On Wednesday, the IRS announced the mailing of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. According to the announcement, the IRS is disallowing claims to entities that did not exist or did...
Tax Court Decides What is Adequate Disclosure for Gift Tax
December 7, 2023
By Joel N. Crouch, Blog
Anyone who makes a taxable gift (more than $17,000 in 2023, $18,000 in 2024) in a taxable year must file a Form 709, United States Gift Tax Return, reporting the gift to the IRS. Generally, the IRS then has three years to...
Soroban v. Commissioner: Some Limited Partners May Be Subject to Self-Employment Tax
December 4, 2023
The Tax Court recently called into question whether a partner designated as a limited partner is truly a limited partner. In Soroban Capital Partners, LP v. Commissioner, the court analyzed whether a partner was truly a...
Court Finds Civil Fraud Penalty Not Applicable To Easement Donation Where Taxpayer Disclosed Cost Basis
November 27, 2023
By Joel N. Crouch, Blog
On October 26th, the Tax Court issued an interesting opinion in Mill Road 36 Henry LLC v. Commissioner, T.C. Memo 2023-129, upholding the IRS disallowance of a $8.9 million deduction for an easement donation but also holding...
Court Holds that Late-Filing Penalty is Applicable to E-Filed Tax Return
November 20, 2023
By Joel N. Crouch, Blog
I’ve previously written blog posts regarding the IRC Section 6651 failure-to-file penalty and its application to electronically filed tax returns. On October 24th, the 11th Circuit Court of Appeals issued a decision...