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)

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)

Journal of Accountancy: IRS proposes to amend estate and gift tax basic exclusion regs (April 26, 2022)

Paul Bonner has published an article on the Journal of Accountancy, entitled “IRS proposes to amend estate and gift tax basic exclusion regs”. The article begins as follows: The IRS issued proposed regulations Tuesday (REG-118913-21) that would provide an exception to the anti-"clawback" special rule that preserves the benefits of the temporarily higher gift and … Continue reading Journal of Accountancy: IRS proposes to amend estate and gift tax basic exclusion regs (April 26, 2022)

TaxProf Blog: Lesson From The Tax Court: The Unforeseen Circumstances Rule For §121 Home Sale Exclusions (April 25, 2022)

Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: The Unforeseen Circumstances Rule For §121 Home Sale Exclusions” which discusses Steven W. Webert and Catherine S. Webert v. Commissioner, T.C. Memo. 2022-32 (Apr. 7, 2022) (Judge Gustafson). The article begins as follows: The Tax Code gives homeowners many tax breaks.  Chief among … Continue reading TaxProf Blog: Lesson From The Tax Court: The Unforeseen Circumstances Rule For §121 Home Sale Exclusions (April 25, 2022)

Courtney A. Hopley, Barbara T. Kaplan, and Scott E. Fink (Greenberg Traurig LLP): Court Invalidates IRS Notice 2016-66 on Micro-Captive Transactions, the Second Time an IRS Notice Was Vacated This Month (March 23, 2022)

Courtney A. Hopley, Barbara T. Kaplan, and Scott E. Fink, of Greenberg Traurig LLP, have made available for download their article, “Court Invalidates IRS Notice 2016-66 on Micro-Captive Transactions, the Second Time an IRS Notice Was Vacated This Month”, published in a Greenberg Traurig Alert. The abstract is as follows: In CIC Services, LLC v. IRS,1 the U.S. District Court for the Eastern … Continue reading Courtney A. Hopley, Barbara T. Kaplan, and Scott E. Fink (Greenberg Traurig LLP): Court Invalidates IRS Notice 2016-66 on Micro-Captive Transactions, the Second Time an IRS Notice Was Vacated This Month (March 23, 2022)

AICPA Tax Insider (April 21, 2022): More Schedule K-2 and K-3 FAQs posted, Acute IRS challenges had chronic origins, GAO reports; and More!

More Schedule K-2 and K-3 FAQs postedThe IRS covered eight additional issues on the new forms for passthroughs with foreign tax items, including several that will be added to the instructions. Acute IRS challenges had chronic origins, GAO reportsThe US Government Accountability Office analyzed the 2021 filing season; its findings pointed to longer-term improvements needed … Continue reading AICPA Tax Insider (April 21, 2022): More Schedule K-2 and K-3 FAQs posted, Acute IRS challenges had chronic origins, GAO reports; and More!

Jeffery A. Cooper: Death by Deduction: Section 2058 and the Decline of State Death Taxes (April 4, 2022)

Jeffery A. Cooper, of Quinnipiac University School of Law, has made available for download his article, "Death by Deduction: Section 2058 and the Decline of State Death Taxes", published in SSRN. The abstract is as follows: This article illustrates how, and seeks to explain why, the deduction for state estate taxes (Internal Revenue Code Section … Continue reading Jeffery A. Cooper: Death by Deduction: Section 2058 and the Decline of State Death Taxes (April 4, 2022)

Taxpayer Advocate Service: TAS Tax Tip: Need help resolving a tax amount owed or finding the right payment option? (April 19, 2022)

The Taxpayer Advocate Service has published an article, "TAS Tax Tip: Need help resolving a tax amount owed or finding the right payment option?". The article begins as follows: Got a tax bill for your federal tax return? We have resources to help you resolve it.Is the amount due on the tax bill accurate?If yes, see … Continue reading Taxpayer Advocate Service: TAS Tax Tip: Need help resolving a tax amount owed or finding the right payment option? (April 19, 2022)

ProPublica: America’s Highest Earners And Their Taxes Revealed (April 13, 2022)

Paul Kiel, Ash Ngu, Jesse Eisinger and Jeff Ernsthausen have published their article, "America's Highest Earners and Their Taxes Revealed". The abstract is as follows: Which people and professions rake in the most income year after year? Which are most adept at shielding that money from the taxman? And what does this tell you about America?The top earners, of … Continue reading ProPublica: America’s Highest Earners And Their Taxes Revealed (April 13, 2022)

Taxpayer Advocate Service – NTA Blog: Math Error Notices: What You Need to Know and What the IRS Needs to Do to Improve Notices (April 19, 2022)

The Taxpayer Advocate Service has published an article titled “NTA Blog: Math Error Notices: What You Need to Know and What the IRS Needs to Do to Improve Notices”. The article begins as follows: Millions of taxpayers have received math error notices adjusting their returns, including the amount of recovery rebate credit (RRC), child tax … Continue reading Taxpayer Advocate Service – NTA Blog: Math Error Notices: What You Need to Know and What the IRS Needs to Do to Improve Notices (April 19, 2022)

ProPublica: “If You’re Getting a W-2, You’re a Sucker” (April 15, 2022)

Paul Kiel has published his article, “If You’re Getting a W-2, You’re a Sucker”. The abstract is as follows: Nikki Spretnak loved being an IRS agent. Being able to examine the books of different businesses gave her an intimate view of the economy. But over the years, she became more and more conscious of a chasm … Continue reading ProPublica: “If You’re Getting a W-2, You’re a Sucker” (April 15, 2022)