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By McDermott Will & Emery on Sep 21, 2017
Posted In IRS Guidance, Uncategorized
According to the Treasury Inspector General for Tax Administration (TIGTA), the Internal Revenue Service (IRS) is underutilizing exchange of information (EOI) capabilities with foreign countries. On September 11, 2017, TIGTA issued a report summarizing its evaluation of the IRS’s current efforts to improve tax compliance by using information obtained from foreign countries through the Exchange...
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More Changes to IRS Appeals, in Response to Taxpayer and Practitioner Concerns
By McDermott Will & Emery, McDermott Will & Emery and McDermott Will & Emery on Sep 18, 2017
Posted In IRS Appeals, Uncategorized
As we have recently discussed, Internal Revenue Service (IRS) Appeals has been making a number of changes to their administrative review process in the last few years. While many of these changes have been driven by lack of resources, others—like the standing invitation of Exam into the Appeals process—have the potential to undermine the independence...
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Form 2848 Power of Attorney – Important Practice Tip
By McDermott Will & Emery on Sep 15, 2017
Posted In IRS Audits, IRS Guidance, Uncategorized
Forms 2848 Power of Attorney and Declaration of Representative are intended to authorize the Internal Revenue Service (IRS) to discuss a taxpayer’s confidential tax matters with a designated representative. Generally, the form requires the taxpayer to identify the tax form number (where applicable), a description of the matter and specify the applicable tax year(s) for...
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A 360-Degree View: August and September 2017
By McDermott Will & Emery on Sep 5, 2017
Posted In Uncategorized
Upcoming Tax Controversy Activities in September: September 13, 2017: Tom Jones is presenting an update on Captive Tax in Charleston, South Carolina, at the South Carolina Captive Insurance Association Annual Conference. September 14, 2017: Robin Greenhouse and Kristen Hazel will be speaking at McDermott Will & Emery’s Tax in the City®: A Women’s Tax Roundtable...
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The IRS Is Struck Down Again in Privilege Dispute
By McDermott Will & Emery and McDermott Will & Emery on Aug 11, 2017
Posted In Court Procedure Matters, IRS Guidance, Privilege and Non-Disclosure, Trial Courts, Uncategorized
Courts continue to strike down the Internal Revenue Service (IRS) as it continues to test the bounds of the attorney-client privilege and work product doctrine through the issuance of improper summonses. In the last several years, the IRS has filed numerous summons enforcement proceedings related to the production of documents generally protected by the attorney-client...
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TIGTA Pounces on IRS Federal Records Retention Policies; Recommends Changes
By McDermott Will & Emery and McDermott Will & Emery on Aug 9, 2017
Posted In Court Procedure Matters, IRS Guidance, Uncategorized
The Treasury Inspector General for Tax Administration (TIGTA) recently summarized several critical deficiencies in how the IRS handles electronically stored federal records in a recent report, available here. The lapses identified by TIGTA may affect the availability of those electronic records for future Freedom of Information Act (FOIA) requests, litigation and Congressional review. The report...
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Record Numbers Are Giving Up US Citizenship
By McDermott Will & Emery and Kevin Spencer on Aug 8, 2017
Posted In Uncategorized
The US government has reported that more than 1,750 people gave up US citizenship in the second quarter of 2017. Tax practitioners speculate that the increase in expatriations is likely due to ever-increasing tax and financial reporting and compliance requirements. For example, the 2010 Foreign Account Tax Compliance Act requires overseas banks to disclose financial information...
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A 360-Degree View: July and August 2017
By McDermott Will & Emery and McDermott Will & Emery on Aug 4, 2017
Posted In Appellate Courts, IRS Audits, IRS Guidance, Transfer Pricing Resource, Uncategorized
Wrapping up July—and Looking Forward to August Tax Controversy Activities in August: August 7, 2017: Elizabeth Erickson and Kristen Hazel will be representing McDermott Will & Emery at the 2017 US Captive Awards in Burlington, Vermont. McDermott has been shortlisted in the Law Firm category. August 8, 2017: Tom Jones is presenting an update on...
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IRS Provides New Guidance on Ordinary Versus Capital Issue
By McDermott Will & Emery and McDermott Will & Emery on May 2, 2017
Posted In IRS Guidance, Uncategorized
A frequently disputed tax issue is the proper treatment of costs incurred by taxpayers and whether they are currently deductible or must be capitalized. Internal Revenue Code (Code) Section 162 generally provides a deduction for ordinary and necessary business expenses paid or incurred during the taxable year in carrying on any trade or business. However,...
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IRS Opposes Granting of Certiorari in Cases Addressing Definition of Return
By McDermott Will & Emery and Roger J. Jones on Mar 16, 2017
Posted In Appellate Courts, Court Procedure Matters, IRS Guidance, Uncategorized
Two petitions for certiorari pending before the Supreme Court of the United States ask the Court to resolve the question of whether a tax return filed after an assessment by the Internal Revenue Service (IRS) is a “return” for purposes of the Bankruptcy Code (BC). The answer to this question will determine whether a bankrupt...
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