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Category Archives: IRS Matters
From Federal Courts, NYS Courts & NYS Tax Tribunals — August 2014
I. From The Court of Appeals A unanimous Court of Appeals, reversing, dismissed the long-held interpretation by the Department of Taxation of Tax Law §605[b][1][b], in a dispute adjudicated first at the administrative level in the Division of Tax Appeals, … Continue reading
Posted in Federal Tax Litigation, IRS Matters, New York State Income Tax, New York State Tax Litigation, NYS Dept. of Tax'n & Finance, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Tax News & Comment
Tagged article 78 tax appeals, caprio v. nys dtf, Conservation Easement, Gaied, matter of tamagni, NYS residency test, nys tax legislation, retroactive tax legislation, schneidelman v. com'r, tax appeals tribunal, Tax Law 605(b)(1)(B)
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IRS & NYS DTF Matters — August 2014
I. IRS Matters – August 2014 On July 11, a second federal judge ordered the IRS to account for missing emails of former director Lois Lerner. U.S. District Court Judge Reggie Walton has demanded an affidavit from an “appropriate official” … Continue reading
Posted in IRS Matters, New York State Income Tax, NYS DTF Matters, NYS Tax Litigation, NYS Tax Litigation, Tax Decisions, Tax News & Comment
Tagged amended federal returns tigta, bloomington coca-cola, EAT, exchange accommodiation titleholder, exchange into property owned by affiliate, irs emails, irs regulation of tax return preparers, lump-sum distributions, offshore voluntary disclosure program, ovid, PLR 201409109
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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 2012
View Article in Tax News & Comment — October 2012 RECENT IRS DEVELOPMENTS – OCTOBER 2012 Over 50 million Americans are now filing tax returns showing no income tax liability. This represents approximately 35 percent of all personal income tax … Continue reading
Posted in IRS Matters, News, Tax News & Comment
Tagged abusive tax strategies nys, automated audit procedures, estate attorney, expatriation for tax reasons, fraudulent tax retunds, IRS news 2012, IRS Report by Taxpayer Advocate, June 2012 taxpayer advocate report, offshore voluntary disclosure program, tax attorney, tax lawyer, tax relief hurricane isaac, tax returns showing no liability, taxpayer assistance orders
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2009 REGS., RULINGS AND PRONOUNCEMENTS OF NOTE
2009 REGS., RULINGS AND PRONOUNCEMENTS OF NOTE
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2006 REGS, IRS RULINGS & PRONOUNCEMENTS
Printer-friendly PDF version: 2006 Regs., Rulings, & IRS Pronouncements.wpd Since IRA accounts often reflect a lifetime of retirement savings, their inclusion in a QTIP trust is important. Rev. Rul. 2000-2 stated that IRA proceeds may qualify for a QTIP election … Continue reading
2002 Regs., IRS Rulings & Pronouncements
EGTRRA now permits a retroactive allocation of GST exemption. For example, assume parent creates a trust for child which provides for outright distribution to child at age 30. Normally, parent would not allocate GST exemption to such a transfer, because … Continue reading
Posted in IRS Matters, Tax News & Comment
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Recent IRS Rulings and Pronouncements — October 2007
The IRS has granted return preparers transitional relief from the revised IRC §6694 penalties enacted under the Small Business and Work Opportunity Tax Act of 2007. The Act made significant changes to return preparer penalties under IRC § 6694, effective … Continue reading
Posted in IRS Matters, News, Tax News & Comment
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2007 IRS REGS., RULINGS AND PRONOUNCEMENTS
Printer-friendly PDF: 2007 Regs., Rulings & Pronouncements.wpd A. New Regs Govern Estate Deductions All federal circuits, except the Eighth, have long adhered to the view that post-mortem events must be ignored in valuing claims against an estate. Ithaca Trust Co. … Continue reading
Posted in IRS Matters, Tax News & Comment
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Recent IRS Developments — June 2008
Steven T. Miller, Commissioner of the IRS Tax Exempt and Government Entities Division, stated that the IRS will ensure that charities are furthering a charitable purpose in a manner commensurate with their financial resources. Public charities, unlike private foundations, are … Continue reading
Posted in IRS Matters, Tax News & Comment
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Check-The-Box Regulations (January 1997)
The Treasury has announced new regulations that allow most noncorporate entities to elect to be taxed under the partnership tax law provisions of the Code. Previously, this coveted tax treatment depended upon a favorable analysis of four “corporate characteristics” of … Continue reading
Posted in IRS Matters, Tax News & Comment
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2000 REGS, IRS RULINGS & PRONOUNCEMENTS
I. New Pension Distribution Rules The objective of many participants of qualified pension plans and IRAs is to delay distributions as long as possible and, when required to take distributions, to withdraw the least amount over the longest period of … Continue reading
Posted in IRS Matters, Tax News & Comment
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Tax News & Comment — May 2016