Resources Archive
October 27, 2022
UCLA Extension's 38th Annual Tax Controversy Conference... [ read ]
October 24, 2022
Go, Hedgie, Go: Hedge Fund challenges IRS' Position on Limited Partner Exception to Self-Employment (SE) Tax...
[ read ]
The tax community has been searching for a mighty torch bearer to challenge the IRS' position that a limited partner cannot wear two hats: one, as a service provider that receives guaranteed payments subject to self-employment (SE) tax, and another, as an investor that receives his or her share of partnership income exempt from SE tax. And it appears we now have one.
October 21, 2022
Stacking ‘Em Deep: IRS Struggles to Respond to FOIA Requests...
[ read ]
Still waiting on the IRS to respond to your FOIA request? Well, according to a recent Government update, you may be waiting a while longer.
October 21, 2022
Texas Management Group (TMG) Conference ( Day Two)... [ read ]
October 20, 2022
Texas Management Group (TMG) Annual Meeting (Day One)... [ read ]
October 20, 2022
New Tax Court Decision Brings Much-Needed Accountability to IRS Settlement Programs...
[ read ]
When it comes to settlement programs, the IRS is reminiscent of the South Park character Cartman, who demands that everyone "Respect my Authoritah!" Historically taxpayers participating in IRS settlement programs were at the whim of the IRS' authority, which at times was exercised arbitrarily with no recourse to the taxpayer. Well, not anymore. I'm talking about the Tax Court's decision in Treece Financial Services Group v. Commissioner, 158 T.C. No. 6 (2022).
October 19, 2022
New Tax Court Case Reveals the IRS' Two-Front War Against Microcaptives...
[ read ]
A recently filed Tax Court case has revealed just how much disdain the IRS has for microcaptives. And it is a lot.
The case is SCC Holding Company of Pinellas, Inc. v. Commissioner, Docket No. 16285-22, filed in July 2022. At the time of filing, the taxpayer and the IRS were already long-time "friends." Starting in 2016, the IRS had issued a series of Notice of Deficiency covering tax years 2010 through 2016. Therein, the IRS disallowed deductions for captive insurance premiums and asserted a 40% penalty based on the IRS' determination that the microcaptive planning lacked economic substance and was not properly disclosed.
October 19, 2022
IRS Confirms 2023 Indexed Amounts...
[ read ]
Our wealth transfer tax system provides taxpayers with exclusions from certain taxes. These exemptions are adjusted annually; the amount of the adjustment is tied to the Consumer Price Index. The IRS has published the 2023 indexed amounts.
October 18, 2022
The IRS Makes it Easier and Cheaper to Fix Foot Faults on S-Corp Elections...
[ read ]
On October 7th, the IRS released Revenue Procedure 2022-19 which provides simplified measures for correcting six procedural missteps that the IRS says are resolvable without requesting a letter ruling. The IRS believes the relief provided in Rev. Proc. 2022-19 will reduce burdens on taxpayers and the government, facilitate increased taxpayer compliance with the rules for electing S corporation status, and reduce costs and delays in completing transactions involving S corporations and qualified subchapter S subsidiaries.
October 18, 2022
TXCPA Dallas Member Appreciation CPE Series... [ read ]
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