Popular, Tax Returns, Income Taxes

Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA)

Hinshaw & Culbertson LLP on 7/25/2024

The Corporate Transparency Act (the CTA) went into effect earlier this year, although many uncertainties about the CTA's application still remain. To help remedy those uncertainties, the Financial Crimes Enforcement Network...more

IRS Data Leak Hits Home: Actions for Taxpayers in the Wake of the Littlejohn IRS Data Breach

ArentFox Schiff on 5/14/2024

The Internal Revenue Service (IRS) has begun the process of informing over 70,000 taxpayers that their confidential tax information was leaked in a widespread breach by a former IRS contractor. Those impacted should take...more

Business Taxation of Hedging Transactions Part V: Consolidated Groups

ASKramer Law on 5/3/2024

Do the tax hedge rules apply to consolidated tax groups? Yes. The Treasury Regulations treat members of a consolidated corporate group as divisions of a single entity. As a single entity, the risks and positions of all group...more

IRS Cannot Offset Taxpayer’s Refund With A Disputed Tax Liability

Rivkin Radler LLP on 4/19/2024

Imagine the IRS notifies Taxpayer that they have an outstanding tax liability with respect to Tax Year, and that the agency intends to levy on Taxpayer’s property to collect the allegedly unpaid tax. Taxpayer challenges the...more

IRS Tax Refunds are Lower for Tax Year 2023 Thus Far

Allen Barron, Inc. on 2/19/2024

Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one...more

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

Buckingham, Doolittle & Burroughs, LLC on 1/23/2024

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

IRS to Leave More in Our Paychecks in 2024

Allen Barron, Inc. on 11/17/2023

Is it possible for the IRS to leave more in our paychecks in 2024? What has changed for the 2024 federal income tax brackets and how will these apply to the tax return(s) you’ll file in 2025?...more

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

Bowditch & Dewey on 10/5/2023

The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

When It Rains, It Pours in Washington State – The Washington Supreme Court Upholds the 2021 Enacted Capital Gains Tax

Foster Garvey PC on 3/27/2023

It is a rainy day in the Pacific Northwest with chances of snow showers. For those taxpayers that reside in the state of Washington or own highly appreciated capital assets located in the state, their day just got a bit...more

Lawsuit Challenging Taxation of Cryptocurrency Tokens Generated Through Staking Dismissed as Moot

Mintz on 10/12/2022

The early dismissal of a federal lawsuit that could have resolved whether certain cryptocurrency tokens can be taxed as federal income feels like business as usual for an industry accustomed to uncertainty. At issue in this...more

New Crypto Reporting Requirements Aim to Address Tax Gap

Kohrman Jackson & Krantz LLP on 2/11/2022

As cryptocurrencies such as Bitcoin rise in popularity, government regulators repeatedly try, and often fail, to control its use as a tax shelter. Agencies such as the IRS struggle with determining the best way to tax...more

Crypto Tax Lawyers – 5 Things to Consider Before Hiring

Oberheiden P.C. on 2/7/2022

The IRS, Taxpayers, and Cryptocurrencies or virtual currencies - The Internal Revenue Service (“IRS”) issued its first guidance on cryptocurrencies— “virtual currencies''—in 2014, taking the position that crypto...more

Are The Feds Getting Ready To Kick Your “S”?

Rivkin Radler LLP on 8/30/2021

Report Card- A couple of weeks ago, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report that presented the results of its review to determine whether the IRS’s “policies, procedures and,...more

Cryptocurrency Tax Update

Bowditch & Dewey on 6/23/2021

The IRS continues its campaign against cryptocurrency investors and traders who evade income taxes on currency gains. As we wrote in 2016, the IRS was successful in compelling Coinbase, a large digital currency exchange, to...more

Deadline for Filing Extensions on Gift Tax Returns Is April 15

Neal, Gerber & Eisenberg LLP on 4/8/2021

The Internal Revenue Service recently announced the federal income tax filing due date for individuals for the 2020 tax year will be extended automatically from April 15, 2021, to May 17, 2021. However, this announcement did...more

New York State Extends Tax Filing Deadline to May 17, 2021

Gibney Anthony & Flaherty, LLP on 3/22/2021

New York State has extended the due date for personal income tax returns and related payments originally due on April 15, 2021 to May 17, 2021. This follows the federal tax deadline which was also extended from April 15,...more

IRS Advises that Virtual Currency Received in Exchange for Microtasking is Subject to Ordinary Income Tax and Self-Employment Tax

Polsinelli on 10/8/2020

As discussed in previous blog entries , the IRS has been engaged in an ongoing campaign intended to address noncompliance related to the use of crypto currencies, including a virtual currency compliance campaign spearheaded...more

The IRS Provides Some Good News to Oregonians During a Time When Positive News Is Rare – News Releases OR-2020-23 and IR-2020-215

Foster Garvey PC on 9/18/2020

When we thought times were bad enough with the COVID-19 pandemic and widespread social unrest in our country, the West Coast, including the Pacific Northwest, was struck with unprecedented wildfires and massive windstorms,...more

Treasury and IRS are Aiming to Provide Greater Clarity on International Tax Reporting

Foodman CPAs & Advisors on 8/7/2020

On July 14, 2020, the US Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022). The two proposed forms SCHEDULE K-2 (Form 1065) and Schedule K-3 (Form 1065) are...more

Did you know that IRS reinstated the “ASFR” program in 2019?

Foodman CPAs & Advisors on 7/28/2020

Under Internal Revenue Code, Section 6620, if a Taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that Taxpayer based on the knowledge that it has on hand. ...more

IRS Discusses New IRS Return Examination Campaigns

Bowditch & Dewey on 7/20/2020

In remarks at the NYU Tax Controversy Forum in June, the IRS discussed two new IRS return examination campaigns. Ms. Tamera Ripperda, the commissioner of the Tax Exempt and Government Entities (TEGE) Division who previously...more

The Internal Revenue Service reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020

Partridge Snow & Hahn LLP on 7/10/2020

For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15,...more

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