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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +
A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous thirty days. less -
ArentFox Schiff

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

ArentFox Schiff on

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

Rivkin Radler LLP

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

Rivkin Radler LLP on

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

Weber Gallagher Simpson Stapleton Fires &...

Child Tax Credit Modifications: Implications for Divorcing Couples

Weber Gallagher Simpson Stapleton Fires &... on

Parties going through a divorce often negotiate the child tax credit and dependency exemptions in either support or divorce court. The Child Tax Credit has been modified several times in the past few years and once again may...more

Allen Barron, Inc.

Have You Disclosed Offshore Cryptocurrency and NFT Activities to the IRS?

Allen Barron, Inc. on

Have you fully disclosed offshore cryptocurrency and NFT activities to the IRS? Earlier this month, the US Department of Justice announced the indictment of a Texas man for tax returns that were inaccurate, incomplete, or...more

Allen Barron, Inc.

IRS Tax Refunds are Lower for Tax Year 2023 Thus Far

Allen Barron, Inc. on

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

Allen Barron, Inc.

IRS to Leave More in Our Paychecks in 2024

Allen Barron, Inc. on

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

Kramer Levin Naftalis & Frankel LLP

Pandemic-Related Employee Retention Credits: Increasing IRS Scrutiny and Related M&A Considerations

Kramer Levin Naftalis & Frankel LLP on

The IRS continues to focus on combating perceived fraudulent claims relating to the COVID-19 pandemic-era Employee Retention Credits (ERCs). On Oct. 19, the IRS announced a special process allowing taxpayers to withdraw...more

ArentFox Schiff

Investigations Newsletter: Arkansas Men Convicted in $18 Million Global Investment Fraud Conspiracy

ArentFox Schiff on

Arkansas Men Convicted in $18 Million Global Investment Fraud Conspiracy - A federal jury in the Western District of Arkansas convicted four men of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money...more

DarrowEverett LLP

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

DarrowEverett LLP on

The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar...more

Mintz

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

Mintz on

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

Kohrman Jackson & Krantz LLP

New Crypto Reporting Requirements Aim to Address Tax Gap

Kohrman Jackson & Krantz LLP on

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

Rivkin Radler LLP

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

Rivkin Radler LLP on

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

Bowditch & Dewey

Cryptocurrency Tax Update

Bowditch & Dewey on

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

Rivkin Radler LLP

Tax Changes In The Offing? “Close Scrutiny” Of Business Owners’ Economic Benefits Remains A Constant

Rivkin Radler LLP on

I Read the News Today- Much of today’s news is dominated by the future of the Administration’s broadly defined infrastructure plan. Discussions among “those in the know” inevitably turn into debates over the wisdom of...more

Neal, Gerber & Eisenberg LLP

Deadline for Filing Extensions on Gift Tax Returns Is April 15

Neal, Gerber & Eisenberg LLP on

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

Gibney Anthony & Flaherty, LLP

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

Gibney Anthony & Flaherty, LLP on

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

Husch Blackwell LLP

IRS Extends 2021 Tax Filing Deadline For Texas Taxpayers Impacted By Winter Storm

Husch Blackwell LLP on

Following an announcement from the Internal Revenue Service (IRS) on February 22, 2021, Texas residents and business owners suffering from the February 2021 winter storm will now have until June 15, 2021, to file certain tax...more

Polsinelli

A Crypto-Tax Indictment Goes Viral

Polsinelli on

As reported in several recent entries on this blog, IRS has been engaged in ongoing efforts to enforce the taxation of cryptocurrency transactions.. These actions have run the gamut from educating investors,  miners and...more

Polsinelli

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

Polsinelli on

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

Foster Garvey PC

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

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

Foodman CPAs & Advisors

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

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors

Willfulness and IRS Foreign Account Reporting Requirements

Foodman CPAs & Advisors on

The IRS Mission Statement states that: “the taxpayer’s role is to understand and meet his or her tax obligations”.   Taxpayers fill out their own returns under a “self-assessment voluntary reporting system” because the...more

Foodman CPAs & Advisors

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

Foodman CPAs & Advisors on

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

Bowditch & Dewey

IRS Discusses New IRS Return Examination Campaigns

Bowditch & Dewey on

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

Partridge Snow & Hahn LLP

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

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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