Tag Archives: #IRS

IRS Issues Regs To Require Unreported Foreign-Owned Disregarded Entities To Disclose Ownership Through EINs/Information Returns

The IRS has issued proposed regs that would impose new reporting requirements on U.S. disregarded entities (DEs) solely owned by a foreign party. The IRS stated that, under current law, these DEs and their foreign owners are unknown because they … Continue reading

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IRS Sets Compliance Sights On Micro-Captive Insurance Transactions

  The IRS has recently notified taxpayers who use so-called “micro-captive” insurance transactions that the agency is taking an interest in potential abuses associated with the transactions. As of November 2, 2016, the IRS will highly scrutinize these transactions. Take … Continue reading

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Key Terms related to new ABLE Accounts

The Achieving a Better Life Experience (ABLE) Act of 2014 was passed by Congress in late 2014 with significant bipartisan support. The ABLE Act created tax-favored savings accounts for qualified individuals with disabilities (who became disabled before age 26) for tax … Continue reading

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No Change In Corporation’s Status For Federal Tax Purposes After Dissolution By State

A corporation’s dissolution by state administrative action did not end its corporate status for federal tax purposes, the IRS has determined. The IRS reiterated that the question of whether a business entity is to be taxed as a corporation is … Continue reading

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IRS Will Only Issue Estate Tax Closing Letters On Request

The IRS has announced that it will no longer routinely issue estate tax closing letters following the submission of an estate tax return (Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return). For returns filed on or after June 1, … Continue reading

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Tax Court Finds Secondary Residence Not Converted Into Rental Property To Allow Ordinary Losses

The Tax Court has held that a married couple did not convert their secondary residence into property held for the production of income. Consequently, the taxpayers were not entitled to an ordinary loss deduction. Take Away. Property is no longer … Continue reading

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The 2016 Tax Filing Season Will Be Longer

A Washington, D.C. holiday, Emancipation Day, will shift the 2016 filing deadline from April 15 to April 18, 2016. Background. On January 4, 2005, Mayor Anthony A. Williams signed legislation making Emancipation Day an official public holiday in the District … Continue reading

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Marijuana Excise Tax Reduces Amount Realized, Despite Ban On Deducting Illegal Drug Costs

IRS Chief Counsel has determined that a state excise tax on marijuana products and that taxpayers in a marijuana-related business can treat the excise tax as a reduction in the amount realized on the sale of marijuana-related property. Code Sec. 280E’s denial … Continue reading

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How The IRS Resolves An Identity Theft Case

Just as the incidence of tax-related identity theft continues to increase, the IRS’s procedures for addressing the problem continue to evolve. The IRS has responded to criticism from the Treasury Inspector General for Tax Administration (TIGTA) and the National Taxpayer … Continue reading

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Tax Notices and You

Did you receive an IRS notice and you are not sure what to do? Congratulations! You are one of the millions of taxpayers who were lucky enough to receive an IRS notice/letter this year. Please do not pull out your hair, help … Continue reading

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