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7 Jun 2010, 10:25 am by mary
Teuber   As most business owners will tell you, the Internal Revenue Code allows a business to deduct expenses which are incurred in a trade or business or for the production or collection of income. [read post]
3 Feb 2011, 7:40 am by Hani Sarji, Contributor
In a January 31, 2011 letter to the Commissioner of the Internal Revenue Service, the Real Property, Trust and Estate Law Section and the Section of Taxation of the American Bar Association (ABASections) commented on a December 16, 2010draft of Form 8939, "Allocation of Increase in Basis for Property Acquired [...] [read post]
22 Feb 2022, 10:00 pm
Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the Internal Revenue Service’s repeated refusal to repay withholding to payor plans. [read post]
19 May 2021, 10:00 pm
The Internal Revenue Service issued Notice 2021-31, providing the much-anticipated guidance plan sponsors, multiemployer plans, and COBRA administrators have been waiting for related to the COBRA subsidy provisions under the American Rescue Plan Act. [read post]
16 Jan 2017, 12:40 am by Paul Caron
Weekly Standard, How the Trump Administration Can Stop IRS Abuse of Political Groups: For more than six years, the Internal Revenue Service has been trying to fend off accusations that its process for granting tax-exempt status discriminated against applicants expressing political views at odds with those of the Obama administration.... [read post]
3 Mar 2009, 12:55 pm
Gay & Lesbian Advocates & Defenders has filed the first multi-plaintiff legal challenge the application of Section 3 of the federal Defense of Marriage Act (DOMA) to 1,138 federal statutes (including the Internal Revenue Code): Gill v. [read post]
6 Jan 2012, 7:04 am by Peter
The AP reports that the IRS has continued to allocate more of its resources to the examination of the tax returns of the super rich: One in eight people earning at least $1 million annually was audited by the Internal Revenue Service last year, making them far likelier to be examined than those making below $200,000, [...] [read post]
4 Feb 2017, 12:06 am by Paul Caron
Newsmax, White House Mum on Fate of IRS Boss Koskinen: The fate of controversial Internal Revenue Commissioner John Koskinen at the hands of President Donald Trump remained uncertain as of Thursday. [read post]
1 Feb 2019, 2:29 pm by Nonprofit Blogger
The Tax-Exempt and Government Entities (TE/GE) Division of the Internal Revenue Service released its accomplishments for Fiscal Year 2018 (see here). [read post]
12 Apr 2019, 4:00 am by Paul Caron
Bloomberg, IRS Head Says College Admission Scandal Parents May Face Hefty Tax Bills: Some of the parents charged with paying bribes to get their offspring into college could end up owing a lot more to the Internal Revenue Service. [read post]
4 Oct 2020, 10:00 pm
The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-68 to assist owners of individual retirement accounts and annuities (IRAs) and IRA providers implement certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). [read post]
7 Feb 2012, 8:00 am by Trusts EstatesProf
The Internal Revenue Service recently published PLR 201204016, stating that an organization (Organization) was required to file Form 990. [read post]
8 Jun 2011, 10:00 am by Paul Caron
Here is the abstract: Most federal taxes are collected from taxpayers by business entities, held in a public trust for the United States and then paid over to the Internal Revenue... [read post]
10 Apr 2013, 12:00 pm by Trusts EstatesProf
According to the "2012 Internal Revenue Service Data Book," the 2011 estate tax returns had a 29.9 percent rate of audit, which was more than any other category of individual tax returns. [read post]
8 Aug 2015, 8:00 am by Paul Caron
Rules for Family Partnerships, by Paul Sullivan: The Internal Revenue Service is about to toughen the rules on a type of investment vehicle that has been abused by some very wealthy families to avoid millions of dollars in taxes. [read post]
2 Dec 2015, 4:10 am by Paul Caron
Washington Post editorial, Fixing the Most Expensive Tax Deduction: The deduction for mortgage interest is one of the most expensive tax breaks in the entire Internal Revenue Code: It’s an estimated $73.9 billion item for fiscal 2015, according to the Treasury Department. [read post]
15 Jun 2023, 8:00 am by Paul Caron
., by Catherine Rampell: The White House and Congress recently agreed to claw back more than $20 billion earmarked for the Internal Revenue Service. [read post]
13 May 2021, 10:49 am by Nonprofit Blogger
Tax Court upheld the IRS' revocation of recognition of tax-exempt status under Internal Revenue Code section 501(c)(3). [read post]
17 Nov 2020, 4:41 am by Nonprofit Blogger
As happens every election season, in the run-up to the 2020 election there were a flurry of news stories about Internal Revenue Code section 501(c)(3) charities pushing up against, and maybe pushing through, the political campaign intervention prohibition. [read post]
26 Jun 2018, 12:35 pm by Paul Caron
Wall Street Journal, Student-Debt Forgiveness Is a Wonderful Boon, Until the IRS Comes Calling: Students seeking relief on their college and graduate-school debt could be sitting on a hidden tax bomb: Billions of dollars in one-time bills from the Internal Revenue Service for any debt they get forgiven. [read post]