TIGTA recently released a report discusses their audit of the IRS’s estate and gift tax examination procedures. TIGTA made eight recommendations of changes to the estate and gift tax examination
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IRS Audits
IRS Issues Guidance to Examiners Handling BBA Partnership Audits
By Fox Rothschild LLP on
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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IRS Audit Campaigns: What this means for taxpayers
By Fox Rothschild LLP on
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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IRS Announces 13 Issues Targeted Under its New Audit Campaigns
By Fox Rothschild LLP on
On January 31, 2017, the IRS announced the initial rollout of its new audit strategy and identified 13 specific issues (campaigns) it will be targeting. The IRS is moving toward…
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IRS Imposes New Reporting Requirements on Certain Micro-Captives
By Fox Rothschild LLP on
In 2015, the IRS first included micro-captives, or small insurance companies which have elected under section 831(b) to exclude premiums from their income, on its annual dirty dozen list. At…
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Managing the Money From Legalized Marijuana: Accounting Tips for the Cannabis Industry
By Fox Rothschild LLP on
Tax and accounting issues you should not ignore when setting up your cannabis business:
The Trouble With Cash-Based Businesses
- Internal Controls – any cash-based business is closely scrutinized by the