TaxProf Blog – Bryan Camp: Lesson From The Tax Court: Penalty Approval In Conservation Easement Cases (April 4, 2022)

Bryan Camp has published an article on the TaxProf Blog, titled "Lesson From The Tax Court: Penalty Approval In Conservation Easement Cases" which discusses Pickens Decorative Stone LLC v. Commissioner, T.C. Memo. 2022-22 (Mar. 17) (Judge Lauber). The article begins as follows: The §6751(b) supervisory approval requirement for penalties has been a thorn in the side of both the IRS … Continue reading TaxProf Blog – Bryan Camp: Lesson From The Tax Court: Penalty Approval In Conservation Easement Cases (April 4, 2022)

KPMG: Actionable or Aspirational?: What to Make of the New Green Book (March 31, 2022)

KPMG has made available for download their article, “Actionable or Aspirational?: What to Make of the New Green Book”, which discusses new tax proposals in the Treasury's FY2023 Green Book. The abstract is as follows: This week Treasury issued a new set of tax proposals in its FY2023 Green Book. This year’s version builds on … Continue reading KPMG: Actionable or Aspirational?: What to Make of the New Green Book (March 31, 2022)

Deloitte: Tax News & Views (April 1, 2022)

Deloitte has published their Tax News & Views which discusses the the Securing a Strong Retirement Act of 2022 that cleared the House on March 29. The abstract is as follows: The House voted 414-5 on March 29 to approve bipartisan retirement security legislation aimed at making it easier for businesses to offer tax-qualified retirement … Continue reading Deloitte: Tax News & Views (April 1, 2022)

Forbes: Secure 2.0 Retirement Bill Mandates Roths And More (March 31, 2022)

Forbes has published an article, “Secure 2.0 Retirement Bill Mandates Roths And More”, which discusses the numerous provisions of the big retirement bill that the House passed this week, known as Secure 2.0. The article begins as follows:  The big retirement bill that the House passed this week, known as Secure 2.0, has several provisions … Continue reading Forbes: Secure 2.0 Retirement Bill Mandates Roths And More (March 31, 2022)

AICPA Tax Insider (March 31, 2022): Biden proposes higher corporate tax rate, 20% billionaire minimum tax; Various exempt organization notices paused; and More!

Biden proposes higher corporate tax rate, 20% billionaire minimum taxFiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences. Various exempt organization notices pausedCiting processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations. Individual taxpayers must answer cryptoasset question, IRS notesFront and center … Continue reading AICPA Tax Insider (March 31, 2022): Biden proposes higher corporate tax rate, 20% billionaire minimum tax; Various exempt organization notices paused; and More!

The Tax Adviser: ‘SECURE 2.0’ would further expand retirement saving options (March 30, 2022)

The Tax Adviser has published an article, “'SECURE 2.0’ would further expand retirement savings options,” which discusses the 'SECURE 2.0' act and the bill's provisions that are intended to expand coverage and increase retirement savings. The article begins as follows: An eventual extension to 75 as the age by which retirees must withdraw required minimum … Continue reading The Tax Adviser: ‘SECURE 2.0’ would further expand retirement saving options (March 30, 2022)

BDO USA: State Pass-through Entity Tax Elections: Weighing the Pros and Cons (March 2022)

BDO USA has published an article, “State Pass-through Entity Tax Elections: Weighing the Pros and Cons”, published on BDO USA. The abstract is as follows: More than 20 states now allow pass-through entities (PTEs) to elect to be taxed at the entity level to help their residents avoid the $10,000 limit on federal itemized deductions … Continue reading BDO USA: State Pass-through Entity Tax Elections: Weighing the Pros and Cons (March 2022)

NTA Blog: TAS Tax Tip: When to check yes or no for the virtual currency question (March 29, 2022)

The National Taxpayer Advocate has made available for download their article, “TAS Tax Tip: When to check yes or no for the virtual currency question”, published on The National Taxpayer Blog. The abstract is as follows: Even though the IRS introduced a check box related to virtual currency on Form 1040 individual tax returns a few years … Continue reading NTA Blog: TAS Tax Tip: When to check yes or no for the virtual currency question (March 29, 2022)

Keith Fogg (Procedurally Taxing): Challenging Levy Compliance (March 30, 2022)

Keith Fogg, director of the Federal Tax Clinic at Harvard Law School’s Legal Services Center, has made available for download his article “Challenging Levy Compliance”, published on the Procedurally Taxing blog. The abstract is as follows: The IRS regularly issues levies to banks and to employers.  Taxpayers subject to the levy have almost no way … Continue reading Keith Fogg (Procedurally Taxing): Challenging Levy Compliance (March 30, 2022)

IPB Tax: “Billionaire Tax” Faces Uncertain Prospects (March 29, 2022)

Ivins Philips Barker has made available for download their article, “"Billionaire Tax" Faces Uncertain Prospects”, which discusses principal proposals potentially affecting high net worth individuals from the Treasury Department's General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals . The abstract is as follows: The Treasury Department released its General Explanations of the Administration’s Fiscal … Continue reading IPB Tax: “Billionaire Tax” Faces Uncertain Prospects (March 29, 2022)

IRS: Get an automatic six more months to file; all taxpayers can use IRS Free File to request an extension (IR-2022-71)(March 29, 2022)

The IRS reminds taxpayers that if they're unable to file their tax return by this year's April 18 deadline, there's an easy, online option to get more time to complete their return. Taxpayers who need more time to complete their return can request an automatic six-month extension to file. An extension allows for extra time … Continue reading IRS: Get an automatic six more months to file; all taxpayers can use IRS Free File to request an extension (IR-2022-71)(March 29, 2022)

Rev. Proc. 2022-21: Nationwide average purchase price, residences located in United States

The IRS released an advance version of Rev. Proc. 2022-21 that provides issuers of qualified mortgage bonds, as defined in section 143(a), and issuers of mortgage credit certificates, as defined in section 25(c), with Nationwide average purchase prices for residences located in the United States and average area purchase price safe harbors for residences located … Continue reading Rev. Proc. 2022-21: Nationwide average purchase price, residences located in United States

Bradley R. Marsh and Ruben Sislyan (Greenberg Traurig LLP): California SB 113 Eliminates Suspension on NOL Deductions, Lifts Limitation on Use of Tax Credits, and Expands Elective Pass-Through Tax (February 14, 2022)

Scott E. Fink, Pallav Raghuvanshi, and Kenneth Zuckerbrot, of Greenberg Traurig LLP, have made available for download their article, “4th Circuit Holds Tax Penalty Obligations Are Not Voidable Fraudulent Transfers”, published in a Greenberg Traurig Alert. The abstract is as follows: The Fourth Circuit in Cook v. United States held that federal tax penalty assessments and the payments the debtor made were not voidable … Continue reading Bradley R. Marsh and Ruben Sislyan (Greenberg Traurig LLP): California SB 113 Eliminates Suspension on NOL Deductions, Lifts Limitation on Use of Tax Credits, and Expands Elective Pass-Through Tax (February 14, 2022)

KPMG: International tax proposals in Biden Administration’s budget for FY 2023 (March 30, 2022)

KPMG reports that the U.S. treasury department released details of tax proposals in the administration’s budget recommendations for FY 2023 in the “Green Book.”. It’s summary begins as follows: Significant international tax proposals in the FY 2023 budget include the following (this list sets outs a high-level description and is not exhaustive):   Repeal and replace … Continue reading KPMG: International tax proposals in Biden Administration’s budget for FY 2023 (March 30, 2022)

NY Times: Trade Your Crypto. Buy Your NFTs. And Pay Your Taxes (March 26, 2022)

David Yaffe-Bellany and Ron Lieber, in their New York Times article, discusses tools that help investors better understand their returns on cryptocurrency. Their article, “Trade Your Crypto. Buy Your NFTs. And Pay Your Taxes”, begins as follows: The Internal Revenue Service may run on ancient technology, but that isn’t stopping it from taking its cut from your … Continue reading NY Times: Trade Your Crypto. Buy Your NFTs. And Pay Your Taxes (March 26, 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)

ProPublica Free Webinar: The Billionaire Playbook on April 12

ProPublica is hosting a free webinar to discuss Biden's Billionaire Tax and it's impact on the affluent. The description is below. For the past year, ProPublica’s reporting for “The Secret IRS Files” has shined a light on the growing wealth gap, inequities in the tax system and billionaires’ playbook for dodging taxes. Using a vast … Continue reading ProPublica Free Webinar: The Billionaire Playbook on April 12

TaxProf Blog: Lesson From The Tax Court: Take The Administrative Appeal (March 28, 2022)

Bryan Camp has published his article, "Lesson From The Tax Court: Take The Administrative Appeal", which discusses how taxpayers' myopia often leads them down the wrong path of ignoring their opportunity to go to Appeals. The article beings as follows: Taxpayers famously focus on trying to get their “day in court” against the evil IRS.  … Continue reading TaxProf Blog: Lesson From The Tax Court: Take The Administrative Appeal (March 28, 2022)

Doron Narotzki and Melanie McCoskey: The Code Section 267 Related Party Rules: When Do They Apply to Section 351 Transactions? (January 19, 2022)

Doron Narotzki and Melanie McCoskey of The George W. Daverio School of Accounting, have made available for download their article, "The Code Section 267 Related Party Rules: When Do They Apply to Section 351 Transactions?", published in Journal of Taxation, Volume 136, Number 02, February 2022. The abstract is as follows: Code Section 351 states … Continue reading Doron Narotzki and Melanie McCoskey: The Code Section 267 Related Party Rules: When Do They Apply to Section 351 Transactions? (January 19, 2022)

Victoria J. Haneman: Dynasty 529 Plans and Structural Inequality (March 12, 2022)

Victoria J. Haneman of Creighton University - School of Law, has made available for download her article, "Dynasty 529 Plans and Structural Inequality", published in Washburn Law Journal, 2022. The abstract is as follows: The tax advantages available through 529 accounts, such as the potential for perpetual tax-free growth, have been maximized by the wealth … Continue reading Victoria J. Haneman: Dynasty 529 Plans and Structural Inequality (March 12, 2022)