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ABA Recommends Allowing Limited Representation Before the Tax Court
By McDermott Will & Emery on Oct 4, 2018
Posted In Court Procedure Matters, Trial Courts, Uncategorized
Last May, the US Tax Court (Tax Court) announced that approximately 70 percent of all taxpayers in Tax Court cases and approximately 90 percent of taxpayers in small tax cases are self-represented. The Tax Court encourages assistance by pro bono attorneys at its calendar calls, and strives to provide information to taxpayers about how they...
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More Developments on IRS’s Real-Time Audit Program
By Kevin Spencer and McDermott Will & Emery on Oct 2, 2018
Posted In IRS Audits, IRS Guidance, Tax Reform, Transfer Pricing Resource, Uncategorized
We have previously discussed ongoing developments with the Internal Revenue Service’s (IRS) Compliance Assurance Process (CAP) program. In brief summary, CAP is a real-time audit program that seeks to resolve the tax treatment of all or most return issues before the tax return is filed. The CAP program began in 2005 on an invitation-only basis...
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A Lot Is Going on at the Tax Court
By Kevin Spencer and McDermott Will & Emery on Sep 25, 2018
Posted In Court Procedure Matters, Trial Courts, Uncategorized
The US Tax Court is alive with action these days. First, two new judges will start soon after they are sworn in. Ms. Elizabeth Copeland and Mr. Patrick Urda were nominated on August 2017 for 15-year terms to fill openings created by retiring tax court judges. They were confirmed on August 28, 2018. Ms. Copeland...
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IRS Proposes to Withdraw Debt-Equity Documentation Regulations
By Kevin Spencer and McDermott Will & Emery on Sep 21, 2018
Posted In IRS Guidance, Uncategorized
Over the years, the determination of whether an item constitutes debt or equity has generated significant litigation. Courts have developed multifactor tests and engaged in intensive fact finding to make this determination. Arguably, part of the reason for the numerous disputes was the lack of regulations under Internal Revenue Code (Code) Section 385, which explicitly...
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Weekly IRS Roundup September 10 – 14, 2018
By McDermott Will & Emery on Sep 18, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 10 – 14, 2018: September 10, 2018: The IRS announced the following five new Large Business & International compliance campaigns: (1) Internal Revenue Code (Code) Section 199 Claims Risk Review; (2) Syndicated Conservation Easement...
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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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Senate Confirms Rettig as Next IRS Commissioner; Desmond Next?
By Kevin Spencer and McDermott Will & Emery on Sep 13, 2018
Posted In IRS Audits, Tax Reform, Trial Courts, Uncategorized
On September 12, 2018, the Senate confirmed, by a vote of 64-33, Charles P. Rettig to be Commissioner of the Internal Revenue for the term expiring November 12, 2022. We previously discussed the nomination of Mr. Rettig and his background here. The IRS Commissioner presides over the United States’ tax system and is responsible for...
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President Trump to Nominate Greaves to Tax Court; Senate Confirms Copeland and Urda
By Kevin Spencer and McDermott Will & Emery on Aug 29, 2018
Posted In Trial Courts, Uncategorized
On August 27, 2018, President Trump announced his intent to nominate Mr. Travis A. Greaves to serve as a judge on the United States Tax Court (Tax Court). This marks the fifth new person that President Trump has nominated to the Tax Court since becoming president, joining Elizabeth Copeland, Patrick Urda, Courtney Dunbar Jones and...
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IRS Announces That CAP Will Continue
By Kevin Spencer and McDermott Will & Emery on Aug 28, 2018
Posted In Alternative Dispute Resolution, IRS Appeals, IRS Audits, IRS Guidance, Settlements, Tax Refunds, Transfer Pricing Resource, Uncategorized
On August 27, 2018, the Internal Revenue Service (IRS) announced that the Compliance Assurance Process (CAP) program will continue, with some modifications. As we previously discussed, the IRS began an assessment of the CAP program in August 2016 to determine if any recalibration was needed. CAP is an IRS program that seeks to identify and...
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Weekly IRS Roundup August 20 – 24, 2018
By McDermott Will & Emery on Aug 28, 2018
Posted In IRS Guidance, Uncategorized
Presented below is our summary of significant IRS guidance and relevant tax matters for the week of August 20 – 24, 2018: August 21, 2018: The IRS and Treasury released Notice 2018-67, which provides guidance regarding separately calculating the unrelated business taxable income (UBTI) of each trade or business conducted by a tax-exempt entity. Section...
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