I recently explored in a separate Blog post, here, whether partners that live outside the disaster area qualify for additional time to make tax payments and file returns if the partnerships are located inside the...
Do Partners Who Reside Outside a Disaster Area Qualify for Tax Relief if the Partnership’s Business is Located Inside the Disaster Area?
When disaster strikes, the IRS may permit taxpayers additional time to make tax payments and file returns provided they qualify as “affected” taxpayers in counties that have been designated as federal disaster areas. IRC...
New IRS Ruling Reveals that Not All Captives are Bad
On August 21, 2017, the Tax Court handed the IRS a critical victory in the first ever case deciding an IRS challenge to an IRC section 831(b) microcaptive insurance arrangement. This decision follows an over three year...
When “Mostly” is Not Enough Part Two: IRS Issues New Warning to Taxpayers of When Disclosure is Not “Adequate”
In recent months, the IRS has fired two separate shots across the proverbial bow, highlighting the dangers of “incomplete” or “inadequate” reporting as it relates to imposition of penalties and the elongation of the...