IRS Launches Free File (Jan. 13, 2020)

In IR-2020-6, the IRS announced its free file program. It's announcement reads as follows: Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens today at IRS.gov/freefile for the 2020 tax filing season. Taxpayers whose adjusted gross income was $69,000 or less in 2019 – … Continue reading IRS Launches Free File (Jan. 13, 2020)

IRS Updated Audit Guide: Structured Settlements

The IRS has updated its Audit Techniques Guide that addresses excise tax on structured settlement factoring transactions. Audit Guides focus on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, industry terminology and other information. To see the updated Structured Settlement Audit Guide click here.

IRS: Updated Audit Techniques Guide: Real Estate Foreclosures, Short Sales and Cancellation of Debt

The IRS has updated its Audit Techniques Guide that addresses the tax consequences for real estate property that is disposed of through foreclosure, short sale, deed in lieu of foreclosure and abandonments. Audit Guides focus on developing highly trained examiners for particular market segments by presenting examination techniques, common and unique industry issues, business practices, … Continue reading IRS: Updated Audit Techniques Guide: Real Estate Foreclosures, Short Sales and Cancellation of Debt

Higher Education Savings and Planning: Tax and Nontax Considerations by Philip Manns and Timothy M. Todd (Nov. 6, 2019)

Philip Manns and Timothy Todd have made their paper, Higher Education Savings and Planning: Tax and Nontax Considerations, available for download. This article was published as a part of the Texas A&M Law Review. The abstract of this article, available on SSRN, reads as follows: Funding higher education is among the critical financial decisions made … Continue reading Higher Education Savings and Planning: Tax and Nontax Considerations by Philip Manns and Timothy M. Todd (Nov. 6, 2019)

IPB Tax, Trusts & Estates Newsletter: October 2019 Edition

Ivins Phillips Barker published its October installment of the Tax, Trusts, and Estates newsletter. The following articles are included within this edition: Recent Developments: Income Taxes and Real Property Interests - IRS guidance on the Section 199A 20% pass-through deduction and two New York cases upholding double taxation for individuals domiciled outside of NY offer opportunities … Continue reading IPB Tax, Trusts & Estates Newsletter: October 2019 Edition

KPMG: Changes proposed in 2019 draft instructions for Form 1065 and Schedule K-1 (Dec. 27, 2019)

KPMG reports that the IRS has released updated versions of the 2019 draft instructions for Form 1065 and its Schedule K-1. It's announcement reads as follows: • Read the 2019 draft instructions for Form 1065 [PDF 941 KB] U.S. Return of Partnership Income• Read the 2019 draft instructions for Schedule K-1 [PDF 395 KB] Partner’s Share of Income, Deductions, Credits, etc. … Continue reading KPMG: Changes proposed in 2019 draft instructions for Form 1065 and Schedule K-1 (Dec. 27, 2019)

Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy by Enrico Moretti and Daniel J. Wilson (Oct. 21, 2019)

Enrico Moretti and Daniel Wilson have made their paper, Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy, available for download. This article was published as a working paper for the National Bureau of Economic Research. The abstract of this article, available on SSRN, reads as follows: We study the effect of state-level … Continue reading Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy by Enrico Moretti and Daniel J. Wilson (Oct. 21, 2019)