IRS Rolls Over On Late IRA Rollovers
You are probably familiar with the idea of an IRA rollover. Generally, taxpayers can distribute assets from an IRA account, without an immediate tax consequence, provided that the assets are contributed to another IRA account...
IRS Releases Procedure for Amending a Streamlined Submission
On July 18, 2016, the IRS released for the first time the procedure for amending a streamlined submission, as part of ongoing updates to its Frequently Asked Questions for U.S. Taxpayers Residing in the United States...
Existing Oil Tax Credit Available for First Time in a Decade
Overview Since 2006, the enhanced oil recovery credit (“EORC”) has been unavailable to taxpayers who operate in the energy sector. However, recent reductions in the realized prices of oil have once again made the EORC...
Without Further Ado, The Proposed Regulations Under Section 2704
Two days ago, the Treasury released the much-awaited proposed regulations under § 2704. If finalized in their current form, they will likely drastically change the landscape of estate planning with family controlled entities...