I know what you are thinking: I can’t count letters. But the truth is far worse. The IRS used the five-letter “F” word: Fraud. The IRS recently released an IRS attorney memorandum addressing the...
Category: Blog
Amended Tax Return or Superseding Tax Return?
October 8, 2020
By Joel N. Crouch, Blog
I recently had one of those “aha” moments and thought it was blog-post worthy. A tax return preparer called me after a tax return he tried to electronically file was rejected by the IRS because a return had already been...
IRS Stands Firm on Microcaptive Settlement Terms and Warns of Similar Treatment for Variations
October 2, 2020
Lest we forget the IRS’ position on microcaptives, yesterday the IRS issued a reminder to taxpayers that they should consult an “independent tax advisor” to size-up their captive insurance planning because “any future...
IRS Has Requested Comments on Ending Revenue Procedure 94-69 Disclosures As a Defense to Penalties
September 29, 2020
By Joel N. Crouch, Blog
On August 19, 2020 the IRS requested comments on whether it should eliminate disclosures made under Revenue Procedure 94-69, which allows taxpayers to avoid accuracy-related penalties with respect to self-reported adjustments...
COVID Crisis Prompting the Need for a Private Letter Ruling in a Flash? No Problem.
September 17, 2020
Is COVID to blame for you missing a tax election, inadvertently terminating an election, or making the wrong election? Do you need immediate IRS attention… during a global pandemic when most IRS offices are closed? Don’t...