In its most recent effort to fight fraudulent and improper Employee Retention Tax Credit (ERC) claims, on December 6, 2023, the IRS announced it will be notifying an initial group
Continue Reading IRS Rejects 20,000 Employee Retention Tax Credit Claims, Plans to Offer New Voluntary Disclosure Program
One Appraiser Goes to Prison, Another Goes Home: What to Expect from the IRS
This post is authored by Nicholas Lyskin (foxrothschild.com), Kristy Caron (foxrothschild.com) and Brian C. Bernhardt (foxrothschild.com)
Most appraisers don’t go to prison, and those that do, don’t go for
Continue Reading One Appraiser Goes to Prison, Another Goes Home: What to Expect from the IRSMatthew D. Lee Authors 2024 Update to FATCA Answer Book
Fox Rothschild LLP Partner Matthew D. Lee authored an updated version of the Foreign Account Tax Compliance Act Answer Book, which provides a detailed analysis of FATCA and the
Continue Reading Matthew D. Lee Authors 2024 Update to FATCA Answer BookAmid Fraud Investigations, IRS Offers Employers an Opportunity to Withdraw Inaccurate Employee Retention Credit Claims
The IRS recently announced that it will offer certain employers an opportunity to withdraw Employee Retention Credit (ERC) claims if they are concerned about their accuracy. Qualifying employers may be
Continue Reading Amid Fraud Investigations, IRS Offers Employers an Opportunity to Withdraw Inaccurate Employee Retention Credit Claims
IRS Provides Extensions for Taxpayers Impacted by Hamas Terrorism in Israel
In Notice 2023-71, the IRS provided tax relief for individuals affected by Hamas’ terroristic action in the State of Israel beginning on October 7, 2023. Notably, this relief is not
Continue Reading IRS Provides Extensions for Taxpayers Impacted by Hamas Terrorism in Israel
IRS Going All in on Use of ArtificiaI Intelligence
The IRS issued a news release today announcing a continued and more focused use of Artificial Intelligence (AI) to audit partnerships, large corporations and alleged tax shelter promoters. The news
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IRS is coming for NIL collectives
It is a truism that agencies required to publicly release documents sometimes hold off on releasing those documents until a Friday afternoon, in the hopes it will be overlooked. The
Continue Reading IRS is coming for NIL collectives
California FTB Unveils Microcaptive and Conservation Easement Settlement Initiative
The California FTB recently released a settlement initiative for taxpayers involved in microcaptive or syndicated conservation easement transactions. Taxpayers who enter into the settlement program will not be able to
Continue Reading California FTB Unveils Microcaptive and Conservation Easement Settlement InitiativeSave the Date for Fox Rothschild’s 2023 White Collar Symposium
Wednesday, September 27, 2023 | Philadelphia
Join leading practitioners from throughout the U.S. for an afternoon of lively discussion covering the latest developments in the field, presented by Fox Rothschild’s
Continue Reading Save the Date for Fox Rothschild’s 2023 White Collar SymposiumTax Court Rules IRS Cannot Assess Certain International Reporting Penalties
In a monumental opinion, the Tax Court recently held that the IRS lacks authority to assess penalties imposed by IRC § 6038(b)(1) or (2). In Fahry v. Commissioner, the
Continue Reading Tax Court Rules IRS Cannot Assess Certain International Reporting Penalties