McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsWhen Can a Taxpayer Dismiss a Tax Court Case as Moot?
By McDermott Will & Emery and McDermott Will & Emery on Oct 13, 2017
Posted In Settlements, Trial Courts, Uncategorized
Faced with the prospect of potential tax liability after an unsuccessful audit, taxpayers are faced with the options of filing a petition in the US Tax Court (Tax Court) prior to paying the liability or paying the liability, making a claim for refund, and (if denied or more than six months have passed) suing the...
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Treasury to Withdraw Controversial Proposed Estate Tax Valuation Rules
By McDermott Will & Emery and Kevin Spencer on Oct 12, 2017
Posted In IRS Guidance, Uncategorized
On October 4, 2017, the US Department of the Treasury (Treasury) announced that it would withdraw more than 200 regulations, including the proposed regulations under Internal Revenue Code (Code) Section 2704. The announcement is part of President Trump’s initiative to lessen the regulatory burden on taxpayers due to excessive regulations. In a press statement, Treasury...
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M&A Tax Aspects of Republican Tax Reform Framework
By McDermott Will & Emery, Alejandro Ruiz and Timothy S. Shuman on Oct 11, 2017
Posted In Tax Reform, Uncategorized
The outline of pending tax reform provisions remain vague, but a significant impact on M&A activity is expected by way of corporate tax cuts, interest deductibility, changes to the expensing of capital investments, a reduction of the pass-through tax rate and changes to our international (territorial) tax system. Continue Reading
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International Practice Units – Competent Authority
By McDermott Will & Emery on Oct 10, 2017
Posted In IRS Guidance, Uncategorized
In recent months, the Internal Revenue Service (IRS) Large Business and International Division (LB&I) has issued a variety of international tax practice “units” as part of its process to improve tax compliance from identified groups of business taxpayers. The overall process also includes short descriptions of respective “campaigns” and briefly describes the agency’s designated, tailored...
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A 360-Degree View: September and October 2017
By McDermott Will & Emery on Oct 5, 2017
Posted In Uncategorized
Wrapping Up September – and Looking Forward to October Upcoming Tax Controversy Activities in October: October 12, 2017: Cate Battin, Kristen Hazel, Britt Haxton, Jane May, Sandra McGill, Diann Smith and Elizabeth Chao are hosting and presenting at the inaugural Tax in the City® event in Seattle, Washington. They will cover topics such as attorney-client...
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District Court Holds Anti-Inversion Regulation Unlawfully Issued
By McDermott Will & Emery and McDermott Will & Emery on Oct 4, 2017
Posted In Court Procedure Matters, IRS Guidance, Trial Courts, Uncategorized
“[W]e are not inclined to carve out an approach to administrative review good for tax law only.” Mayo Found. for Medical Educ. & Research v. United States, 562 US 44, 55 (2011). With this language, the US Supreme Court put taxpayers and the Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) on...
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TIGTA Report: FOIA Procedures Need Improvement
By McDermott Will & Emery and Jeffrey M. Glassman on Oct 3, 2017
Posted In IRS Audits, IRS Guidance, Uncategorized
On September 7, 2017, the Treasury Inspector General for Tax Administration (TIGTA) issued a report about the Internal Revenue Service’s (IRS) Freedom of Information Act (FOIA) procedures. After reviewing a statistically valid sample of FOIA requests, TIGTA concluded that the IRS improperly withheld information 14.3 percent of the time—or approximately 1 in 7 FOIA requests....
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Republican Leaders Release Tax Reform Framework
By McDermott Will & Emery and David G. Noren on Sep 28, 2017
Posted In IRS Guidance, Tax Reform, Tax Refunds, Uncategorized
The White House and Republican congressional leadership released an outline this week to guide forthcoming legislation on tax reform. This outline will serve as a useful framework in structuring what will be an active, and likely contentious, phase of reform activity. Continue reading.
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Tax Court Requires Specific Factual Showing of Harm for Whistleblower Anonymity
By McDermott Will & Emery and McDermott Will & Emery on Sep 28, 2017
Posted In Privilege and Non-Disclosure, Trial Courts, Uncategorized
In two recent cases, the United States Tax Court (Tax Court) has explored the bounds of the anonymity protection afforded to potential whistleblowers under the court’s rules and other authorities. Tax Court Rule 345 relates to privacy protections for filings in whistleblower actions. Under paragraph (a), a whistleblower may move the court for permission to...
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Is a Business Tax Reform Game Plan Beginning to Take Shape?
By McDermott Will & Emery, David G. Noren and Sandra P. McGill on Sep 22, 2017
Posted In Uncategorized
Substantial tax reform is underway and the business community is intently awaiting details of this activity with the aim of positioning themselves to maximize opportunities and minimize any costs or risks that reform may present. How will a cut in the corporate income tax rate, the potential adoption of a “territorial” dividend exemption system or...
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