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By on March 31, 2016
The IRS called the complicated tax plans offered by international accounting and law firms to their wealthy clients in the late 1990s and early 2000s "tax shelters". The IRS shut down that type of planning through aggressive enforcement and a revamping of the requirements for written tax advice. Since those "tax shelters" are long gone, it is disturbing that in March of 2016, IRS Commissioner Koskinen has admitted defeat to a $5 billion a year tax revenue loss.
IRS Delays Basis Consistency Reporting Due Date (again)
By on March 24, 2016
The IRS issued Notice 2016-17 (a link to the Notice will be provided when available), effective March 23, 2016. The notice extends the initial filing deadline for the new Form 8971 to June 30, 2016.
IRS Report Shows Increase in Partnership and S Corporation Examinations
By on March 14, 2016
The Internal Revenue Service ("IRS") recently issued its Fiscal Year 2015 Enforcement and Service Results report (the "Report"), which contains interesting information, particularly for owners of Subchapter K partnerships and Subchapter S corporations.
By on March 4, 2016
On 3/2/14, the IRS issued proposed and temporary regulations addressing the basis consistency requirements under §§ 1014 and 6035 of the Code. As discussed in my prior post on the subject, regulation § 1.6035-2T(b) reiterates the March 31, 2016 due date for filing Form 8971 that would otherwise have been due prior to then.
Wealth Transfer Planning: What Your Investment Banker Didn't Tell You
By on March 2, 2016
Just like real estate brokers will help you stage your home before they list it, investment banks and commercial banks will advise you to perform a corporate house cleaning before you begin to market your company. A few common "due diligence" questions you may want to ask yourself include: