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Tax Do-Overs: Unwinding a Transaction under the Rescission Doctrine
By on October 20, 2016
Growing up my Mom used to say "You've made your bed, now lie in it." Luckily for taxpayers, my Mom is not the IRS. The IRS understands that mistakes happen, conditions change, and deals sour. Under the rescission doctrine, a taxpayer may unwind a transaction and avoid federal income tax consequences flowing from the rescinded transaction.
Going..Going..Gone. Face-To-Face IRS Appeals Conferences are Disappearing
By on October 4, 2016
Effective October 1, 2016, the IRS has revised the Internal Revenue Manual (IRM) instructing Appeals Officers that most Appeals conferences will be held by telephone instead of in person. The changes to the IRS are in response to the dwindling IRS budget and lack of manpower.