TaxProf Blog – Bryan Camp: Lesson from the Tax Court: The Employer/Employee Gift Rule (November, 21, 2022)

Bryan Camp has published an article on the TaxProf Blog, titled "Lesson from the Tax Court: The Employer/Employee Gift Rule" which discusses the exclusion of income for gifts in tax law. The article begins as follows: Relationships can be messy.  That is true whether they are work relationships or romantic relationships.  But it is especially true for romantic … Continue reading TaxProf Blog – Bryan Camp: Lesson from the Tax Court: The Employer/Employee Gift Rule (November, 21, 2022)

TaxProfBlog: Lessons From The Tax Court: An Object Lesson For Tax Professionals (November 14, 2022)

Bryan Camp has published an article on the TaxProf Blog, titled “Lessons From The Tax Court: An Object Lesson For Tax Professionals,'' which discusses the tax court decision in Betty Amos V. Commissioner, T.C. Memo. 2022-109 (Nov. 10, 2022) (Judge Urda) focusing on the proper period of time tax records should be kept for. The … Continue reading TaxProfBlog: Lessons From The Tax Court: An Object Lesson For Tax Professionals (November 14, 2022)

New York State Bar Association: Report on Cryptocurrency and Other Fungible Digital Assets (April 18, 2022)

The New York State Bar Association has made available for download their report, "Report on Cryptocurrency and Other Fungible Digital Assets" which discusses guidance issued by the Internal Revenue Service on the tax treatment of cryptocurrency. Click here to view the full report "Report on Cryptocurrency and Other Fungible Digital Assets". Posted by Anthony Tran, Associate … Continue reading New York State Bar Association: Report on Cryptocurrency and Other Fungible Digital Assets (April 18, 2022)

BDO USA: Cryptoasset Transactions: State Corporate Income Tax Implications (May 2022)

BDO USA has published an article, "Cryptoasset Transactions: State Corporate Income Tax Implications", published on BDO USA. The abstract is as follows: The following article, Cryptoasset Transactions: State Corporate Income Tax Implications, originally appeared in the May 2022 issue of The Tax Adviser.Many businesses that once considered cryptoassets a highly speculative investment have been won over … Continue reading BDO USA: Cryptoasset Transactions: State Corporate Income Tax Implications (May 2022)

Bryan Camp: Lesson From The Tax Court: Distinguishing Employees From Independent Contractors (May 2, 2022)

Bryan Camp has published his article, "Lesson From The Tax Court: Distinguishing Employees From Independent Contractors", which discusses whether employers should classify their workers as as employees or independent contractors. The article begins as follows: Pro Publica has proudly proclaimed that “If You’re Getting a W-2, You’re a Sucker.”  I know lots of workers who would … Continue reading Bryan Camp: Lesson From The Tax Court: Distinguishing Employees From Independent Contractors (May 2, 2022)

Andrew Granato: A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter (April 18, 2022)

Andrew Granato, of Yale Law School and Yale School of Management, has made available for download his article, “A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter,” published in Draft of Connecticut Insurance Law Journal, Vol. 29, 2022, Forthcoming. The abstract is as follows: Draft: … Continue reading Andrew Granato: A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter (April 18, 2022)

The Washington Post: The American retirement system is built for the rich (April 20, 2022)

The Washington Post has made available for download their article, “The American retirement system is built for the rich”, which discusses how tax legislation often yield generous benefits for high-income savers more so than for the other portions of the population. The article begins as follows: Democrats and Republicans in Congress don’t typically agree on tax … Continue reading The Washington Post: The American retirement system is built for the rich (April 20, 2022)

Ron Aucutt (Bessemer Trust): Washington Update (April 1, 2022)

Ron Aucutt, Senior Fiduciary Counsel, Bessemer Trust, has released his summary of Biden Legislative Proposals. The Summary is below: Recent budget proposals from the Biden Administration provide some insights into what legislative changes in estate and gift tax and related income tax rules might be made, if not this year then perhaps in the future. … Continue reading Ron Aucutt (Bessemer Trust): Washington Update (April 1, 2022)

Forbes: How IRS Can Tax ‘Gifts’ and Impose Big Penalties (April 18, 2022)

Forbes has published an article, “How IRS Can Tax ‘Gifts’ and Impose Big Penalties”, which discusses the importance of reporting gifts to avoid costly tax penalties. The article begins as follows:  Are gifts income the IRS can tax? Fortunately, no, but the line between what is income and what is a gift is sometimes fuzzy. … Continue reading Forbes: How IRS Can Tax ‘Gifts’ and Impose Big Penalties (April 18, 2022)

Forbes: Can Delaying IRA Distributions Raise Your Taxes? (April 16, 2022)

Forbes has published an article, "Can Delaying IRA Distributions Raise Your Taxes?", which discusses how although Congress is raising the age you must start withdrawing from taxable retirement accounts, waiting too long can raise your taxes. The article begins as follows: Congress is raising the age you must start withdrawing from taxable retirement accounts. But waiting … Continue reading Forbes: Can Delaying IRA Distributions Raise Your Taxes? (April 16, 2022)

IRS: Tips to help taxpayers hire a reputable tax preparer (Tax Tip 2022-48)(March 29, 2022)

The IRS noted that the tax filing deadline less than a month away. The IRS reminds all taxpayers but especially those who haven't yet filed, to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return regardless of who prepares the return. Here are some tips to remember when … Continue reading IRS: Tips to help taxpayers hire a reputable tax preparer (Tax Tip 2022-48)(March 29, 2022)

NY Times: What Retirement Means for Your Taxes (March 25, 2022)

Mark Miller, in his New York Times article, discusses the key ways that income is taxed in retirement. his article, “What Retirement Means for Your Taxes”, begins as follows: If you dread tax day every year, here’s a bit of good news: Your tax burden probably will lighten when you retire.You’ll still pay taxes on income you … Continue reading NY Times: What Retirement Means for Your Taxes (March 25, 2022)

The Tax Adviser: Various exempt organization notices paused (March 25, 2022)

The Tax Adviser has published an article, “Various exempt organization notices paused” which discusses the how IRS is suspending its issuance of 10 notices generally sent to tax-exempt organizations about late return filings. The article begins as follows: The IRS said Friday it is suspending its issuance of 10 notices generally sent to tax-exempt organizations … Continue reading The Tax Adviser: Various exempt organization notices paused (March 25, 2022)

NYT- White House Proposes New Billionaire Tax (March 2022)

The New York Times reports that the White House will ask Congress on Monday as part of its budget proposal to pass a new minimum tax on billionaires as part of a budget proposal intended to revitalize President Biden’s domestic agenda and reduce the deficit. See details at: .nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html

The Tax Adviser: Individual Taxpayers Must Answer Cryptoasset Questions, IRS Notes (March 22, 2022)

Paul Bonner has made available for download his article, "Individual Taxpayers Must Answer Cryptoasset Questions, IRS Notes" on The Tax Adviser blog. The article begins as follows: The IRS highlighted in a news release that all filers of Forms 1040, U.S. Individual Income Tax Return, 1040-SR, U.S. Tax Return for Seniors, and 1040-NR, U.S. Nonresident Alien Income Tax Return, must … Continue reading The Tax Adviser: Individual Taxpayers Must Answer Cryptoasset Questions, IRS Notes (March 22, 2022)

Taxpayer Advocate Service: NTA Blog: EITC Audits Will Once Again Begin; Proactively Responding to an EITC Audit Is Crucial (March 23, 2022)

The Taxpayer Advocate Service has published an article, "NTA Blog: EITC Audits Will Once Again Begin; Proactively Responding to an EITC Audit Is Crucial". The article begins as follows: The Earned Income Tax Credit (EITC) is a refundable credit for low- and moderate-income working individuals and families based on their earned income. EITC significantly reduces … Continue reading Taxpayer Advocate Service: NTA Blog: EITC Audits Will Once Again Begin; Proactively Responding to an EITC Audit Is Crucial (March 23, 2022)

TaxProf Blog: Lesson From The Tax Court: What Constitutes A CDP ‘Hearing’? (March 21, 2022)

Bryan Camp has published his article on the TaxProf Blog titled, "Lesson From The Tax Court: What Constitutes A CDP 'Hearing'? ", which discusses how before the IRS can collect unpaid tax liabilities by levy, they must give taxpayers an opportunity for a Collection Due Process (CDP) hearing with IRS officials. The article begins as … Continue reading TaxProf Blog: Lesson From The Tax Court: What Constitutes A CDP ‘Hearing’? (March 21, 2022)

Taxpayer Advocate Service – TAS Tax Tip: IRS Online Systems Access and ID Verification Updates (March 17, 2022)

The Taxpayer Advocate Service has published an article, "TAS Tax Tip: IRS Online Systems Access and ID Verification Updates". The article begins as follows: ID VerificationSince our January 2022 TAS Tax Tip: Verifying your identity to access certain IRS systems, the IRS and the ID.me service have made updates to the process for verifying customers’ … Continue reading Taxpayer Advocate Service – TAS Tax Tip: IRS Online Systems Access and ID Verification Updates (March 17, 2022)

Procedurally Taxing: General Discharge Denial in Chapter 7 Based on Taxes (March 21, 2022)

Keith Fogg, Clinical Professor of Law at Harvard Law School, has made available for download his article, “General Discharge Denial in Chapter 7 Based on Taxes” published on the Procedurally Taxing blog. The article begins as follows: I have written before on many occasions about taxpayers who sought a discharge of their tax debts through … Continue reading Procedurally Taxing: General Discharge Denial in Chapter 7 Based on Taxes (March 21, 2022)

Forbes: IRS Can Audit Your Taxes Forever If You Miss A Key Form (March 17, 2022)

Forbes has published an article, “IRS Can Audit Your Taxes Forever If You Miss A Key Form”, which discusses the statute of limitations on IRS audits, with specific attention to ramifications for failing to properly submit certain forms. The article begins as follows:  It can be pretty satisfying to tell the IRS they are too … Continue reading Forbes: IRS Can Audit Your Taxes Forever If You Miss A Key Form (March 17, 2022)