Chief Counsel Discusses Trust Structure Marketed as a Tax Shelter
In a Generic Legal Advice Memo (GLAM), Chief Counsel discusses a nongrantor trust structure marketed as a tax shelter. Chief Counsel concluded …
Real Estate Tax Experts Talk FIRPTA Withholding Challenges
At a tax conference panel on tax strategies for foreign investments in US real estate, a pair of practitioners shared …
House Democrat Floats China Risk Reporting, Crypto Tax Reforms
Representative Brad Sherman (D-CA) on November 9, 2023, rolled out draft legislation that would expand risk disclosures related to public …
Foreign Currency Prop Regs Issued
The IRS has issued proposed regs relating to the determination of taxable income or loss and foreign currency gain or …
Tax Court: Overall Foreign Loss Recaptured, Remaining Gain Not Exempt or Recharacterized
The Tax Court determined that a US company’s gain from the sale of its foreign subsidiary was not recharacterized as …
No Supervisory Approval Needed for Penalty Assessed by Computer Program
The Tax Court has determined that a failure to file information returns penalty, assessed by the IRS’ Combined Annual Wage …
Secretary Yellen: Paperless Filing Initiative ‘Ahead of Schedule’
The IRS’ Inflation Reduction Act-funded (PL 117-169) initiative to move tax filing, correspondence, and assistance services online is coming along …
Speaker Johnson Doubles Down on Stripping IRS Funds for Israel Support
Days after the House passed a $14.3 billion Israel emergency aid package, the chamber’s new leader defended Republicans’ decision to …
IRS Webinar: ERC Withdrawal Process, Common Issues, and Repayment Process Coming Soon
By Debbie Tam On November 2, the IRS presented a webinar, Employee Retention Credit: Latest information on the Moratorium and Options …
IRS Seeks Volunteers for Free Tax Services
The IRS has announced its Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs are currently …