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Verrill

The New $2,000 Threshold for Sending IRS Form 1099-MISC to Prize Winners

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I may not be the first to tell you, but don’t forget about an additional benefit of the 870-page One Big Beautiful Bill Act passed in July. As prize promotion sponsors and administrators know, an IRS Form 1099-MISC is used to...more

Freeman Law

U.S. Government: Closed Until Further Notice

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The Shutdown & the IRS: What is Going On - When Congress fails to pass appropriation bills or a continuing resolution, non‑essential federal operations are forced to pause. The Internal Revenue Service (“IRS”) is no...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Beyond Estate Planning – Why Divorce Attorneys Need to Know About IRC § 2516

During most divorce proceedings, the legal focus tends to center on important topics such as child custody, spousal support, and the equitable distribution of marital assets....more

McDermott Will & Schulte

IRS roundup: October 23 – November 6, 2025

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 23, 2025 – November 6, 2025. ...more

Allen Barron, Inc.

Is the Burden of Proof on the IRS During an Audit?

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Is the burden of proof on the IRS during an Audit? It might shock you to learn that the burden of proof in an IRS audit, and in most dealings with the IRS, lies with the U.S. taxpayer, not the IRS....more

Hone Maxwell

I haven’t filed my taxes or international reports, now what? It might be the best time to ask

Hone Maxwell on

Did you just find out that as a dual citizen you have to report U.S. taxes even if you live abroad? Did you just discover you needed an FBAR, Form 5471, GILTI calculation, Form 3520, Form 5472, or other foreign reporting?...more

McDermott Will & Schulte

IRS roundup: October 7 – October 23, 2025

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 7, 2025 – October 23, 2025. October 7, 2025: The IRS issued Notice 2025-55, providing guidance on relief from...more

Bowditch & Dewey

Big Increase in 2026 Federal Estate Exemption – IRS Issues 2026 Inflation Adjustments

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The IRS recently issued the 2026 annual adjustments for numerous tax provisions, including changes to the estate tax exemption, income tax brackets and standard deductions. Notable changes made under the One, Big, Beautiful...more

Allen Barron, Inc.

What You Need to Know About the IRS Math and Taxpayer Help Act

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What do you need to know about the IRS Math and Taxpayer Help Act? What is the status of the reforms contained within the provisions of H.R. 998?...more

Foley & Lardner LLP

IRS Now Permitted to Share Tax Identification Data with ICE: Considerations for Employers

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On April 7, 2025, the Internal Revenue Service (“IRS”) and the U.S. Immigration and Customs Enforcement (“ICE”) entered into a Memorandum of Understanding (the “MOU”) enabling ICE to request and receive taxpayer identity...more

Latham & Watkins LLP

The 2025 US Government Shutdown: Update on IRS Operations

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As the shutdown continues, taxpayers should expect longer wait times and ramifications for the 2026 filing season. On October 8, 2025, the IRS began furloughing staff as well as closing most operations due to the ongoing...more

Rivkin Radler LLP

Visiting the Sins of the Tax Preparer Upon the Taxpayer? The Fraud Exception to the Limitations Period on Assessment

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As we discussed a few weeks ago, the IRS is charged with enforcing the U.S. federal tax laws; i.e., it is responsible for processing tax returns and for collecting taxes. As part of its collection function, the agency may...more

Fox Rothschild LLP

IRS Has Funds to Continue Operations for Five Business Days After Potential Midnight Government Shutdown

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Despite the apparent forthcoming government shutdown at midnight tonight, the IRS is prepared to briefly continue its operations according to its “lapsed appropriations” plan. The plan, released yesterday, September 29,...more

Fox Rothschild LLP

IRS Provides Second Extension for Taxpayers Affected by Terrorist Attacks in Israel

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In Notice 2025-53, the IRS provided relief for individuals and businesses affected by terrorism in the State of Israel throughout 2024 and 2025. The new notice extends the relief granted to taxpayers in Israel, as well as the...more

Allen Barron, Inc.

Managing an IRS Correspondence Audit

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One of the new realities for U.S. taxpayers includes the responsibility for managing an IRS correspondence audit. What should you do if you are contacted regarding any form of IRS audit? Did you know the present majority of...more

Dinsmore & Shohl LLP

IRS Will No Longer Issue Paper Checks

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The IRS is officially moving away from paper check refunds. Effective September 30, 2025, the IRS will no longer issue tax refunds in the form of paper checks. Instead, the IRS will only issue tax refunds in the form of...more

Foley Hoag LLP

Navigating IRC Section 280E: Current Updates for Cannabis Taxpayers

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With October’s deadline for taxpayers on tax return filing extension for tax year 2024 quickly approaching, this alert provides updates to our post in May on the exploding trend of cannabis tax filers taking the uncertain tax...more

Allen Barron, Inc.

Omissions, Fraud, or False Information on a Tax Return

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What happens if you are accused by the IRS, the FTB, or another California tax agency regarding omissions, fraud, or false information on a tax return? The short answer is simple: failure to make a full, transparent, and...more

Holland & Knight LLP

Proposed Rule Modifies Timing of "Hot Asset" Reporting

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Generally, gain or loss on the sale or exchange of a partnership interest is treated as capital gain or loss except to the extent of so-called "hot assets." Gain attributable to hot assets – generally unrealized receivables...more

Allen Barron, Inc.

IRS and State Tax Complications of Offshore Investments

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What do you need to know about the IRS and state tax complications of offshore investments? It is common to have international investments in your portfolio, not to mention business interests. How do you navigate the...more

Vinson & Elkins LLP

Civil Tax Fraud: Should 75 Percent Appear Too Small, Be Thankful the IRS Doesn’t Take It All

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Mistakes happen, including when it comes to reporting and paying taxes. And for taxpayers and their advisors, those mistakes can lead to costly consequences, as the Internal Revenue Code (“Code”) allows the Internal Revenue...more

Eversheds Sutherland (US) LLP

IRS issues interim guidance to streamline LB&I audit procedures and promote alternative settlement programs

On July 25, 2025, the IRS Large Business & International (LB&I) Division published an Interim Guidance Memorandum (Control Number: LB&I-04-0725-0008) implementing changes for LB&I audit procedures, which take effect August 1,...more

Mayer Brown

Changes to IRS Examinations of Large Corporate Taxpayers: A Sea Change or Whistling in the Wind?

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On July 23, 2025, the IRS issued guidance on audits of large corporate taxpayers. This guidance falls squarely in line with previous IRS statements at conferences, as well as its prior guidance about making examinations more...more

Eversheds Sutherland (US) LLP

IRS Removes Willfulness Checkbox from Form 14457, Easing Path for Voluntary Disclosures

In a significant policy shift, the IRS has revised Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the cornerstone of its Voluntary Disclosure Practice (VDP), by removing the controversial...more

Fox Rothschild LLP

IRS Leadership Turmoil Continues With Appointment of Yet Another Acting Chief Counsel While Chief of Appeals Announces Retirement

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The Internal Revenue Service continues to experience significant leadership transition during a period of ongoing internal upheaval and uncertainty. The latest developments are the appointment of Kenneth Kies as the new...more

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