Bloomberg Tax outlines the details of PwC's decision to combine their tax prep and audit services, as well as discussing the implications of this shift for accounting firms in general. The article begins as follows: Big Four accounting firm PwC LLP’s announcement that it will package its tax prep and audit services together under a … Continue reading Bloomberg Tax: PwC Restructures for Future of Bots, Post-Covid Advisory Boom (June 16, 2021)
Jack Townsend, in his Federal Tax Crimes Blog, discusses TIGTA's report titled "Criminal Restitution Assessment Procedures Need Improvement" (TIGTA Report No. 2021-30-033 6/7/21). The Report Highlights are: Why TIGTA Did This Audit The Firearms Excise Tax Improvement Act of 2010 authorized the IRS to assess criminal restitution ordered after August 16, 2010, so that the … Continue reading Federal Tax Crimes: TIGTA Report on Criminal Restitution Assessment Procedures (June 17, 2021)
Probate Stars summarizes the facts of Archer v. Mills and how the Wyoming Supreme Court addressed whether heirs of a decedent can intervene in a wrongful death action brought by the wrongful death representative. The article further explains why a beneficiary in Wyoming can’t intervene in a wrongful death action because of how Wyoming law … Continue reading Probate Stars: Wyoming Supreme Court – Beneficiaries Cannot Intervene In Wrongful Death Action (June 14, 2021)
David Fowler Johnson, in his Texas Fiduciary Litigator Blog, discusses Austin Trust Co. v. Houren. In the FSA, the parties agreed that the releases contained therein generally applied to “any and all liability arising from any and all Claims,” as defined in the FSA, against the other parties or relating to “Covered Activities,” as defined … Continue reading Texas Fiduciary Litigator: Court Upheld A Release In A Family Settlement Agreement That Protected A Former Trustee’s Estate From Claims (June 16, 2021)
Forbes has published an article, “Delaware Chancery Court Navigates Around Charging Order Exclusivity And Recognizes Reverse Veil-Piercing”, which discusses the challenges faced by both dissenting stockholders and the corporations that are meant to satisfy their appraisals. The article begins as follows: Exela Technologies, Inc., is a business automation company which has numerous subsidiaries. Some of … Continue reading Forbes: Delaware Chancery Court Navigates Around Charging Order Exclusivity And Recognizes Reverse Veil-Piercing (June 17, 2021)
Top tax cases practitioners should knowBy Paul BonnerA session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice. Online sign-up now available for advance child tax credit paymentsThe IRS opened an online site that allows taxpayers who are not required to … Continue reading AICPA Tax Insider (June 17, 2021): Top tax cases practitioners should know; Online sign-up now available for advance child tax credit payments; and More!
Rebecca C. Morgan, of Stetson University College of Law, has made available for download her article, "New Elder Justice Resource Guide," which briefly describes the new Elder Justice Resource Guide released by the New York Courts. The article begins as follows: The New York courts have released a new Elder Justice Resource Guide, "the result of … Continue reading Elder Law Prof Blog: New Elder Justice Resource Guide (June 17, 2021)
Gabriella DiSilvio has published an article on LexBlog, titled “Siri, is this Admissible in Court? Five Steps to Challenging Warrants for Digital Evidence." The article begins as follows: Amazon’s Alexa and Apple’s Siri are among some of the seemingly countless AI technological advances that have made our lives easier and more streamlined – but our devices … Continue reading Gabriella DiSilvio (LexBlog): “Siri, is this Admissible in Court?” Five Steps to Challenging Warrants for Digital Evidence (June 10, 2021)
The Internal Revenue Service issued July 2021 AFRs in Rev. Rul. 2021-12. To see the July AFRs, please click here. See Rev. Rul. 2021-12.
KPMG’s podcast discusses the possible implications of the Biden administration tax framework regarding multinational corporations with U.S. operations. The abstract is as follows: After much anxious anticipation, the Biden administration finally showed its cards. The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (the “Green Book”) provided a bit more detail … Continue reading KPMG Podcast: Greener on the Other Side? The Inbound Perspective of the Green Book (June 15, 2021).
Christopher Arakaky of Dunlap Bennett & Ludwig PLLC, has made available for download his article, "Asset Protection Trusts and Alternatives," published in JDSupra. The abstract is as follows: We live in an incredibly litigious nation. Every year, billions of dollars are spent on lawsuits across the country. Business owners, professionals, and high-profile individuals, among others, … Continue reading Christopher Arakaky (Dunlap Bennett & Ludwig PLLC): Asset Protection Trusts and Alternatives (June 14, 2021)
Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: Accounting For Attorney Malpractice Settlements”, which discusses the outcomes of Carol E. Holliday v. Commissioner, T.C. Memo. 2021-69 (June 7, 2021) (Judge Pugh) and Debra Jean Blum v. Commissioner, T.C. Memo. 2021-18 (Feb. 18, 2021) (Judge Urda) focusing on … Continue reading TaxProf Blog – Lesson From The Tax Court: Accounting For Attorney Malpractice Settlements (June 14, 2021)
The IRS has updated its practice unit on Partner’s Outside Basis. The overview is as follows: Background A partnership is a relationship between two or more persons who join together to carry on a trade, business, or investment activity. Each partner has a basis in his partnership interest. The partner’s basis in his partnership interest … Continue reading IRS Updates Practice Unit on Partner’s Outside Basis (May 19, 2021)
Lisa Dimyadi has made available for download her article, "The Highest-growth Legal Practice Areas in 2021 and Beyond", published on the LexBlog. The abstract is as follows: Thanks to the fluctuating demand for legal services throughout the pandemic and subsequent recession, many areas of law experienced shifts in their growth trajectories. This sudden change jumpstarted many new … Continue reading Lisa Dimyadi: The Highest-growth Legal Practice Areas in 2021 and Beyond (June 15, 2021)
Rebecca C. Morgan, of Stetson University Law School, has made available for download her article, "Uniform Law on Brain Death", published on the Elder Law Prof Blog. The abstract is as follows: Bloomberg recently published an opinion regarding the Uniform Definition of Brain Death, A Scary Plan to Revise the Definition of Death. "People may be less … Continue reading Rebecca C. Morgan: Uniform Law on Brain Death (June 15, 2021)
Michelle Ferreira and Barbara T. Kaplan, of Greenberg Traurig LLP, have made available for download their article, “The IRS Announced a New Non-Filer Initiative Over a Year Ago – Now We See the Enforcement,” published in a Greenberg Traurig Tax. The article begins as follows: In February 2020, the IRS announced that it would step up efforts to contact high-income … Continue reading Michelle Ferreira and Barbara T. Kaplan (Greenberg Traurig LLP): The IRS Announced a New Non-Filer Initiative Over a Year Ago – Now We See the Enforcement (June 14, 2021)
Chambliss, Bahner & Stophel, P.C. has made available for download their article, "Can Life Insurance Affect Your Medicaid Eligibility?", published in JDSUPRA. The abstract is as follows: When applying for Medicaid many people often forget about life insurance. But depending on the type of life insurance and the value of the policy, it can count … Continue reading Chambliss, Bahner & Stophel, P.C.: Can Life Insurance Affect Your Medicaid Eligibility? (June 14, 2021)
The Real Value of Middle Managers by Zahira Jaser In the era of remote and hybrid work, their role as connectors is more important than ever. Here’s what they need to succeed. ECONOMICS Research: When a Higher Minimum Wage Leads to Lower Compensation by Qiuping Yu, Shawn Mankad, and Masha Shunko A recent study found … Continue reading HBR Hotlist (June 14, 2021): The Real Value of Middle Managers; Negative Impacts of a Higher Minimum Wage; Cultivating Trust as a Leader; and More
The Taxpayer Advocate Service has published an article titled “Get Sharable IRS Tax Updates and More Through the New IRS Outreach Connection center,” which discusses IRS's new Outreach Connection newsletter . The article begins as follows: Get and share the latest information about taxes with your team, clients and customers, family members, and colleagues. The … Continue reading Taxpayer Advocate Service: Get Sharable IRS Tax Updates and More Through the New IRS Outreach Connection center (June 14, 2021)
Paul Sullivan, in his New York Times article, discusses the Biden Administration's plan to revive the IRS. His article, “Plan to Revive I.R.S. ‘Wealth Squad’ Puts the Richest on Notice,” begins as follows: Many legal tax strategies that the wealthy have long used to minimize their taxes are likely to come under new scrutiny by the … Continue reading NY Times (June 11, 2021): Plan to Revive I.R.S. ‘Wealth Squad’ Puts the Richest on Notice