Darth Vader at the IRS?

At Tax Analysts, where I work, the employees have a lot of fun with Halloween. There’s a party with refreshments, a costume contest, and a pumpkin carving contest. We have greatly creative people; so, the submissions for the contests are quite something. . . . . The premise of this particular pumpkin...

McNees Wallace & Nurick LLC: New FBAR Rules Significantly Increase Employee Filings

By Veronica R. Johnson Did you know that if you have a bank account outside of the United States, you may be required to file a Treasury Form 90-22.1 with the U.S. Treasury every year? There are strict penalties in place for those who fail to file this form. Although the regulation is intended to uncover...

TIGTA Report on the State of IRS CI

In August, TIGTA released its report titled Trends in Criminal Investigation's Enforcement Activities Showed Improvements for Fiscal Year 2010, With Gains in Most Performance Indicators (Ref: 2011-30-068 7/25/11), here . I have finally found time to look at the report, which is an annual report on...

New Notice Requirements for Retirement Plans Seeking IRS Approval of Church Plan Status

By Ralph E. DeJong, Patrick D. Ryan and Todd A. Solomon Revenue Procedure 2011-44 modifies the procedures for submitting a private letter ruling request that a retirement plan constitutes a church plan to include a requirement that the applicant provide a notice to certain interested persons...

IRS Releases FAQs on Notice to Terminated Participants with Deferred Vested Benefits Reported on the New Form 8955-SSA

The Internal Revenue Service has released a new set of frequently asked questions (FAQs) on the requirement to provide notice to participants in pension, 401(k), 403(b), and other retirement plans who have terminated employment with the plan sponsor, but who have vested plan benefits that are payable...

Leslie Schneider on Taxation of Inventories, LIFO, IFRS, and M&A - LexisNexis® Tax Law Community Podcast

On this edition, Leslie Schneider of Ivins, Phillips & Barker, Chartered, discusses the status of last-in-first-out (LIFO) tax accounting and international financial accounting standards (IFRS). Mr. Schneider also analyzes the treatment of sales-based royalties for inventory costing purposes and...

Leslie Schneider on Taxation of Inventories, LIFO, IFRS, and M&A - LexisNexis® Tax Law Community Podcast

On this edition, Leslie Schneider of Ivins, Phillips & Barker, Chartered, discusses the status of last-in-first-out (LIFO) tax accounting and international financial accounting standards (IFRS). Mr. Schneider also analyzes the treatment of sales-based royalties for inventory costing purposes and...

What You Should Know About FBAR Penalty Mitigation

By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial interest in, or signature authority over, one...

The Taxman Cometh: IRS Audit Focus on Middle Market Companies

In a recent speech at the mid-year conference of the Tax Executives Institute, IRS Deputy Commissioner Steven T. Miller laid out the framework for the future of IRS corporate audits. To borrow Mr. Miller's own assessment, this is bad news for large corporate taxpayers in the CIC (Coordinated Industry...

Trust Fund Tax Convictions Affirmed

In United States v. DeMuro, ___ F.3d ___, 2012 U.S. App. LEXIS 8094 (3d Cir. 2012) , enhanced opinion available to lexis.com subscribers, (Non-subscribers can download the unenhanced official opinion here ), the Demuros, husband and wife, were convicted of "conspiracy to defraud the United States...

IRS Issues Guidance for Schedule UTP Concise Descriptions

The IRS revised the Instructions for Schedule UTP in early February, but one thing that it did not change was the definition of the concise description required to accompany each uncertain tax position. The IRS later publicly expressed concerns over the small number of taxpayers (about 133) who offered...

Sutherland Legal Alert: The House Always Wins: Treasury and the IRS Offer a Loaded Deck of Regulations Addressing Global Reshufflings

By Robb Chase, Reggie Clark, Jeff Mace, Michael Miles, Carol Tello, Karl Zeswitz, Saren Goldner, and Bill Pauls, Sutherland Asbill & Brennan LLP On June 7, 2012, Treasury and the Internal Revenue Service (the IRS) issued much-anticipated final, temporary, and proposed regulations under section...

Sutherland Legal Alert: The House Always Wins: Treasury and the IRS Offer a Loaded Deck of Regulations Addressing Global Reshufflings

By Robb Chase, Reggie Clark, Jeff Mace, Michael Miles, Carol Tello, Karl Zeswitz, Saren Goldner, and Bill Pauls, Sutherland Asbill & Brennan LLP On June 7, 2012, Treasury and the Internal Revenue Service (the IRS) issued much-anticipated final, temporary, and proposed regulations under section...

Tax Court Collection Due Process Standard of Review Upended by the First Circuit

In a decision that could dramatically change collection due process, the First Circuit Court of Appeals held that the standard of review applied to collection due process cases by the Tax Court for more than a decade is incorrect. In Dalton v. Commissioner, No. 11-2217P-01A (1st Cir. June 20, 2012) ...

Tax Court Finds IRS Compliance Officer Liable for Civil Fraud Penalty

Readers interested in the risks of being audited with respect to income tax noncompliance arising from foreign assets (particularly financial accounts) often ask what it takes for the IRS to prove fraud. I am aware of no standard litmus test of civil tax fraud that will identify, particularly for laymen...

Sutherland Legal Alert: Bringing Certainty to an Uncertain Tax Position: IRS LB&I Directive Addresses Partial Worthlessness Deductions Claimed by Insurance Companies

By Bill Pauls and Michael Miles, Sutherland Asbill & Brennan LLP On July 30, 2012, the IRS Large Business & International (LB&I) Division issued guidelines intended to reduce the controversy associated with partial worthlessness deductions claimed by insurance companies. In brief,...

Sutherland Legal Alert: Bringing Certainty to an Uncertain Tax Position: IRS LB&I Directive Addresses Partial Worthlessness Deductions Claimed by Insurance Companies

By Bill Pauls and Michael Miles, Sutherland Asbill & Brennan LLP On July 30, 2012, the IRS Large Business & International (LB&I) Division issued guidelines intended to reduce the controversy associated with partial worthlessness deductions claimed by insurance companies. In brief, the guidelines...

Ninth Circuit Oral Argument on Act of Production Doctrine

The Record, a California legal publication, reports on oral argument in a case involved the act of production doctrine which says, in effect, that although the contents of documents may not be privileged, a witness under compulsion to produce the documents via subpoena or summons still has a Fifth Amendment...

What You Should Know About FBAR Penalty Mitigation

By Karen Yip, LexisNexis Federal & International Tax Analyst The IRS requires the Report of Foreign Bank and Financial Accounts, TD F 90-22.1 (commonly known as the Foreign Bank Account Report, or "FBAR"), when a U.S. person has a financial interest in, or signature authority over, one...