Tax Law

Recent Posts

Economic Substance Uncertainty in Civil Cases
Posted on 26 Dec 2013 by Jack Townsend

In past entries on this blog, I have expressed concern about deploying the economic substance doctrine in criminal cases. Here is yet another reason for concern. In American International Group v. United States (SDNY 1:09-cv-01871), in a civil tax... Read More

Funding the Family Foundation: Qualified Appreciated Stock
Posted on 4 Feb 2013 by Morrison and Foerster LLP

by Joy S. MacIntyre , Morrison & Foerster LLP In an earlier post we described some of the tax benefits - and challenges - associated with donating corporate securities to a family foundation or other private foundation. On the right facts, the donor... Read More

Options For Clients Who Offer Retirement Benefits For Domestic Employees, From Morrison & Foerster
Posted on 2 Mar 2012 by Morrison and Foerster LLP

By Wendy M. Greenberg, Esq. , Morrison & Foerster LLP We have previously discussed in this space the possible tax traps related to clients' gifts and bequests to their employees. This article continues in that vein to provide some practical... Read More

Third Circuit: Historic Rehab Tax Credits Denied for Lack of Bona Fide Partnership
Posted on 31 Aug 2012 by Asbury Law Firm

The Third Circuit Court of Appeals has reversed the Tax Court on the transfer of historic rehabilitation tax credits from the New Jersey Sports and Exposition Authority ("NJSEA") to Pitney Bowes through the purchase of a partnership interest... Read More

Is It the Defendant's Burden to Prove Good Faith As a Defense to Willfulness?
Posted on 13 Aug 2013 by Jack Townsend

Willulness is the express statutory requirement for most tax crimes. (Some alternative formulation approaching if not equaling willfulness is required for the tax related crimes, such as tax obstruction or conspiracy; but I focus here on a crime that... Read More

Issuing a Trust’s Promissory Note to Defer Payment of a Unitrust Amount Should Not Cause the Trust to Recognize Gain or Loss
Posted on 1 May 2012 by Morrison and Foerster LLP

By Danielle T. Zaragoza, Esq. , Morrison & Foerster LLP The basic concept of a unitrust is that a fixed percentage of the fair market value of a trust's assets, redetermined each year, is paid out to the "income" beneficiary, regardless... Read More

Another Bad Day for the IRS
Posted on 20 Jun 2013 by Christopher Bergin

The IRS has a "bunker mentality." If you deal with it on somewhat of a regular basis, that can be infuriating. But it is also somewhat understandable. The IRS is an organization with a target on its back. And rarely has that target been larger... Read More

IRS Announces Employee Benefit Plan Limits for 2013
Posted on 25 Oct 2012 by McDermott Will & Emery

By Jeffrey M. Holdvogt , Diane M. Morgenthaler and Adrienne Walker Porter The Internal Revenue Service recently announced cost-of-living adjustments (COLA) to the applicable dollar limits on various employer-sponsored retirement and welfare plans for... Read More

Second Circuit: Co-op Owner is Entitled to Casualty Loss
Posted on 12 Feb 2013 by Asbury Law Firm

The Second Circuit Court of Appeals has reversed the Tax Court's decision that a New York City co-op owner, Ms. Alphonso, could not deduct casualty losses that occurred on grounds owned in common with other cooperative shareholders. The Tax Court... Read More

Recent Decisions on Fiduciary Liability Under Federal Priority Statute
Posted on 18 Oct 2012 by Diane L. Mutolo

An estate fiduciary may be held personally liable for the estate's unpaid taxes. IRC § 6901 provides that the government may collect a fiduciary's liability under the Federal Priority Statute (31 U.S.C. § 3713) for an unpaid claim of... Read More

IRC Section 6662 Accuracy-Related Penalties
Posted on 28 Aug 2012 by Howard L. Godfrey

In an era of budget deficits, IRS has increased the number and amount of accuracy-related penalties, especially for individuals.,, In 2005, 58,366 accuracy-related penalties were assessed on individuals for a total of $325 million in penalties. By 2010... Read More

Timely Filing of Estate Tax Returns Still Important
Posted on 25 Apr 2014 by Patricia Tyler

With seeming endless “to do” lists and jam-packed schedules, practitioners may be tempted to brush off IRS due dates, believing that the consequences will be minor. However, the IRS takes due dates seriously, and failure to meet these deadlines... Read More

Explore the Lexis® Federal Tax Journal Quarterly
Posted on 30 Aug 2013 by Patricia Tyler

As Tax practitioners are well aware, tax law is filled with endless twists and turns, making it nearly impossible to be an expert on every aspect of tax law. Lexis ® Federal Tax Journal Quarterly is an invaluable resource that allows practitioners... Read More

Tax Court: Premature FPAA on Computational Items Invalid, Jurisdiction Denied
Posted on 29 Mar 2012 by Asbury Law Firm

There are few areas of the tax code as complex and potentially confusing as the rules for TEFRA partnership proceedings. Even the most steely-eyed tax pros wince at the details. Nonetheless, TEFRA is at the heart of many of the transactions that the IRS... Read More

Pension and Postretirement Benefit Accounting
Posted on 7 Jun 2012 by Donald Resseguie

Pension and postretirement benefits represent a significant cost to employers. The Financial Accounting Standards Board has specified that postretirement benefits are a form of deferred compensation. FASB concluded that the obligation to provide postretirement... Read More