NYU Tax Controversy Forum

NYU Tax Controversy Forum Date: June 20, 2014 Location: The Crowne Plaza Times Square Manhattan, New York, NY The annual NYU Tax Controversy Forum features interactive presentations delivered by expert practitioners who cover a broad range of issues regarding tax audits and tax litigation at...

Booker Variances are More Common in Tax Crimes. Why? And Do They Disproportionately Benefit the Rich?

Readers of this blog should be familiar with the name Ty Warner. He is the billionaire who cheated on his U.S. taxes big time (the financially big can cheat big) and, in addition, willfully failed to file the FBARs. He pled guilty to a reduced set of charges. He was sentenced to no incarceration. The...

When Worlds Collide, Pt. 2: The End of DOMA's Reign Over Same-Sex Marriage - Where Are We Now?

by Susan Calistri Boesger, J.D., LL.M * The Decision: U.S. v. Windsor On June 26, 2013, the United States Supreme Court issued a 5-4 decision in United States v. Windsor, 133 S. Ct. 2675 (U.S. 2013) , which declared Section 3 of the Defense of Marriage Act (DOMA, 1 USC § 7) unconstitutional...

U.S. Tax Implications and Considerations for Gift Transfers by Nonresidents

Introduction In the absence of proper tax planning, making a gift may lead to disastrous results when the donor is a foreign person (nonresident alien) and is residing in a country that does not have the same concept of gift tax that exists under the Internal Revenue Code... ... [There are] important...

The New Frontier Under the Final Repair Regulations

by Bradley R. Marsh and Jeremiah Coder Introduction The release last fall of final regulations concerning the deduction and capitalization of expenses related to tangible personal property, along with several pieces of follow-up administrative guidance, has created a remarkable new framework for...

NYU Summer Institute in Taxation

Dates: July 14-25, 2014 Location: The Westin New York at Times Square New York, NY Join today's leading national and international tax authorities during a series of in-depth sessions on state and local taxation, partnerships, consolidated returns, trusts and estates, federal wealth tax, and...

Voluntary Tax Return Preparer Certification in Wake of Loving v. IRS

Loving v. IRS In February 2014, the D.C. Circuit of the U.S. Court of Appeals issued its decision in Loving v. IRS , 742 F.3d 1013 (D.C. Cir. 2014) , regarding the IRS’ authority to license tax return preparers. The D.C. Circuit upheld the decision of the lower court ( Loving v. IRS , 917 F...

IRS Transfer Pricing Audit Roadmap's Potential Impact on U.S. Taxpayers

by Barry Shott, Richard Barrett, Elizabeth Sweigart and Shwetal Shah * Summary. Improved cooperation, collaboration, and transparency continue to be key themes of the message from the Internal Revenue Service ("IRS") for both its own practitioners and the tax community. In another sign of...

Sealing an Indictment Pending Arrest in Tax Cases

I just saw this interesting case involving a lawyer indicted for tax obstruction, Section 7212(a), [ enhanced version available to lexis.com subscribers ]. The case is United States v. McBride , 2014 U.S. Dist. LEXIS 89455 (D. MA 2014), here . The count of the indictment, Section 7212(a), is here . This...

Attorney Sentence Properly Considered Attorney Status and Deterrence in Tax Cases

In United States v. McCord , 2014 U.S. Dist. LEXIS 86436 (SD OH 6/25/14), [ enhanced version available to lexis.com subscribers ], the defendant, an attorney, was sentenced by a Magistrate Judge to 60-days incarceration and 1-year of supervised release. The defendant appealed to the District Judge, alleging...

Court of Appeals Rejects Arguments that Instructions on Willfulness and Good Faith Were Reversible Error

In United States v. Basile , 2014 U.S. App. 12388 (3d Cir. 2014), here , the defendants, husband and wife, chiropractors, engaged an asset protection firm who put them into offshore entities and bank accounts to avoid tax. The defendants took other actions to obscure their income and avoid tax. The defendants...

Part II: Federal and State Tobacco Taxes -- On Fire or Just Smoking?

by Daniel G. Mudd * In a follow-up to Part I (EIA 7184) [ "Basics of Federal and State Tobacco Taxes -- On Fire or Just Smoking?" by Daniel G. Mudd – Emerging Issues Analysis Commentary], which covered the Federal Excise Tax (FET) considerations for a company involved in the tobacco...

Ongoing Intrigue: Self-Employment Tax, Limited Partners, and LLCs

On so many fronts, understanding federal tax discipline, and complying with its tenets, is a daunting challenge. Taxpayers with the best intentions, and the practitioners who serve them, face frequent 'head scratchers' in their concerted efforts to apply the IRC, regulations, and judicial authority...

Message to Treasury: Flex Your Muscles! Who Needs Lawmakers?

In today's political environment, there's no shortage of frustration over the virtual absence of substantive legislation coming out of Congress. The federal tax arena is no exception, of course. And what better target to focus on nowadays than big bad corporations who have the audacity to navigate...

Trojan Horse -- The ACA's 3.8% Medicare Surtax

Editor’s Note : This EIA is excerpted from chapter 1 of the Matthew Bender publication New York University Review of Employee Benefits and Executive Compensation – 2014 , available on Lexis.com, Lexis Advance, and in print HERE . ... In part, the Affordable Care Act created an entirely...

Final Regs on Itemized Deductions of Estates and Non-Grantor Trusts

Like individuals, trusts or estates may deduct ordinary and necessary administration or nonbusiness expenses that are paid or incurred during the tax year. [ IRC §§ 212 , 641 ; Treas Reg §§ 1.212-1(i) , 1.641(b)-1 .]Miscellaneous itemized deductions are allowed to the extent that...

Loving v. IRS and Tax Return Preparer Regulations

by Kimberly Stanley, J.D., LL.M. * Introduction Like more than half of United States taxpayers, you probably pay someone else to prepare your federal income tax return. Although about 40 percent of paid return preparers are attorneys, CPAs, or enrolled agents, the remaining 60 percent have no professional...

View all the federal, state, and international tax news headlines for October 8th from TaxAnalysts® on LexisNexis Tax Center

View all the federal tax news headlines for October 8th from TaxAnalysts® on LexisNexis Tax Center View all the state tax news headlines for October 8th from TaxAnalysts® on LexisNexis Tax Center View all the international tax news headlines for October 8th from TaxAnalysts® on LexisNexis...

EU to Investigate Amazon Tax Ruling for State Aid Breach

The European Commission on October 7 formally launched an investigation into whether Amazon's Luxembourg subsidiary received a favorable transfer-pricing-related tax ruling that violates EU state aid rules. According to a commission release, the investigation focuses on a tax ruling granted by the...

Extenders Indecision Could Delay Filing Season, Koskinen Warns

The IRS might have to delay the start of the 2015 filing season and the processing of tax refunds if Congress does not decide by November whether to renew expired tax provisions known as extenders, IRS Commissioner John Koskinen said October 6. Koskinen's comments came in a letter to Senate Finance...

Final Treasury Regulations Issued on Back-to-Back Loans

by Ronald :Levitt * Treasury Regulations addressing basis increases for back-to-back loans made by S corporation... have been finalized without substantive changes [to proposed regulations issued in 2012] other than changes to the effective/applicability date and minor clarifying changes. [ T.D. 9682...

Filing Compliance Procedures Challenge U.S. Taxpayers Residing Overseas

Generally, [the 2012 Offshore Voluntary Disclosure Program] OVDP is designed for those delinquent U.S. taxpayers who have been holding financial assets overseas, have not been disclosing such assets to the U.S. government, have not been reporting the income produced from such assets, and...

IRS Backs Off Some Civil Forfeitures After Media Inquiries

The IRS has announced that it will curtail its use of civil forfeiture laws to seize the bank accounts of taxpayers not charged with a crime. The move came October 23, after questions raised during reporting of a New York Times story published two days later. The IRS Criminal Investigations division...

Wright Medical Announces Inversion: Pfizer Won't Rule It Out

Wright Medical Group Inc., the maker of orthopedic implants and instrumentation, announced on October 27 that it has agreed to merge with fellow orthopedic manufacturer Tornier N.V. and reincorporate into the Netherlands, where Tornier has been headquartered for eight years. Wright will maintain its...

IRS Designates Ebola Virus Outbreak as Qualfieid Disaster

The IRS has designated the Ebola virus outbreak occurring in the West African countries of Guinea, Liberia, and Sierra Leone as a qualified disaster for purposes of section 139 , noting that payments of qualified disaster relief to assist victims in those three countries are excludable from their gross...