By H. Jacob Lager of Zuber & Taillieu LLP
The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...
Consistent with a Financial Management Service initiative announced in April of this year, the Internal Revenue Service (“IRS”) has issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government. More...
Internal Revenue Service (“IRS”) procedures do not identify all contractors who process, store or house confidential taxpayer information at their facilities, thereby placing such data at risk for unauthorized access or disclosure, according to a Final Audit Report released by the Treasury Inspector General for Tax Administration (“TIGTA”). More...
The National Taxpayer Advocate has released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the coming fiscal year. More...
The U.S. Environmental Protection Agency (“EPA”) has asked Congress to reinstate the lapsed Superfund “polluter pays” taxes. More...
The Internal Revenue Service (“IRS,” or “Service”) has issued an Internal Revenue Bulletin that bears the title “Notice of Proposed Rulemaking Damages Received on Account of Personal Physical Injuries or Physical Sickness.” More...
The U.S. Department of the Treasury has issued its “Green Book,” formally known as the “General Explanations of the Administration’s Fiscal Year 2011 Revenue Proposals.” More...
September 9, 2009 report issued by the Department of Treasury (”Department”) discussed the benefits of 529s as a way to build savings for this critically important investment, the extent to which Section 529 plans serve various income groups, and how well the plans keep costs low so as to maximize returns to savers. More...
The Internal Revenue Service (“IRS”) has issued proposed regulations relating to reporting sales of securities by brokers and determining the basis of securities. More...
The Internal Revenue Service (:IRS”) has issued proposed regulations under a new statute requiring that, starting with transactions in calendar year 2011, the gross amount of payment card and third-party network transactions be reported annually to participating merchants and the IRS. More...
The Information Reporting Program Advisory Committee (“IRPAC”) has released the advisory group’s 2009 recommendations on a wide range of tax administration issues. More...
