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)

TAS Tax Tip: Why do I owe a penalty and interest and what can I do about it? (May 10, 2022)

The National Taxpayer Advocate has made available for download their article, “TAS Tax Tip: Why do I owe a penalty and interest and what can I do about it?”, published on The National Taxpayer Blog. The abstract is as follows: There are many reasons why the IRS may charge penalties on your tax account. The IRS is … Continue reading TAS Tax Tip: Why do I owe a penalty and interest and what can I do about it? (May 10, 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)

IRS Tax Tip: School is out for the summer, but tax planning is year-round (May 17, 2022)

The IRS noted that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year's tax return. Below are some common summertime tax situations and tips to help taxpayers figure … Continue reading IRS Tax Tip: School is out for the summer, but tax planning is year-round (May 17, 2022)

KPMG Webcast: Family Office Fridays: Section 1202 Exclusion for Sale of Qualified Small Business Stock – May 20, 2022

KPMG is offering a free webcast to discuss Section 1202 Exclusion for Sale of Qualified Small Business Stock. The summary is as follows: Section 1202 encourages investment in certain corporations by allowing taxpayers to exclude some (or all) of the taxpayer’s gain on the disposition of the entity.  Although section 1202 has been around for … Continue reading KPMG Webcast: Family Office Fridays: Section 1202 Exclusion for Sale of Qualified Small Business Stock – May 20, 2022

Rev. Rul. 2022-10: Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property

The IRS has released Rev. Rul. 2022-10 which provides various prescribed rates for federal income tax purposes for June 2022. Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code. Table 2 contains the short-term, midterm, and long-term adjusted … Continue reading Rev. Rul. 2022-10: Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property

KPMG: Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry; Tax Court Reversed (May 11, 2022)

KPMG has made available for download their article, "Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry; Tax Court Reversed", which discusses how the U.S. Court of Appeals for the Ninth Circuit reversed the Tax Court's grant of summary judgment in favor of the government. The abstract is as follows: The … Continue reading KPMG: Ninth Circuit: Tax Return Considered Filed When Sent in Response to IRS Inquiry; Tax Court Reversed (May 11, 2022)

Procedurally Taxing: What to Do After Receiving a Notice of Claim Disallowance (May 10, 2022)

Keith Fogg has made available for download his article, “What to Do After Receiving a Notice of Claim Disallowance” published on Procedurally Taxing blog. The article begins as follows: The National Taxpayer Advocate wrote a blog post last month highlighting a potential trap for the unwary who receive a notice of claim disallowance and think that they … Continue reading Procedurally Taxing: What to Do After Receiving a Notice of Claim Disallowance (May 10, 2022)

AICPA Tax Insider (May 12, 2022): Adopting a child: Tax planning considerations, Procedures for Puerto Rico residents to claim a 2021 child tax credit; and More!

Adopting a child: Tax planning considerationsBy Kaitlin Newkirk, CPA; David Randolph, CPA, Ph.D.; and Cam Cockrell, Ph.D.Targeted tax benefits -- both federal and from some states -- can help subsidize the cost of adoption, but parents should also be aware of income phaseouts of those benefits and nontax costs. Procedures for Puerto Rico residents to … Continue reading AICPA Tax Insider (May 12, 2022): Adopting a child: Tax planning considerations, Procedures for Puerto Rico residents to claim a 2021 child tax credit; and More!

Procedurally Taxing: Can Bankruptcy Trustee Be Held Liable For Trust Fund Recovery Penalty of Responsible Officer? (April 19, 2022)

Keith Fogg has made available for download his article, "Can Bankruptcy Trustee Be Held Liable For Trust Fund Recovery Penalty of Responsible Officer?" published on Procedurally Taxing blog. The article begins as follows: In In re Big Apple Energy, LLC, No. 8-18-75807 (Bankr. EDNY 2022), the owner of a business that failed to pay the taxes … Continue reading Procedurally Taxing: Can Bankruptcy Trustee Be Held Liable For Trust Fund Recovery Penalty of Responsible Officer? (April 19, 2022)

IRS YouTube Video: Five Things to Know about the Employer Identification Number (Jan 6, 2021)

IRS has released a Youtube video on the "Five Things to Know about the Employer Identification Number". The video shares a few tips for small businesses, trusts, estates, charities and others about the Employer Identification Number or EIN. https://www.youtube.com/watch?v=-vD0KoIS124

Lin William Cong, Wayne R. Landsman, Edward L. Mayday, Daniel Rabetti: Tax-Loss Harvesting with Cryptocurrencies (February 17, 2022)

Lin William Cong, Wayne R. Landsman, Edward L. Mayday, Daniel Rabetti have made available fro download their article "Tax-Loss Harvesting with Cryptocurrencies". The abstract is as follows: We study investors' responses to increasing tax reporting awareness and scrutiny in the crypto markets. We document significant taxation effects on investors' behavior and preferences for crypto exchanges … Continue reading Lin William Cong, Wayne R. Landsman, Edward L. Mayday, Daniel Rabetti: Tax-Loss Harvesting with Cryptocurrencies (February 17, 2022)

TAS Tax Tip: How to handle a notification of tax-related identity theft (May 3, 2022)

The National Taxpayer Advocate has made available for download their article, “TAS Tax Tip: How to handle a notification of tax-related identity theft”, published on The National Taxpayer Blog. The abstract is as follows: Did you get a notification from IRS or the Social Security Administration (SSA) advising you that you might be a victim … Continue reading TAS Tax Tip: How to handle a notification of tax-related identity theft (May 3, 2022)