few accuracy-related...more

Federal Court Permits Former Employees’ Data Breach Claims To Move Forward

by Jackson Lewis P.C. on

A data breach occurs in which an outside individual obtains your company’s employees’ W-2 forms including social security numbers, addresses, and salary information. As a result, your company notifies all affected employees,...more

Pending tax reform, prepaying 2018 real estate taxes could benefit Illinois individual taxpayers

by Thompson Coburn LLP on

In light of the tax reform bill pending in Congress, individuals throughout Illinois should give strong consideration to prepaying 2018 real estate taxes now to receive the largest possible benefit on their 2017 tax returns....more

Don’t give it away for free

by Ary Rosenbaum on

Many years ago, I did income tax returns for a flat fee. It didn’t become the success that I thought it would be, but it was worth a try. I had the ProSeries tax software, which is the professional version of TurboTax. I had...more

DOJ Announces Major New Shift in Criminal Sentencing in Offshore Tax Matters

At the 34th Annual National Institute on Criminal Tax Fraud in Las Vegas yesterday afternoon, Mark Daly, DOJ Tax Division Senior Litigation Counsel announced a major new shift in how the Department of Justice plans to argue...more

Are Your Partnerships Ready for 2018?

While the news is filled with the ongoing tax reform activity in Congress, there is one tax change that is already in place to take effect January 1, 2018 – the repeal and replacement of the tax audit regime for partnerships....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

Pennsylvania Supreme Court: Corporate Tax Refund Claim Must Be Filed Within Three Years Of Original Tax Return Due Date

by Fox Rothschild LLP on

In Mission Funding Alpha, the Pennsylvania Supreme Court recently held that the statute of limitations for a corporation to file a refund claim in Pennsylvania begins to run when the corporate tax return is due, not when the...more

President Trump Once Again Attempts To Dismantle The Affordable Care Act

by Fisher Phillips on

After multiple failed attempts by Congress to reform the Affordable Care Act (ACA), President Trump announced several weeks ago that the federal government would stop making subsidy payments to insurers who sell coverage...more

In Pursuit of Portability

by Stinson Leonard Street on

The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more

Considerations for Asian Fund Managers under the U.S. New Partnership Audit Regime

The Bipartisan Budget Act of 2015, as modified by the Protecting Americans from Tax Hikes Act of 2015, resulted in a fundamental change in the way the U.S. Internal Revenue Service (IRS) will conduct audits of collective...more

Estate and Gift Tax Audits: TIGTA Report Exposes Need for Improvement

by M. Robinson & Company, P.C. on

While proposals for the eventual elimination of the estate tax are being hashed out in Congress, the IRS effort of auditing estate tax returns continues – business as usual. A recent report by the Treasury Inspector General...more

S Corp. Shareholder To Tax Court: “Here’s Why I Deserve These Loss Deductions”

by Farrell Fritz, P.C. on

A post earlier this year considered the basis-limitation that restricts the ability of S corporation shareholders to deduct their pro rata share of the corporation’s losses. It was observed that, over the years, shareholders...more

West Coast Real Estate Update - November 2017 #1

by Holland & Knight LLP on

The tax proposal initially released by the House Ways and Means Committee could look very different from what Congress actually approves. However, analysts have said that, if passed, certain provisions in the tax plan could...more

Here is what you need to know about IRS proposed draft of Form 1040 for 2017

by Foodman CPAs & Advisors on

As a courtesy to Taxpayers, IRS provides an “early release draft” of an IRS tax form. The drafts are not to be used for filing, but are generally released when most changes have been incorporated into the Form. The...more

Court Allows Petitioner To Claim Unsubstantiated Deductions

by Fox Rothschild LLP on

The issue before the Tax Court in Huzella v. Commissioner, T.C. Memo. 2017-210, centered around a coin business on eBay, and whether the petitioner, Thomas Huzella, could substantiate his cost of goods sold and expense...more

What Practitioners Need to Know about the New Partnership Audit Rules

As you’ve surely heard by now, the Bipartisan Budget Agreement of 2015 (“BBA”) enacted new IRS procedures for partnership audits for tax years beginning on or after January 1, 2018. The new audit rules allow the IRS to...more

The Case Against Do-It-Yourself Tax Returns: You Don't Know What You Don't Know

In an effort to comply with the increasing complexity of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder, many taxpayers are looking to tax preparation software for assistance in preparing...more

Is your spouse having trouble with the IRS and you didn’t know?

by Foodman CPAs & Advisors on

In a joint tax return filing, IRS has the right to assess both spouses that sign a joint income tax return under the penalty of perjury. This is similar to jointly signing for a loan at a Bank. The Bank will impose a legal...more

Are You Looking Forward To 2018? We Are!

by Murtha Cullina on

To assist you in your planning, we are happy to report the following inflation adjustments to key estate, gift, and generation-skipping transfer tax (“GST”) exclusion amounts for 2018. FEDERAL LAW - For the estate of...more

Criminal sanctions against defaulting taxpayers

by Hogan Lovells on

With the expiry of the deadline for participation in the special voluntary disclosure programme, SARS is not relenting in identifying defaulting taxpayers. In a media release issued on 28 September 2017, SARS has indicated...more

Recent Rulings on “Family Limited Liability Entity” Election Create Traps for the Unwary

Although every LLC, limited partnership or other pass-through entity doing business in Alabama, and even those simply organized under Alabama law, are subject to an annual business privilege tax (BPT), certain entities can...more

A valid marriage is required to file a Joint Return. What is a valid marriage?

by Sanford Millar on

Assuming that you have a valid marriage for federal income tax purposes, as defined in “Section 301.7701-18(b) (1) of the Procedure and Administration Regulations that a marriage of two individuals is recognized for federal...more

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