Recent Decisions Highlight the Importance of Proper Planning with Self-Directed IRAs... [ read ]
Using a self-directed IRA to operate a business or acquire real estate requires meticulous planning and careful execution. The failure to abide by these rules can cause ruinous results, as demonstrated by two recent decisions.
IRS Hints at a Permanent Safe Harbor for Missed Portability Elections... [ read ]
Earlier this week the IRS issued final rules on portability. Portability allows the surviving spouse to essentially inherit the portion of the decedent's estate-tax exclusion amounts (currently $5,430,000) that went unused.
IRS Clarifies the Year in Which a Theft Loss is Sustained... [ read ]
IRS Chief Counsel Advice 201511018 provides helpful clarification regarding the tax year in which a taxpayer is eligible to deduct a theft loss incurred in connection with a Ponzi scheme. Before addressing the new ground covered by CCA 201511018, however, this blog post briefly summarizes the prior guidance regarding the timing of deductibility of Ponzi theft losses.
IRS and DOJ representatives made presentations at the NYU's Tax Controversy Forum in New York... [ read ]
On June 5th, a number of IRS and DOJ representatives made presentations at the NYU's Tax Controversy Forum in New York. The following were of interest.
Oklahoma Announces Limited Time Tax Amnesty Program... [ read ]
Oklahoma has passed legislation authorizing and directing the OK Tax Commission to establish a "voluntary compliance initiative" to give shelter and relief to delinquent taxpayers.
How To Identify, Prepare For And Succeed In An IRS Eggshell Examination... [ read ]
Any IRS exam can be nerve-wracking experience for a tax advisor. If there is a large mistake or pattern of mistakes, an ordinary exam may become an eggshell exam requiring much thought and skill to come through the exam unscathed. This article will address the IRS exam areas that lead to IRS eggshell exams, the IRS tactics and, finally, steps a tax advisor can take to minimize the negative consequences.
Bureau of Economic Analysis Form BE-10 Benchmark Survey of U.S. Direct Investment Abroad...
Yesterday, the Bureau of Economic Analysis announced that it was extending the due date for new filers of the Form BE-10 Benchmark Survey of U.S. Direct Investment Abroad, a filing that may apply to U.S. persons that own, directly and/or indirectly, 10 percent or more of the voting securities of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise. BE-10 reporting obligations are imposed under the International Investment and Trade in Services Survey Act and are separate from, and in addition to, any international tax reporting or other obligations. The extended due date is June 30, 2015. To learn more about the BE-10 filing, as well as the associated penalties for failure to comply, click here to go to my LinkedIn page.
Four Things You Should Know About Employer Provisions of the Affordable Care Act Penalties... [ read ]
The Affordable Care Act includes an employer mandate and penalties for employers that do not satisfy the mandate. While the employer mandate may not come as a surprise, the following four aspects of the Affordable Care Act are not commonly known and could be pitfalls for the unprepared employer.
A Discussion of Recent Tax Decisions...
Joel Crouch was a speaker at a tax conference sponsored by Texas Bank and Trust in Tyler (May 6th) and Longview (May 19th). Mr. Crouch's topic was "A Discussion of Recent Tax Decisions." A copy of the outline from the presentation is at the following link Texas Bank and Trust Speech Judicial Update.
IRS Issues Notice 2015-38... [ read ]
With release of Notice 2015-38, 2015-21 I.R.B. 21, effective May 6, 2015, the Internal Revenue Service has provided an updated list of private mail carriers taxpayers may use to qualify under the timely-mailed-timely filed provisions of section 7502 (i.e., the mailbox rule). As discussed more fully below, taxpayers mailing documents or payments by private mail carrier are well-advised to understand fully the implications and requirements of this notice.
