EBIA Weekly Newsletter

Tax Court Denies Mileage Deduction and Penalizes Tax Attorney for Inadequate Substantiation

   May 17, 2018

Velez v. Comm’r, T.C. Memo. 2018-46 (2018) Available at https://www.ustaxcourt.gov/UstcInOp/OpinionViewer.aspx?ID=11622 In this case, the IRS denied a tax attorney’s deduction for vehicle expenses because the expenses were inadequately substantiated. The attorney maintained multiple offices and traveled between them regularly by car or truck. He did not maintain a contemporaneous written record … Read More

Value of Employer-Provided Foreign Tax Return Preparation Not Excludable as Working Condition Fringe Benefit

   May 10, 2018

IRS Chief Counsel Memorandum 201810007 (Nov. 28, 2017) Available at https://www.irs.gov/pub/irs-wd/201810007.pdf The IRS Chief Counsel’s office has released a memorandum concluding that employer-provided foreign tax preparation services are not excludable as a working condition fringe benefit, and that the fair market value of those services must be treated as income and … Read More

DOL Offers Temporary Enforcement Relief for Investment Advice Fiduciaries

   May 10, 2018

Field Assistance Bulletin 2018-02 (May 7, 2018) Available at https://www.dol.gov/agencies/ebsa/employers-and-advisers/guidance/field-assistance-bulletins/2018-02 The DOL has announced a temporary enforcement policy relating to its contested regulations interpreting ERISA’s fiduciary definition and adopting or amending related prohibited transaction exemptions (PTEs). As background, in 2016 the DOL issued regulations expanding who is an ERISA fiduciary when … Read More