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Subscribe to McDermott Will & Emery's PostsProposed BEAT Regulations | Tax-Free Transactions May Give Rise to a Liability
By David G. Noren, Jonathan D. Lockhart and McDermott Will & Emery on Dec 20, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
On December 13, 2018, US Department of the Treasury and the Internal Revenue Service (IRS) released proposed regulations for the Base Erosion and Anti-Abuse Tax (the BEAT), which was added to the Code as part of the 2017 Tax Act. The proposed regulations provide helpful guidance on a range of important topics and generally go...
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Cryptocurrency May Be Subject to US Tax: Come Into Compliance Now
By Kevin Spencer, McDermott Will & Emery and McDermott Will & Emery on Nov 16, 2018
Posted In IRS Guidance, Uncategorized
Lately, we have been frequently asked the question: “I file US tax returns and pay taxes here. Are my cryptocurrency transactions taxable or reportable in the US?” The answer for US persons and US taxpayers most likely is “yes.” US persons are generally taxable on income earned worldwide, regardless of the manner in which that...
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Kovel Protections Upheld | Government Loses Aggressive Arguments for Waiver of Privilege for Controversy Advice
By McDermott Will & Emery on Nov 12, 2018
Posted In Court Procedure Matters, IRS Guidance, Privilege and Non-Disclosure, Trial Courts, Uncategorized
On October 27, the US District Court for the District of Minnesota issued an opinion in United States v. Adams, No. 0:17-cr-00064-DWF-KMM (D. Minn. Oct. 27, 2018), addressing attorney-client privilege issues relevant to accountants working alongside tax attorneys. The court adopted a narrow, nuanced view of the waiver that applies when the taxpayer discloses an...
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Illinois Department of Revenue Issues Post-Wayfair Guidance Implementing October 1 Economic Nexus Law
By Mary Kay McCalla Martire and McDermott Will & Emery on Oct 23, 2018
Posted In Uncategorized
This post originally appeared on McDermott’s Inside SALT blog, which is dedicated to in-depth coverage of issues surrounding state and local tax. In June 2018, just before the US Supreme Court ruling in Wayfair, Illinois enacted an economic nexus standard modeled after South Dakota’s law (see our prior coverage). The new Illinois standard takes effect on October...
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LB&I Announces Five New Campaigns
By Kevin Spencer, McDermott Will & Emery and McDermott Will & Emery on Sep 17, 2018
Posted In IRS Guidance, Transfer Pricing Resource, Uncategorized
On September 10, 2018, the Internal Revenue Service (IRS) Large Business and International (LB&I) Division announced five new audit “campaigns.” These new campaigns follow: (1) the initial 13 campaigns announced on January 31, 2017; (2) followed by 11 campaigns announced on November 3, 2017; (3) five campaigns announced on March 13, 2018; six campaigns announced...
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OVDP Ending September 28: Now Is the Time to Disclose
By McDermott Will & Emery on Aug 23, 2018
Posted In IRS Audits, IRS Guidance, Privilege and Non-Disclosure, Uncategorized
Earlier this year, the Internal Revenue Service (IRS) announced the ending of the 2014 Offshore Voluntary Disclosure Program (OVDP), its formal amnesty program for taxpayers with previously undisclosed interests in foreign assets and financial accounts. The program deadline is September 28, 2018, and all submissions must be substantially completed by that deadline. Partial or “placeholder”...
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Deference Provided to Regulations When There’s a Drafting Error
By K. Christy Vouri-Misso and McDermott Will & Emery on Apr 4, 2018
Posted In Tax Reform, Uncategorized
The Tax Act created two new foreign tax credit limitation baskets – one for foreign branch income (new section 904(d)(1)(B)) and one for any amount includible in gross income under section 951A (i.e., GILTI) – however, it failed to amend section 904(d)(2)(H)(i) to reflect these changes to section 904(d)(1). As a result of this oversight,...
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IRS OVDP Ending | Time Is Now for Coming into US Tax Compliance – Especially for Those with Willfulness Issues
By Daniel J. Bell, K. Christy Vouri-Misso and McDermott Will & Emery on Mar 16, 2018
Posted In Alternative Dispute Resolution, IRS Audits, IRS Guidance, Settlements, Uncategorized
On March 13, 2018, the Internal Revenue Service (IRS) announced that it will begin ramping down the current Offshore Voluntary Disclosure Program (OVDP) and urged taxpayers with undisclosed foreign assets to apply for the program prior to its close on September 28, 2018. We have previously reported on developments in the OVDP. Access the full article.
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The IRS May Be Coming for Your Bitcoins
By Kevin Spencer and McDermott Will & Emery on Mar 1, 2018
Posted In Court Procedure Matters, IRS Audits, IRS Guidance, Trial Courts, Uncategorized
If you have traded Bitcoin or other crypto-currencies, you probably know that their taxation may be as uncertain as your potential for reward or loss. Since 2014, the Internal Revenue Service (IRS) has publicized how it believes these investments should be treated for US federal income tax purposes. If you have failed to report your...
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Nominations Announced for Tax Court and IRS Commissioner
By K. Christy Vouri-Misso, McDermott Will & Emery and McDermott Will & Emery on Jan 24, 2018
Posted In Trial Courts, Uncategorized
On January 23, 2018, President Trump announced his intent to nominate Courtney Dunbar Jones to the US Tax Court. He previously nominated Elizabeth Copeland and Patrick Urda on August 3, 2017. Courtney Dunbar Jones is a senior attorney in the Tax-Exempt and Government Entities division in the Office of Chief Counsel of the Internal Revenue...
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