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Category Archives: IRS
Private Letter Ruling Requests
I. Introduction Private letter rulings are in the nature of “advisory” rulings by the IRS concerning the tax implication of income or estate transactions contemplated by taxpayers. As stated in Rev. Proc. 2015-1, the IRS generally issues a letter ruling … Continue reading
Posted in Federal Income Tax, Federal Tax Litigation, IRS, IRS Rulings & Regulations
Tagged effect of letter rulings, effect of PLRs, income tax, irs, IRS letter rulings, Pre-submission conference, Private Letter Ruling Requests, Private Letter Rulings, Rev. Proc. 2015-1, Ruling Request Submission, User Fees for PLRs
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IRS & NYS DTF Matters: Recent Developments & 2013 Regs. & Rulings of Note
I. IRS Matters Final Regulations For Health Insurance As of January 1, IRC § 5000A requires that all “non-exempt” individuals obtain “minimum essential healthcare coverage.” Final regulations governing penalties for noncompliance have been issued. (T.D. 9632). The regulations provide, inter … Continue reading
Posted in Gift & Estate Tax Decisions of Note, IRS, IRS Matters, IRS Rulings & Regulations, NYS Dept. of Tax'n & Finance
Tagged delaware nongrantor trusts, Health Insurance Regulations, irs, late s corporation election, mcneil v. Pennsylvania, net investment income tax, nys suspension of drivers' license tax, nys warrantless income executions, option reporting for brokers mandatory, PLR 201310002, regulations for tangible property, relief from unnecessary qtip elections, Rev. Proc. 2013-35, Taylor v. NYS Tax Commission, treasury
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Recent IRS Developments — October 2031
I. Taxpayer Advocate Issues 2014 Report National Taxpayer Advocate Nina Olson recently issued a report detailing the issues on which the Taxpayer Advocate Service (TAS) will focus during the fiscal 2014 tax year. IR-2013-63. The Taxpayer Advocate is required by … Continue reading
Posted in IRS, Tax News & Comment
Tagged Congress, estate planning, gift tax, income tax, irs, President Obama, tax legislation, tax planning, treasury
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REMOVING FEDERAL TAX LIENS
The filing of a federal tax lien can adversely affect the taxpayer’s ability to secure credit, dispose of property and conduct business. Ultimately, the property may be levied upon by the IRS and sold to satisfy the underlying tax liability. Fortunately, in many cases the filing of a tax lien is not a fait accomplis. For example, at times IRS will voluntarily withdraw a notice of tax lien: Continue reading
Posted in IRS, IRS Liens & Levies, Tax News & Comment
Tagged due process, federal tax lien, irs, levy, NFTL, quiet title action, release of lien
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IRS Collections: Defensive Measures
A taxpayer facing IRS collection should initially determine whether the assessment was timely or whether the 10-year collection period will soon expire. Collections may not proceed if the statute of limitations on assessment was time-barred. Agreeing to extend the statute of limitations on assessment or collection, even if immediate assessment or enforcement action will otherwise is threatened, is not always advantageous. One reason is that interest well above the prime rate will continue to accrue. Continue reading
Posted in IRS
Tagged abatement of interest, Appeals Office, audit, bankruptcy petition, collection due process, federal district court, Freedom of Information Act, innocent spouse relief, installment agreement, IRC § 6015(e), IRC § 6404(e), IRC § 7122. IRC § 6159, IRS collection, IRS levy, judicial review, NFTL, notice of federal tax lien, offer in compromise, refund claim, Reg. § 301.6343-3, statute of limitations, taxpayer assistance order
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IRS Criminal Investigations
The IRS reserves the threat of incarceration for taxpayers it believes are guilty of tax evasion, failure to file, or making false statements. About 3,500 cases commenced by the Criminal Investigation Division (CID) each year result in prosecution. CID generally focuses on cases having a high deterrent value. Continue reading
IRS Audit Procedures
PDF format: IRS Audit Procedures.wpd The process used to select returns for audit is not a random one. The oft-repeated phrase “audit lottery” is in many ways misleading since certain items, such as claiming a loss on the sale of … Continue reading
Posted in IRS, IRS Audits
Tagged 90 day letter, Appeals Office, audit, claim for refund, deficiency, IRS Audit, notice of deficiency, statute of limitations
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Defusing IRS Tax Liens & Levies
Once imposed, Federal tax liens threaten the taxpayer’s ability to continue in business, since creditors and potential purchasers may then shun dealings with the taxpayer. Tax levies may be even worse, since they result in the immediate deprivation of the … Continue reading
Posted in IRS, IRS Liens & Levies
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IRS Statutes of Limitations
The prudent taxpayer will file an accurate and timely return whether or not the stated tax liabilities are satisfied by payment at the time of filing. Only by doing so will the taxpayer “trip” the period of limitations for I.R.S. … Continue reading
Posted in IRS
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Taxpayer Rights During an IRS Audit
Pursuant to the “Taxpayer Bill of Rights,” enacted by Congress as part of the Internal Revenue Code, the IRS is required to disclose to taxpayers their rights, and the obligations of the IRS during the audit, appeals, refund, and collection … Continue reading
Posted in IRS, IRS Audits, Taxpayer Rights During Audit
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Administrative Appeals Within the Internal Revenue Service
At the heart of the Internal Revenue Service procedural engine lies the internal appeal process, whose function is to resolve taxpayer disputes through the use of negotiation and settlement, without the necessity of litigation. The Appeals office has “exclusive and … Continue reading
Taxpayer Bill of Rights 2 (May 1996)
New legislation governing the relationship between the IRS and the taxpayer has been approved by the House Ways and Means Committee. Given its wide congressional support, enactment seems likely, perhaps by as early as by next fall. The Taxpayer Bill … Continue reading
Posted in IRS, IRS Audits, Taxpayer Rights During Audit
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Avoiding Boot Gain in Like Kind Exchanges
I. Introduction Circular 230 disclosure: Any tax advice herein is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. … Continue reading →