News & Analysis as of October 12, 2024

Filing Deadlines

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Missing the Tax Court’s 90-Day Deficiency Deadline – Now What?

Rivkin Radler LLP on 4/24/2024

Over the years, I have observed there is only one thing that a taxpayer fears more than being notified by the IRS that their income tax return for a particular taxable year has been selected for audit, and that is being...more

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

DarrowEverett LLP on 10/19/2023

In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks...more

Starting a Start-Up? Here’s One More Thing You Need to Know: The 83(b) Election

Bowditch & Dewey on 6/29/2023

Many people are forming start-up entities, especially in the Boston and Worcester areas, and for some, it becomes a great success story. For others, it does not. As an attorney who assists many start-ups and investors, I see...more

Weekly IRS Roundup May 8 – May 12, 2023

McDermott Will & Emery on 5/16/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2023 – May 12, 2023...more

Have a Partnership? March 15th Deadline Offers a Window of Opportunity

Lowndes on 3/3/2023

Many senior housing properties are owned by limited liability companies or other entities that are taxed as partnerships for federal income tax purposes. The March 15th deadline for filing federal partnership tax returns is...more

Weekly IRS Roundup March 27 – April 2, 2022

McDermott Will & Emery on 4/5/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2022 to April 2, 2022... March 29, 2022: The IRS issued a news release reminding...more

Reasonable Cause: An Estate’s Defense Against IRS’s Late-Filing Penalties

Freeman Law on 9/7/2021

The Internal Revenue Code (the “Code”) contains over 150 civil tax penalties for various conduct and non-conduct. One common group of penalties, associated with the late filing of a tax return and the late payment of tax,...more

Missed Window—Taxpayer Loses Chance to Sue IRS on Claim for Refund

Freeman Law on 8/19/2021

In The Merry Wives of Windsor, William Shakespeare penned the famous line: “Better three hours too soon than a minute too late.” And such sentiments of time are certainly true in the tax world. One minute late may have...more

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on 4/13/2021

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Weekly IRS Roundup June 8 – June 12, 2020

McDermott Will & Emery on 6/16/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 8 – June 12, 2020... June 9, 2020: The IRS published a reminder for taxpayers that estimated...more

IRS Issues Guidance Regarding Net Operating Loss Carryback Waivers and Refunds Under the CARES Act | Blogs | Coronavirus Resource...

Foley & Lardner LLP on 4/16/2020

On April 9, 2020, the IRS issued: Rev. Proc. 2020-24, which provides guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) relating to relinquishment of certain net operating loss (NOL)...more

IRS Extends Deadlines for Like-Kind Exchanges to July 15th amid COVID-19 Pandemic

Mitchell, Williams, Selig, Gates & Woodyard,... on 4/13/2020

Due to the ongoing COVID-19 pandemic, the IRS has granted taxpayers an automatic extension for the deadlines imposed by section 1031 of the Tax Code for like-kind exchanges. In IRS Notice 2020-23, released on April 9, 2020,...more

Coronavirus: Recent Tax-Related Developments

Proskauer - Tax Talks on 3/13/2020

Possible Tax Filing and Payment Extension. At a House subcommittee meeting yesterday, March 11, 2020, Treasury Secretary Steven Mnuchin announced that the Treasury Department is considering extending the deadline for certain...more

Finally, Hardship Distribution Regulations are Final

Burr & Forman on 10/1/2019

The Treasury Department and the Internal Revenue Service (collectively referred to hereafter as “IRS”) on September 23, 2019 published the final regulations on hardship distributions, finalizing the regulations proposed in...more

IRS Finalizes Revised Hardship Regulations - Employee Benefits Alert

Bradley Arant Boult Cummings LLP on 9/25/2019

The Internal Revenue Service (IRS) has finalized revisions to the regulations governing hardship distributions under 401(k) and 403(b) plans. The final regulations make some subtle but important changes to the regulations...more

Weekly IRS Roundup April 8 – 12, 2019

McDermott Will & Emery on 4/15/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8 – 12, 2019. April 8, 2019: The IRS issued a news release warning taxpayers against...more

Reasonable Cause for E-Filing Errors?

McDermott Will & Emery on 3/7/2019

Tax return filing season is fast approaching, and taxpayers big and small are preparing to file their returns. A recent US Court of Appeals for the Fifth Circuit decision, Haynes v. United States, No. 17-50816 (5th Cir. Jan....more

Weekly IRS Roundup February 4 – 8, 2019

McDermott Will & Emery on 2/12/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 4 – 8, 2019. February 4, 2019: The IRS released final instructions for Form 1065, US...more

Weekly IRS Roundup January 28 – February 1, 2019

McDermott Will & Emery on 2/4/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 28 – February 1, 2019. January 28, 2019: The IRS issued Revenue Ruling 2019-04,...more

Wealth Management Update - September 2015

Proskauer Rose LLP on 9/16/2015

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

FBAR Deadlines Not as Close as You Think: New Tax Bill's Language Points to 2017 as Likely Timetable

Baker Donelson on 8/18/2015

Thank you for your interest in the 5th Annual IRS Hot Topic Seminar held in Jerusalem in July. In continuing our efforts to provide timely and extremely important updates on tax matters affecting U.S. citizens and green card...more

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Income Taxes › Internal Revenue Code (IRC) › Filing Deadlines

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