In an unexpected development on June 25th, the IRS announced a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. The...
Debt Relief: Breaking Down the Tax Aspects of Covid-19’s Economic Impact – Part IV, Modifications of Indebtedness
June 24, 2020
Modifying the terms of indebtedness, as opposed to cancelling or discharging the indebtedness, leaves the indebtedness outstanding but revises the terms governing the obligation. For example, the lender and borrower of a debt...
Just when you thought the IRS hit full speed in its enforcement campaign against microcaptives, the IRS found another gear. After pursuing captive management companies, tax advisors, and taxpayers alike, the IRS has set...
Tax Court Hands a Taxpayer a Rare Win in a Worker Classification Case
June 22, 2020
By Joel N. Crouch, Blog
On June 17th, U.S. Tax Court Judge Tamara Ashford issued an opinion in Leticia C. Santos v. Commissioner holding for a taxpayer on a worker classification case. We have previously discussed how the IRS usually...
Stress Testing the Estate Plan
June 18, 2020
By Joel N. Crouch, Blog
In a previous blog post we discussed the Tax Court’s recent decision in The Estate of Howard V. Moore v. Commissioner. An important take away from Moore for tax professionals and their clients is...