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Subscribe to McDermott Will & Emery's PostsSupreme Court Grants Certiorari in Case Involving Auer Deference
By McDermott Will & Emery and McDermott Will & Emery on Nov 1, 2016
Posted In Appellate Courts, IRS Guidance, Uncategorized
On October 28, 2016, the US Supreme Court (Supreme Court) granted certiorari in the case of Gloucester County Sch. Bd. V. G.G., No. 16-273, which involves a dispute as to whether an unpublished letter by a Department of Education (Department) official purporting to interpret the agency’s regulatory interpretation relating to discrimination on the basis of...
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IRS Updates Rules Regarding Appeals Conferences
By Kevin Spencer, Jean A. Pawlow, Bradford E. LaBonte, McDermott Will & Emery, Robin L. Greenhouse and McDermott Will & Emery on Sep 22, 2016
Posted In IRS Appeals, IRS Guidance, Settlements, Uncategorized
The Internal Revenue Service (IRS) has revised the Internal Revenue Manual (IRM) regarding Appeals Conferences. Below is a summary of material changes to IRM 8.6.1, effective October 1, 2016: The IRM was revised to reflect that most conferences in Appeals will be conducted by telephone. The revision also provides guidance for when in-person conferences are appropriate...
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Introduction to the New World of Global Tax Planning
By McDermott Will & Emery on Aug 31, 2016
Posted In Transfer Pricing Resource, Uncategorized
Domestic implementation of the recommendations set out in the BEPS final reports from 2015 have the potential to significantly impact effective tax rate planning. The immediate issue flows from the new country-by-country transfer pricing documentation regime (CbC). The critical consequence of the CbC regime, as well as many of the other BEPS initiatives, will be...
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World Taxing Authorities Prepare to Attack
By McDermott Will & Emery and Kevin Spencer on Aug 17, 2016
Posted In IRS Audits, IRS Guidance, Transfer Pricing Resource, Uncategorized
Global tax policy has evolved dramatically, with multinational corporations coming under attack from all directions. To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange. As multinational corporations struggle to remain compliant and competitive in a world where effective tax rate management can be a critical element...
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IRS UPDATES FATCA FAQs
By McDermott Will & Emery on Aug 15, 2016
Posted In IRS Guidance, Uncategorized
On August 8, 2016, the IRS updated the “frequently asked questions” (FAQs) on the FATCA IDES Technical FAQs section at IRS.gov. IDES stands for the “International Data Exchange Services” system that allows the IRS to exchange taxpayer information with foreign tax authorities. While the FAQs are focused primarily on technical issues, such as data preparation,...
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Protecting Confidential Taxpayer Information in Tax Court
By McDermott Will & Emery, Jeffrey M. Glassman and Kevin Spencer on Jul 21, 2016
Posted In Court Procedure Matters, IRS Appeals, IRS Audits, IRS Guidance, Privilege and Non-Disclosure, Transfer Pricing Resource, Trial Courts, Uncategorized
Taxpayers value confidentiality, particularly if there is a dispute with the IRS that involves highly-sensitive trade secrets or other confidential information. Not surprisingly, complex tax litigation often raises the question of what confidential information has to be “made public”—through discovery responses or the introduction of exhibits or testimony in a deposition or at trial—so that...
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Some Questions Posed by Declining Audit Rates and Audit Campaigns
By McDermott Will & Emery on Jul 8, 2016
Posted In IRS Appeals, IRS Guidance, Uncategorized
The IRS is spending increasingly less time auditing large companies. This is a good thing, right? But wait, the IRS is starting to launch audit campaigns. And some large taxpayers are still being audited even if they are not caught up in a campaign. What could be some of the consequences of these dynamics? A...
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IRS Updates List of Items Requiring National Office Review
By McDermott Will & Emery and Jeffrey M. Glassman on Jul 7, 2016
Posted In Court Procedure Matters, IRS Appeals, IRS Audits, IRS Guidance, Transfer Pricing Resource, Uncategorized
On June 30, 2016, the Internal Revenue Service (IRS) issued Chief Counsel Notice 2016-009, which can be found here. In the notice, the IRS updated the list of issues that require IRS National Office review (the List). The List indicates those issues or matters raised by IRS field examiners that must be coordinated with the...
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Tax Court Rules in Favor of Medtronic in Transfer Pricing Case Against IRS
By McDermott Will & Emery and Robin L. Greenhouse on Jun 10, 2016
Posted In Court Procedure Matters, Transfer Pricing Resource, Trial Courts, Uncategorized
At least a partial taxpayer victory in the Medtronic case, T.C. Memo. 2016-112. The Tax Court held that Medtronic met its burden of showing the Internal Revenue Service (IRS) abused its discretion by making arbitrary and capricious Internal Revenue Code (IRC) Section 482 reallocations with respect to taxable income of Medtronic’s Puerto Rico subsidiary. It further...
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Report on Temporary Regulations Addressing Notional Principal Contracts With Nonperiodic Payments
By McDermott Will & Emery and rshankar on May 31, 2016
Posted In IRS Guidance, Uncategorized
McDermott partner John T. Lutz and associate Chelsea E. Hess were the principal authors of a recent report for the New York State Bar Association Tax Section, “Report on Temporary Regulations Addressing Notional Principal Contracts With Nonperiodic Payments.” The report comments on the temporary and proposed regulations published on May 8, 2015, relating to the...
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