KPMG: U.S. congressional elections and tax policy: preliminary observations (November 18, 2022)

KPMG has issued a report on preliminary observations regarding the potential tax legislative agenda in the next Congress. It’s summary begins as follows:  Election Day in the United States was November 8, 2022. All seats in the U.S. House of Representatives and around a third of the seats in the U.S. Senate were in play. … Continue reading KPMG: U.S. congressional elections and tax policy: preliminary observations (November 18, 2022)

John A. Townsend: Federal Tax Procedure (2022 Practitioner Ed.)(August 3, 2022)

John A. Townsend of University of Houston Law Center, has made available for download his article, Federal Tax Procedure (2022 Practitioner Ed.), published in SSRN. The abstract is as follows: Federal Tax Procedure is a book originally prepared for a course on Tax Procedure taught by Adjunct Professor Townsend at the University of Houston School … Continue reading John A. Townsend: Federal Tax Procedure (2022 Practitioner Ed.)(August 3, 2022)

Holland & Knight Alert: Willful or Non-Willful? That Is the Question: IRS Rejects Non-Willful Certification (September 1, 2022)

Andrea Darling de Cortes, Chad M. Vanderhoef, and Alexander R. Olama of Holland & Knight LLP, have made available for download their article, "Willful or Non-Willful? That Is the Question: IRS Rejects Non-Willful Certification" published as a Holland & Knight Alert. The article begins as follows: In Flint v. United States, 2022 WL 3593826 (Fed. Cl. … Continue reading Holland & Knight Alert: Willful or Non-Willful? That Is the Question: IRS Rejects Non-Willful Certification (September 1, 2022)

KPMG: Reported agreement on Senate reconciliation bill, legislative text and summary of bill after Manchin Agreement (July 27, 2022)

KPMG is reporting the following: Legislative text and a summary of the bill were released on July 27, 2022.  Senator Joe Manchin (D-WV) late July 27, 2022, announced that he had reached an agreement with Senate Majority Leader Chuck Schumer (D-NY) on tax, climate change, energy, and health care provisions to be included in the Inflation Reduction … Continue reading KPMG: Reported agreement on Senate reconciliation bill, legislative text and summary of bill after Manchin Agreement (July 27, 2022)

KPMG: JCT report on tax incentives for residential real estate, ahead of Senate Finance hearing (July 18, 2022)

KPMG has made available for download their article, "JCT report on tax incentives for residential real estate, ahead of Senate Finance hearing", which contains the JCT report "JCX-16-22". The article begins as follows: The Senate Committee on Finance has scheduled a public hearing for July 20, 2022, entitled “The role of tax incentives in affordable … Continue reading KPMG: JCT report on tax incentives for residential real estate, ahead of Senate Finance hearing (July 18, 2022)

Rubin on Tax: Time Period to File Estate Tax Return to Make Portability Election Extended to 5 Years (July 10, 2022)

Charles Rubin, of Rubin on Tax, has made available for download his article, “Time Period to File Estate Tax Return to Make Portability Election Extended to 5 Years”, published on Rubin on Tax. The abstract is as follows: If a spouse dies and his/her estate does not fully use the decedent's remaining unified credit, the … Continue reading Rubin on Tax: Time Period to File Estate Tax Return to Make Portability Election Extended to 5 Years (July 10, 2022)

KPMG: New York State: Appeals court holds vacation home is not permanent place of abode (July 1, 2022)

KPMG has made available for download their article, "New York State: Appeals court holds vacation home is not permanent place of abode", which discusses the case Matter of Nelson Obus v. New York State Tax Appeals Tribunal, No. 533310. The summary begins as follows: Under New York law, a non-domiciliary may be considered a New … Continue reading KPMG: New York State: Appeals court holds vacation home is not permanent place of abode (July 1, 2022)

Albert Feuer: Would the Securing a Strong Retirement Act Secure More Retirement Equity? (June 14, 2022)

Albert Feuer, of Law Offices of Albert Feuer, has made available for download his article, "Would the Securing a Strong Retirement Act Secure More Retirement Equity?", published in the Tax Management Compensation Planning Journal. The abstract is as follows: On March 29, 2022 the House approved H.R. 2954 that is titled the Securing a Strong … Continue reading Albert Feuer: Would the Securing a Strong Retirement Act Secure More Retirement Equity? (June 14, 2022)

TaxProf Blog – Lesson From The Tax Court: How To Tell When Land Is Held As A Capital Asset (June 21, 2022)

Bryan Camp has published an article on the TaxProf Blog, titled "Lesson From The Tax Court: How To Tell When Land Is Held As A Capital Asset", which discusses William E. Musselwhite Jr. and Melissa Musselwhite v. Commissioner, T.C. Memo. 2022-57 (June 8, 2022) (Judge Ashford). The article begins as follows: When a taxpayer buys … Continue reading TaxProf Blog – Lesson From The Tax Court: How To Tell When Land Is Held As A Capital Asset (June 21, 2022)

Robert B. Wynne and Alexia L. Faraguna (McGuireWoods LLP): IRS Announces New Audit Program for Retirement Plans (June 7, 2022)

Robert B. Wynne and Alexia L. Faraguna of McGuireWoods LLP, have made available for download their article, “IRS Announces New Audit Program for Retirement Plans,” published on McGuireWoods’s website. The abstract is as follows: On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective … Continue reading Robert B. Wynne and Alexia L. Faraguna (McGuireWoods LLP): IRS Announces New Audit Program for Retirement Plans (June 7, 2022)

KPMG report: Post-TCJA interplay between NOLs and charitable deductions (June 14, 2022)

KPMG has issued a report on charitable contributions and NOL deductions available to corporations. The summary is as follows: Corporations face complexities—and potential benefits—if they have charitable contributions and net operating loss (NOL) carryovers available for deduction on their 2021 returns.The interplay between charitable contribution deductions and NOL loss deductions has long bedeviled tax practitioners. … Continue reading KPMG report: Post-TCJA interplay between NOLs and charitable deductions (June 14, 2022)

Kaplan Financial Education: Charitable Deduction Disallowed for Failure to Meet Contemporaneous Written Acknowledgment Rules (May 26, 2022)

Ed Zollars, of Kaplan Financial Education, has published an article "Charitable Deduction Disallowed for Failure to Meet Contemporaneous Written Acknowledgment Rules". The article begins as follows: A taxpayer found her deduction for a donation of property to a museum was denied entirely for failing to meet the substantiation requirements of IRC §170(f)(8)(B) in the case … Continue reading Kaplan Financial Education: Charitable Deduction Disallowed for Failure to Meet Contemporaneous Written Acknowledgment Rules (May 26, 2022)

Jay A. Soled and Richard Schmalbeck: Substance Over Form in Transfer Tax Adjudication (May 20, 2022)

Jay A. Soled and Richard Schmalbeck, of Rutgers University and Duke University School of Law, have made available for download their article, Substance Over Form in Transfer Tax Adjudication, published in Loyola of Los Angeles Law Review. The abstract is as follows: The elevated exemption level under the federal transfer tax system (now in excess … Continue reading Jay A. Soled and Richard Schmalbeck: Substance Over Form in Transfer Tax Adjudication (May 20, 2022)

HBR: Taming the Epic To-Do List (March 26, 2018)

Allison Rimm has published her Harvard Business Review article, “Taming the Epic To-Do List”. The summary of the article is as follows: The to-do list can be an indispensable tool when used to mindfully manage your time. But used indiscriminately, you become its servant. To get control of your priorities, you actually need three lists and a … Continue reading HBR: Taming the Epic To-Do List (March 26, 2018)

AICPA Tax Insider (May 26, 2022): R&D credit’s interplay with the employee retention credit, IRS audit rates decreased most for wealthy, GAO finds; and More!

R&D credit's interplay with the employee retention creditBy Randy Crabtree, CPAMuch confusion surrounds the rules governing which wages can be used to claim the ERC and R&D tax credits. IRS audit rates decreased most for wealthy, GAO findsIn a study, the US Government Accountability Office finds that the IRS's individual tax audit rates decreased by … Continue reading AICPA Tax Insider (May 26, 2022): R&D credit’s interplay with the employee retention credit, IRS audit rates decreased most for wealthy, GAO finds; and More!

IRS Tax Tip: Wedding planning checklist: cake, rings, flowers … tax forms? (May 18, 2022)

The IRS noted that the summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple's tax situation doesn't have to be. Here are a few things couples should think about as they prepare for the big day. Name and address changes People who change their … Continue reading IRS Tax Tip: Wedding planning checklist: cake, rings, flowers … tax forms? (May 18, 2022)

Billionaire Must Stand Trial in Largest US Tax-Evasion Case (May 23, 2022)

Bloomberg Tax has published an article titled Billionaire Must Stand Trial in Largest US Tax-Evasion Case. The article begins as follows: The judge overseeing billionaire Robert Brockman’s tax evasion case, the largest against an individual in US history, rejected his claims that dementia leaves him incompetent to stand trial.US District Judge George C. Hanks Jr.’s … Continue reading Billionaire Must Stand Trial in Largest US Tax-Evasion Case (May 23, 2022)

AICPA Tax Insider (May 19, 2022): Building a tax-efficient retirement income plan for clients, IRS blames old tech in destruction of information returns; and More!

Building a tax-efficient retirement income plan for clientsBy Kelley C. Long, CPA/PFSFor retirees, effective tax planning requires taking a long view and spending down assets from a variety of sources each year. IRS blames old tech in destruction of information returnsThe IRS responds to a report by the Treasury Inspector General for Tax Administration that … Continue reading AICPA Tax Insider (May 19, 2022): Building a tax-efficient retirement income plan for clients, IRS blames old tech in destruction of information returns; and More!

BDO USA: IRS Issues Proposed RegulationsThat Refine Estate and Gift Tax Anti-Clawback Rule (May 2022)

BDO USA has published an article, “IRS Issues Proposed RegulationsThat Refine Estate and Gift Tax Anti-Clawback Rule”, published on BDO USA. The abstract is as follows: The Treasury Department on April 26, 2022, released proposed regulations limiting the anti-clawback rule previously published on November 26, 2019. The proposed regulations – REG-118913-21 – address certain situations in which … Continue reading BDO USA: IRS Issues Proposed RegulationsThat Refine Estate and Gift Tax Anti-Clawback Rule (May 2022)