US Congress will be giving the Internal Revenue Service (IRS) $79.6 billion over the next 10 years in an effort to put the agency back on the path to effective and efficient tax administration. The money will find lots of...more
In Mayo Found. for Med. Educ. & Rsch. v. United States, 131 S.Ct. 704 (2011), the Supreme Court of the United States made clear that administrative law rules apply to tax guidance like they do to other federal agency...more
Earlier this year, the Internal Revenue Service (IRS) announced the creation of a new Joint Strategic Emerging Issues Team (JSEIT). The new initiative, announced at the New York University School of Professional Studies Tax...more
9/8/2022
/ Criminal Investigations ,
Government Entities ,
Internal Revenue Code (IRC) ,
IRS ,
Large Business & International Division (LB&I) ,
Self Employed ,
Small Business ,
Tax Audits ,
Tax Exempt Entities ,
Tax Reform ,
Tax Returns
On January 27, 2022, Supreme Court of the United States Justice Stephen Breyer formally announced his retirement, effective when the Supreme Court breaks for summer recess in June or July later this year—after his successor...more
Tax reform is on the horizon. It’s in the press every day, but until US Congress can get together and make a final decision, it’s all conjecture. So what can taxpayers do to prepare for the inevitable? One idea is to enter...more
In the latest tax regulation deference case, the Eighth Circuit provided guidance to taxpayers and tax practitioners on the “analytical path” to resolve the question of whether a tax regulation is a valid interpretation of...more
5/18/2021
/ Auer Deference ,
Chevron Deference ,
Debt Financing ,
Functionality ,
Internal Revenue Code (IRC) ,
Judicial Deference ,
Judicial Interpretation ,
Kisor v Wilkie ,
Mayo Clinic ,
Statutory Interpretation ,
Tax Practitioner Privilege ,
Tax Reform ,
Unrelated Business Income Tax
One of the most pressing audit issues for large taxpayers today centers on the Internal Revenue Code (Code) Section 965 transition tax. The Internal Revenue Service (IRS) has designated Code Section 965 as a campaign issue...more
If you have knowingly failed to report income or claimed deductions you know you are not entitled to, or just decided not to file your tax returns and pay the tax owed, you may be liable for civil penalties and even jail time...more
The United States Supreme Court has picked up the pace this week, already issuing eight regular opinions and four opinions relating to orders as of today. We discuss the tax-related items here.
In Rodriguez v. FDIC, the...more
2/27/2020
/ Administrative Procedure Act ,
Affiliated-Business Arrangements ,
Appeals ,
Bob Richards Rule ,
Consolidated Tax Returns ,
Federal Common Law ,
Federal v State Law Application ,
Internal Revenue Code (IRC) ,
IRS ,
Jurisdiction ,
Kisor v Wilkie ,
Lack of Authority ,
Parent Corporation ,
Petition for Writ of Certiorari ,
Remand ,
Rodriguez v Federal Deposit Insurance Corp. ,
SCOTUS ,
State Law Claims ,
Tax Allocation Agreements ,
Tax Reform ,
Tax Refunds ,
Unconstitutional Condition ,
Vacated
On November 4, 2019, the Internal Revenue Service (IRS) announced a new Large Business and International (LB&I) compliance campaign regarding Section’s 965 transition tax under the Tax Cuts and Jobs Act (TCJA). This is one of...more
11/7/2019
/ Anti-Abuse Rule ,
Foreign Corporations ,
Foreign Earned Income ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
Large Business & International Division (LB&I) ,
Multinationals ,
New Guidance ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Transition Tax
Borenstein v. Commissioner is an interesting opinion involving the intersection of canons of statutory construction and jurisdiction. Recently, the US Court of Appeals for the Second Circuit reversed the US Tax Court’s...more
4/16/2019
/ Appeals ,
Deficiency Notices ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Jurisdiction ,
Overpayment ,
Reversal ,
Statutory Interpretation ,
Tax Court ,
Tax Litigation ,
Tax Reform ,
Tax Refunds ,
Tax Returns
Regulatory Developments Under § 367 Affecting Transfers of Appreciated Property to Foreign Corporations -
Introduction:
On September 14, the U.S. Department of the Treasury (Treasury) and the Internal Revenue...more
10/5/2015
/ Administrative Procedure Act ,
Amended Regulation ,
BEPS ,
Clawbacks ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Cost-Sharing ,
Foreign Corporations ,
Goodwill ,
Intangible Property ,
IRC Section 367 ,
IRS ,
Partnerships ,
Proposed Regulation ,
Section 482 ,
Stock-Based Compensation ,
Tax Court ,
Tax Reform ,
Transfer Pricing ,
Transfers ,
U.S. Treasury
Consistent with prior judicial precedent, the U.S. Court of Appeals for the Fifth Circuit recently applied a literal interpretation of the Subpart F inclusion rules based on the plain meaning of Sections 951 and 956....more