Joshua Bearce, Charles Jacob III, et al. (Goulston & Storrs PC): Probate & Fiduciary Litigation Newsletter – February 2023 (January 31, 2023)

February 2, 2023-Nicholas Ward Joshua Bearce, Charles Jacob III, et al. of Goulston and Storrs PC , have made available for download their article "Probate & Fiduciary Litigation Newsletter - February 2023," published in JDSUPRA. The abstract is as follows: This newsletter is intended to keep readers informed about developments in probate and fiduciary litigation … Continue reading Joshua Bearce, Charles Jacob III, et al. (Goulston & Storrs PC): Probate & Fiduciary Litigation Newsletter – February 2023 (January 31, 2023)

Howard Gleckman and Steve Rosenthal: Tax Cheats, Dodgers, Avoiders, And Evaders (January 27, 2023)

February 2, 2023- Nicholas Ward Howard Gleckman and Steven Rosenthal of Forbes, have made available for downloadtheir article, "Tax Cheats, Dodgers, Avoiders And Evaders," published in Forbes. The abstract is as follows: The news is filled with stories about conflicts between taxpayers and tax collectors. Just a few weeks ago a New York jury convicted … Continue reading Howard Gleckman and Steve Rosenthal: Tax Cheats, Dodgers, Avoiders, And Evaders (January 27, 2023)

David Fowler Johnson(Winstead PC): Court Granted Mandamus Relief To Order District Court To Abate Trust Dispute Due To Earlier Filed Suit In Probate Court (January 31, 2023)

David Fowler Johnson, of (Winstead PC), has made available fordownload his article, Court Granted Mandamus Relief To Order District Court To Abate Trust Dispute Due To Earlier Filed Suit In Probate Court, published in JDSUPRA. The abstract is as follows: In In re McGowan, a dispute arose regarding whether certain interests in real property were funded … Continue reading David Fowler Johnson(Winstead PC): Court Granted Mandamus Relief To Order District Court To Abate Trust Dispute Due To Earlier Filed Suit In Probate Court (January 31, 2023)

David A. Weisbach: Against Anti-Tax Exceptionalism (Janaury 14, 2023)

February 1, 2023 - Nicholas Ward David A. Weisbach, of University of Chicago Law School, has made available for download his article, Against Anti-Tax Exceptionalism, published in the University of Chicago Coase-Sandor Institute for Law and Economics Research Paper Series. The abstract is as follows: This paper examines the arguments found in what has become … Continue reading David A. Weisbach: Against Anti-Tax Exceptionalism (Janaury 14, 2023)

Ray Dalio, The Farce and Consequences of the Debt Limit and the Debt (Jan. 25, 2023)

Ray Dalio has published an article that begins to analyze the impact of the debt ceiling on the economy. The first two parts are located here: Ray Dalio, The Farce and Consequences of the Debt Limit and the Debt (Jan. 25, 2023) A Two-Part Look at: 1. Principles for Navigating Big Debt Crises, and 2. … Continue reading Ray Dalio, The Farce and Consequences of the Debt Limit and the Debt (Jan. 25, 2023)

National Taxpayer Advocate Annual Report to Congress Delivered (January 11, 2023)

On January 11, 2023, National Taxpayer Advocate Erin M. Collins delivered the 2022 Annual Report to Congress. The report assesses overall taxpayer service by the IRS throughout 2022 independently, with no prior oversight by the IRS. Additionally, the report identifies the ten most serious problems faced by taxpayers interacting with the IRS and makes specific … Continue reading National Taxpayer Advocate Annual Report to Congress Delivered (January 11, 2023)

Digital Asset Tax Loss Harvesting This Season (January 10, 2023)

As with many assets, cryptocurrency and other digital assets had a terrible year in 2022. Some investors have begun using their deflated digital assets in order to offset capital gains from other assets, including stocks. The IRS does treat digital assets as property (per Notice 2014-21) and so this can work, but investing losses can … Continue reading Digital Asset Tax Loss Harvesting This Season (January 10, 2023)

Wondries v. Comissioner: Tax Court Holds That Taxpayers Are Entitled to Deductions on Ranching Activity (January 10, 2022)

On January 9, 2023, the U.S. Tax Court held that taxpayers engaged in a ranching activity were doing so for profit and thus they were eligible for tax deductions due to losses incurred during such activity. The taxpayers had engaged in a ranching activity for several years, sustaining a net loss during each one. The … Continue reading Wondries v. Comissioner: Tax Court Holds That Taxpayers Are Entitled to Deductions on Ranching Activity (January 10, 2022)

Reporting Requirement for Online Payments Delayed (January 10, 2022)

On December 23, 2022, the IRS announced that third-party settlement organizations will not have to report 2022 tax year transactions in accordance with the new $600 threshold established by the American Rescue Plan of 2021. 2022 will be regarded as a "transition year" for these reporting requirements, but the old threshold of reporting ($20,000 in … Continue reading Reporting Requirement for Online Payments Delayed (January 10, 2022)

Notice 2023-7: IRS Releases Initial Corporate Alternative Minimum Tax Guidelines (January 5, 2023)

On December 27, 2022, the IRS released new proposed regulations concerning the corporate alternative minimum tax established in the Inflation Reduction Act applicable after December 31, 2022. The Notice contains interim guidance on regarding specific issues related to the existing Internal Revenue Code. See Notice 2023-7 See also KPMG Report on Notice 2023-7

Notice 2023-2: IRS Releases Proposed New Excise Tax on Corporate Stock Buyback Regulations (December 30, 2022)

On December 27, 2022, the IRS issued new proposed regulations concerning the new excise tax on corporate stock repurchases enacted as part of the Inflation Reduction Act of 2022. The proposed regulations include a list of transactions that are newly taxable as well as rules for reporting and liability under this excise tax. See Notice … Continue reading Notice 2023-2: IRS Releases Proposed New Excise Tax on Corporate Stock Buyback Regulations (December 30, 2022)

David Reidel and Kathryn Windsor (Alder Pollock & Sheehan P.C.): A Spouse’s Inheritance Rights Vary State by State (December 12, 2022)

David Reidel and Kathryn Windsor, of Alder Pollock & Sheehan P.C., “A Spouse’s Inheritance Rights Vary State by State,” published in JDSUPRA. The abstract is as follows: If you’re preparing to get remarried, your estate plan likely isn’t top of mind. However, depending on the state you live in, your spouse has property rights that … Continue reading David Reidel and Kathryn Windsor (Alder Pollock & Sheehan P.C.): A Spouse’s Inheritance Rights Vary State by State (December 12, 2022)

Open AI’s Assistant and Andrew M. Perlman: The Implications of OpenAI’s Assistant for Legal Services and Society (December 5, 2022)

Open AI’s Assistant and Andrew M. Perlman, of Suffolk University Law School, has made available for download her article, “The Implications of Open AI’s Assistant for Legal Services and Society,” published in SSRN. The abstract is as follows:  On November 30, 2022, OpenAI released a chatbot called ChatGPT. To demonstrate the chatbot’s remarkable sophistication and … Continue reading Open AI’s Assistant and Andrew M. Perlman: The Implications of OpenAI’s Assistant for Legal Services and Society (December 5, 2022)

SECURE Act 2.0 of 2022: New Retirement Savings Provisions in New Omnibus Spending Bill (December 20, 2022)

This Tuesday, the Senate Appropriations Committee released the text of the latest omnibus spending bill which includes various new provisions for increasing retirement savings. New provisions include a new federal matching contribution of up to $1000 per person, expand required enrollment in IRA plans by employers, and changes to withdrawals in certain cases. See SECURE … Continue reading SECURE Act 2.0 of 2022: New Retirement Savings Provisions in New Omnibus Spending Bill (December 20, 2022)

RIN 1506-AB59: FinCEN Announces New Proposed Beneficial Ownership Information Regulations (December 17, 2022)

This Thursday, December 15, the Financial Crimes Enforcement Network (FinCEN) proposed new regulations on beneficial ownership information access by authorized recipients. These new regulations would implement the existing security protocols for personally identifiable information reported to FinCEN as required by the Corporate Transparency Act for beneficial ownership information. See RIN-1506-AB59

IRS Releases New Technical Guides (December 13, 2022)

The IRS Tax Exempt and Government Entities has provided three new technical guides: TG 0, TG 3-4, and TG-17. TG 0 is an updated overview of all technical guides. TG-3-4 is an updated guide to tax law regarding scientific organizations exempt under Section 501(c)(3). TG-17 is an updated guide to tax law regarding trusts that … Continue reading IRS Releases New Technical Guides (December 13, 2022)

Ismail v. Commissioner of Internal Revenue: Tax Court Holds Individuals Not Entitled to Deduct Business Expenses from Foreign Corporation (November 29, 2022)

The U.S. Tax Court in Ismail v. Commissioner of Internal Revenue held that two individuals did not have ownership in a foreign corporation and so were not entitled to deduct business expenses from their tax liabilities. The court held that the taxpayers had failed to establish ownership interest in the corporation and so could not … Continue reading Ismail v. Commissioner of Internal Revenue: Tax Court Holds Individuals Not Entitled to Deduct Business Expenses from Foreign Corporation (November 29, 2022)

REG-106134-22: IRS Releases New Proposed Regulations for Listed Transactions (December 7, 2022)

In REG-106134-22, the IRS announces proposed regulations that classify certain syndicated conservation easement transactions and some similar transactions as listed transactions. These regulations affect both some participants in these transactions as well as any material advisors involved. The proposed regulations do not allow qualified organizations to be treated as participants or parties to a prohibited … Continue reading REG-106134-22: IRS Releases New Proposed Regulations for Listed Transactions (December 7, 2022)