August brought three wins for taxpayers who donated conservation easements that were challenged by the IRS. In all of the cases, terms of the conservation easement deed document carried the
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Tax Court Issues Opinion Striking Down Captive Insurance Arrangement
By Fox Rothschild LLP & Fox Rothschild LLP on
The Tax Court has issued its long-awaited decision addressing captive insurance arrangements. In Avrahami v. Commissioner, 149 T.C. No. 7 (2017), the Tax Court held that payments made from…
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IRS Issues Guidance to Examiners Handling BBA Partnership Audits
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As many readers know, the Bipartisan Budget Act of 2015 (“BBA”) repeals the long standing TEFRA procedures governing IRS examinations of partnerships. As a result, beginning January 1, 2018, partnerships…
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Tenth Circuit Holds Marijuana Dispensary Not Entitled to Injunctions Against IRS
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In The Green Solution Retail v. U.S., Case No. 16-1281, 10th Cir, May 2, 2017, the Tenth Circuit agreed with the District Court that a marijuana dispensary…
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New Mexico District Court: IRS Can Summons Information Needed to Prove Taxpayer is Subject to Section 280E
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In recent IRS summons litigation, a Federal District Court in New Mexico has ruled that the IRS may seek information from a bank, the New Mexico Department of Health –…
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Colorado District Court: IRS Enforcement of Section 280E Is Not A Criminal Investigation
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Recently, a Colorado business protested the IRS’ disallowance of their business expenses. The IRS alleges that the taxpayer was a Colorado medical marijuana dispensary to which Section 280E applies, as…
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IRS Audit Campaigns: What this means for taxpayers
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I was recently interviewed by the Wall Street Journal about the IRS LB&I audit campaigns discussed here. An interesting part of the conversation included a discussion of why the…
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Sixth Circuit Acknowledges Some Tax Laws Sanction Tax Avoidance
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In a strongly worded opinion that is very favorable for taxpayers who engage in sophisticated tax planning, the Sixth Circuit overturned a Tax Court opinion denying the benefits of a…
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IRS Extends Deadline for Reporting Micro-Captive Transactions
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In our previous post, found here, we discussed the IRS Notice designating certain micro-captive transactions as “transactions of interest” required to be disclosed to the IRS by participants and material…
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Conservation Easements: Here We Go Again
By Fox Rothschild LLP on
IRS is ramping up enforcement efforts again for donations of conservation easements and taxpayers are continuing to litigate cases involving donations of conservation easements. In one week, we have an…
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