In recognition of the continuing economic hardship caused by the COVID-19 pandemic, the Internal Revenue Service is easing its collection activities to avoid the seizure of bank accounts containing either Economic Impact Payments or Paycheck Protection Program loan proceeds.
In a guidance memorandum issued to all collection employees, the IRS has directed that before issuing…
On January 12, 2021, please join members of Fox’s Tax Controversy team for a review of recent developments in federal tax controversy and civil and criminal tax enforcement, as well as a look ahead at what 2021 may hold. Matthew D. Lee, Jerald David August and Vivian Hoard will review recent developments in federal…
The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest campaign will focus on the Tax Cuts and Job Act legislation enacted in late 2017.
These compliance campaigns reflect LB&I’s movement toward issue-based examinations and…
On Tuesday, April 21, 2020, at 9:30 a.m. ET, Fox Rothschild partner Matthew D. Lee will present a webinar entitled “Federal Tax Enforcement in the Age of COVID-19.” The COVID-19 pandemic and the President’s declaration of a national emergency has upended the Internal Revenue Service’s enforcement agenda in a dramatic way, both in the short…
Providing additional relief to taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service has extended a wide array of key tax deadlines for individuals and businesses to July 15, 2020. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April…
In response to the COVID-19 pandemic, the Internal Revenue Service has agreed to extend many deadlines. One such extension affords foreign financial institutions more time to file Form 8966. Form 8966 is the annual reporting form used by foreign financial institutions to disclose to the IRS the identities of their U.S. customers as required by…
The Federal News Network is reporting that the due to the coronavirus pandemic, the IRS issued an evacuation notice Friday afternoon directing that nearly all of its employees work from home on mandatory telework starting Monday, March 30. Only employees performing “mission-critical duties” will be permitted to come into the office. Access to IRS offices…
Treasury Secretary Steven Mnuchin announced on Twitter this morning that the April 15 tax filing deadline has been extended to July 15 due to the health crisis caused by the coronavirus outbreak. All taxpayers (both individuals and businesses) will have extra time to file and pay their taxes without being subject to penalties and interest.…
The Internal Revenue Service is urging taxpayers involved in syndicated conservation easement transactions to consult with their tax advisors following a recent U.S. Tax Court decision. The IRS also plans to continue aggressive enforcement efforts in this area. In late 2016, the Internal Revenue Service designated certain syndicated conservation easement arrangements as “listed transactions” in …
The Internal Revenue Service has announced an overwhelming acceptance rate for a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80% of taxpayers who received offer letters elected to accept the settlement terms. In addition, the IRS is establishing 12 new examination teams that are expected…
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