McDermott Will & Emery
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Tax Reform Insight: IRS Slams Door on Refunds/Credits for Taxpayers with Section 965 Transition Tax Liability
By David G. Noren, Lowell D. Yoder, Sandra P. McGill and McDermott Will & Emery on Aug 21, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
The Internal Revenue Service (IRS) has issued PMTA 2018-016, reaffirming its position that for taxpayers making an election under Internal Revenue Code (Code) Section 965(h) to pay the transition tax over eight years through installment payments, any overpayments of 2017 tax liabilities cannot be used as credits for 2018 estimated tax payments or refunded, unless...
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Weekly IRS Roundup August 13 – 17, 2018
By McDermott Will & Emery on Aug 20, 2018
Posted In IRS Guidance, Uncategorized
Presented below is our summary of significant IRS guidance and relevant tax matters for the week of August 13 – 17, 2018: August 13, 2018: The IRS and Treasury withdrew and re-proposed certain portions of proposed regulations regarding the new partnership audit regime. These proposed regulations make changes to four different regulation packages under the...
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Fifth Circuit Dismisses Anti-Inversion Regulation Case
By McDermott Will & Emery on Aug 1, 2018
Posted In Appellate Courts, IRS Guidance, Trial Courts, Uncategorized
We previously posted on the Order by the US District Court for the Western District of Texas in Chamber of Commerce of the United States of America, et al. v. Internal Revenue Service, Dkt. No. 1:16-CV-944-LY (W.D. Tex. Sept. 29, 2017). To recap, the district court held that Treas. Reg. § 1.7874-8T was unlawfully issued...
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IRS Releases Practice Unit on Examining Transaction Costs
By McDermott Will & Emery on Jul 24, 2018
Posted In IRS Audits, IRS Guidance, Uncategorized
On July 18, 2018, the Internal Revenue Service (IRS) released a Practice Unit advising IRS agents on the framework to follow in analyzing the tax treatment of transaction costs incurred by taxpayers in executing business practices. The latest Practice Unit provides guidance to IRS examiners in determining whether transaction costs must be capitalized or can...
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Weekly IRS Roundup July 16 – 20, 2018
By McDermott Will & Emery on Jul 23, 2018
Posted In IRS Guidance, Uncategorized
It was a busy week for the IRS and presented below is our weekly roundup for July 16 – 20, 2018 on significant IRS guidance and tax matters. July 16, 2018: Last week the IRS issued Notice 2018-60 providing guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under §...
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Taxpayer Rights Around the World
By McDermott Will & Emery on Jul 19, 2018
Posted In Uncategorized
On May 3 and 4, 2018, the 3rd International Conference on Taxpayer Rights was held in The Netherlands. Participants from every continent (except Antarctica) attended the conference, which focused on good governance and legal remedies. From a US perspective, there were significant discussions on the Taxpayer Bill of Rights (which we have previously written about...
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LB&I Announces Five New Campaigns
By McDermott Will & Emery and McDermott Will & Emery on Jul 10, 2018
Posted In IRS Guidance, Uncategorized
On July 2, 2018, the Internal Revenue Service (IRS) Large Business and International (LB&I) Division announced the identification and selection of five new campaigns. These new campaigns follow the initial 13 campaigns announced on January 31, 2017, followed by 11 campaigns announced on November 3, 2017, 5 campaigns announced on March 13, 2018, and six...
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Weekly IRS Roundup: June 18 – 22
By McDermott Will & Emery on Jun 25, 2018
Posted In IRS Guidance, Uncategorized
Presented below is our weekly roundup for June 18-22, 2018 on significant IRS guidance and relevant tax matters. June 18, 2018: The IRS issued Internal Revenue Bulletin No. 2018-25 including: Rev. Rul. 2018-17 (withholding and reporting payments from IRAs to state unclaimed property funds under Internal Revenue Code (Code) Section 3405); and REG-102951-16 (proposing amendments...
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Don’t File Fraudulent Returns Because Amending Them Will Not Help
By Kevin Hall, Kevin Spencer and McDermott Will & Emery on Jun 22, 2018
Posted In Court Procedure Matters, IRS Guidance, Trial Courts, Uncategorized
The US Tax Court (Tax Court), in a short opinion, provided a reminder to taxpayers that penalties for filing fraudulent returns cannot be avoided by subsequently filing amended returns. In Gaskin v. Commissioner, TC Memo 2018-89, the taxpayer admitted his original returns were fraudulent. While under criminal investigation, he attempted to cure the fraudulent filings...
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IRS Is “All Hands on Deck” to Provide Guidance Related to Tax Reform
By McDermott Will & Emery and McDermott Will & Emery on Jun 20, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
In the wake of tax reform, taxpayers and practitioners alike are anxious for guidance and clarification on how the new laws impact transactions and reporting positions. The Internal Revenue Service (IRS) has previously stated that implementing tax reform is its highest priority, but that issuing guidance on the entire bill would likely take a substantial...
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