Kevin Spencer
Subscribe to Kevin Spencer's PostsKevin Spencer focuses his practice on tax controversy issues. Kevin represents clients in complicated tax disputes in court and before the Internal Revenue Service (IRS) at the IRS Appeals and Examination divisions. In addition to his tax controversy practice, Kevin has broad experience advising clients on various tax issues, including tax accounting, employment and reasonable compensation, civil and criminal tax penalties, IRS procedures, reportable transactions and tax shelters, renewable energy, state and local tax, and private client matters. After earning his Master of Tax degree, Kevin had the privilege to clerk for the Honorable Robert P. Ruwe on the US Tax Court. Read Kevin Spencer's full bio.
White House Intends to Nominate Michael J. Desmond to High-Level Roles in the IRS and the Department of Treasury
By Kevin Spencer, Macdonald Norman and McDermott Will & Emery on Mar 5, 2018
Posted In Court Procedure Matters, IRS Guidance, Trial Courts, Uncategorized
The White House announced on March 2 that the president intends to nominate Michael J. Desmond, a prominent tax lawyer, to be the Chief Counsel for the Internal Revenue Service (IRS) and Assistant General Counsel in the Department of Treasury. Subject to approval by the Senate, Mr. Desmond’s new roles will entail providing legal guidance...
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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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New Chief Judge of US Tax Court
By Kevin Spencer and McDermott Will & Emery on Feb 27, 2018
Posted In Trial Courts, Uncategorized
On February 26, 2018, the US Tax Court announced that Judge Maurice B. Foley has been elected Chief Judge to serve a two-year term beginning June 1, 2018. Judge Foley will replace Chief Judge Paige Marvel. Judge Foley was appointed to the US Tax Court by President Clinton on April 9, 1995. He was reappointed...
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IRS Releases Second Quarter Update to 2017-2018 Priority Guidance Plan
By Kevin Spencer and McDermott Will & Emery on Feb 9, 2018
Posted In IRS Guidance, Uncategorized
On February 7, 2018, the Department of the Treasury (Treasury) released its second quarter update to the 2017-2018 Priority Guidance Plan to identify tax issues it believes should be addressed through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance. The Priority Guidance Plan contains projects the Treasury hopes to complete during the...
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Expect Controversy in the Wake of Tax Reform
By Kevin Spencer and Robin L. Greenhouse on Feb 7, 2018
Posted In IRS Audits, IRS Guidance, Privilege and Non-Disclosure, Tax Reform, Uncategorized
Tax reform is here to stay (at least for the foreseeable future). The Internal Revenue Service (IRS) may receive additional funds to implement the new tax law. With lowered tax rates, accelerated expensing and forced repatriation of foreign earnings comes an increased risk of an IRS audit. This brave new tax world has left so...
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Court Rules That a Family Office Is a Business!
By Kevin Spencer and Leigh-Alexandra Basha on Jan 25, 2018
Posted In IRS Guidance, Trial Courts, Uncategorized
On December 13, 2017, the US Tax Court (Tax Court) held that a family office was appropriately treated as a business, and permitted to deduct its expenses pursuant to Internal Revenue Code (Code) Section 162. In Lender Management LLC v. Commissioner, T.C. Memo. 2017-246, the Internal Revenue Service (IRS) argued that the taxpayer’s expenses should...
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Prepare for Examination Season
By Kevin Spencer and McDermott Will & Emery on Dec 20, 2017
Posted In IRS Audits, IRS Guidance, Tax Reform, Uncategorized
The tax bar is abuzz with the talk of tax reform. Clients are in modeling purgatory, trying to calculate its effects and plan for the future. Public accounting firms are suggesting how to accelerate deductions in 2017 to take advantage of the massive tax rate decline in 2018. Now more than ever, there are substantial...
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Tax Court Says IRS’s “Drift-Net” Argument to Expand Privilege Waiver Must Be Anchored in Principles
By Jeffrey M. Glassman, Kevin Spencer, Robin L. Greenhouse and Roger J. Jones on Nov 3, 2017
Posted In Court Procedure Matters, IRS Audits, IRS Guidance, Privilege and Non-Disclosure, Trial Courts, Uncategorized
In Estate of Levine v. Commissioner, the US Tax Court (Tax Court) rejected an Internal Revenue Service (IRS) attempt to expand upon the privilege waiver principles set forth in AD Inv. 2000 Fund LLC v. Commissioner. As background, the Tax Court held in AD Investments that asserting a good-faith and reasonable-cause defense to penalties places...
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Manafort Indictment Is a Good Reminder of FBAR Disclosure Requirements
By Kevin Spencer, McDermott Will & Emery, Roger J. Jones and McDermott Will & Emery on Nov 2, 2017
Posted In IRS Guidance, Uncategorized
On October 30, 2017, Paul Manafort Jr. was indicted for concealing his interests in several foreign bank accounts, as well as tax evasion and a host of other criminal charges. The indictment reminds us how important it is to follow the strict guidelines of the reporting regime that the Internal Revenue Service (IRS) and the...
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Read the October Issue of Focus on Tax Strategies & Developments
By McDermott Will & Emery, Alejandro Ruiz, David G. Noren, Jean A. Pawlow, Kevin Spencer, Kristen E. Hazel, Robin L. Greenhouse, Sandra P. McGill and Timothy S. Shuman on Nov 1, 2017
Posted In Court Procedure Matters, IRS Guidance, State Controversy, Tax Reform, Tax Refunds, Transfer Pricing Resource, Trial Courts, Uncategorized
The October 2017 issue of Focus on Tax Strategies & Developments has been published. This issue includes five articles that provide insight into US federal and international tax developments and trends across a range of industries, as well as strategies for navigating these complex issues. Republican Leaders Release Tax Reform Framework By David G. Noren Alexander Lee M&A Tax Aspects...
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