As part of the Inflation Reduction Act, the IRS will receive a nearly $80 billion funding increase, including more than $45 billion for enforcement, over the next decade. Audit staff
Continue Reading Increase in IRS Funding Leading to More Audits of Public CharitiesRecently, the written supervisory approval requirement of Section 6751(b) has been one of the primary issues in Tax Court litigation concerning penalties that the IRS has asserted against taxpayers. The
Continue Reading Tax Court Addresses Supervisor Approval Requirement in Partnership-Level Proceeding
United States v. Gerard, a recent case from the Northern District of Indiana, demonstrates how a tax lien, once attached, can stay with property even after the property is
Continue Reading District Court Holds Tax Liens Stay with Property after Conveyance
The Internal Revenue Code requires employers to withhold certain taxes in “a special fund in trust for the United States” (sec. 7501(a)). IRS regulations require employers to pay these trust
Continue Reading Law Firm Shareholders Liable for Trust Fund Recovery Penalties
Our colleague Tiana R. Seymore has authored a client alert addressing several provisions in the Tax Cuts and Jobs Act which directly impact the workplace, including one that gives some
Continue Reading New Tax Bill Means Changes for Employers: What You Need To Know
Our colleague Debra T. Hirsch has authored a client alert addressing estate and gift tax planning issues impacted by the Tax Cuts and Jobs Act, which took effect yesterday. You
Continue Reading Changes to Estate and Gift Taxes in the New Tax Law
The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances.
The IRS
Continue Reading IRS Issues Guidance Regarding Deductibility of Prepaid Real Property Taxes
Our colleagues Stanley Barsky, Michael S. Bookbinder, and Eric J. Michaels have published an article about several provisions in the Tax Cuts and Jobs Act — signed into
Continue Reading The Tax Cuts and Jobs Act’s Impact on Domestic M&A Transactions
We have all heard the old proverb “if it’s too good to be true, then it probably is.” In the tax world, this proverb might as well be referred to
Continue Reading Take Heed: Tax Planning Too Good To Be True? It Might Be…And Taxpayers Can Be Penalized
On Thursday, November 2, the House Ways and Means Committee released the proposed Tax Cuts and Jobs Act, which proposes significant revisions to the Internal Revenue Code. According to
Continue Reading An Overview of the Proposed Tax Reform Bill