Tax Law

Recent Posts

Valuation of Artwork for Federal Estate Tax Purposes
Posted on 23 Apr 2013 by Diane L. Mutolo

Before valuing items of art, [ Estate of Elkins v. Comm'r , 2013 U.S. Tax Ct. LEXIS 6 (T.C. Mar. 11, 2013) ] held that pursuant to IRC Section 2703(a)(2) , the court would disregard an agreement made by the decedent by which he had waived his right... Read More

Securities Brokers Get Another Reporting Compliance Break
Posted on 22 Apr 2013 by Patricia Tyler

IRC Section 6045 provides the broker reporting rules for certain securities, including debt instruments and options. Generally, for debt instruments acquired on or after January 1, 2013, brokers are required, when reporting the sale of the debt instrument... Read More

Principal Comments on Unclaimed Deductions and Losses in Sentencing Tax Loss Determinations
Posted on 27 Mar 2013 by Jack Townsend

The Sentencing Commission has received comments and testimony from principal constituents as to the issue of whether unclaimed deductions and credits should be permitted to reduce the tax loss in the critical tax loss calculation for sentencing purposes... Read More

A New Proposal to Promote American Manufacturing
Posted on 26 Mar 2013 by Martin A. Sullivan

In recent years U.S. multinationals have restructured themselves in a manner that allows them to greatly reduce their worldwide tax bill. This restructuring has been described in detail by the OECD andil and by the Joint Committee on Taxation . In a March... Read More

Bank Frey Executive and Swiss Lawyer Indicted
Posted on 24 Apr 2013 by Jack Townsend

The USA for SDNY has announced, here , the indictment of Stefan Buck, head of "Bank 1" (Bank Frey), and Edgar Paltzer, a partner at a Swiss law firm, a dual U.S.-Swiss citizen, and a registered attorney in NY. (A copy of the indictment is here... Read More

John Doe Summons Issued to Wells Fargo for Records of CIBC FirstCaribbean International Bank Correspondent Account
Posted on 30 Apr 2013 by Jack Townsend

DOJ has announced, here , that a district court approved John Doe Summons for records of CIBC FirstCaribbean International Bank's correspondent account at Wells Fargo, N.A. The goal of the summons is to "allow the IRS to identify U.S. taxpayers... Read More

Statutes of Limitations for FBAR Noncompliance Related to Tax Noncompliance
Posted on 12 Mar 2013 by Jack Townsend

A person commenting on an earlier blog asked the following question (modified slightly for clarity): Does the statute of limitations for the FBAR penalty (both civil and criminal) toll if the taxpayer is outside the U.S.? I answered at least the... Read More

The Sentencing Sophisticated Means Enhancement Is Not Easy to Avoid
Posted on 10 Apr 2013 by Jack Townsend

The critical Sentencing Guidelines calculations for tax cases require a two step enhancement to the Base Offense Level for "sophisticated means" in the commission of the crime of conviction. S.G. 2T1.1(b)(2), here . Observers of the tax crimes... Read More