McDermott Will & Emery
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National Taxpayer Advocate Releases 2017 Annual Report to Congress
By McDermott Will & Emery on Jan 12, 2018
Posted In IRS Guidance, Uncategorized
On January 10, 2018, the National Taxpayer Advocate (NTA) Nina E. Olson released her 2017 Annual Report to Congress. (For our coverage of the 2016 Annual Report, see here). The NTA also released the inaugural “Purple Book,” which “is a compendium of 50 legislative recommendations for strengthening taxpayer rights and improving tax administration that we...
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A 360-Degree View: December 2017 and January 2018
By McDermott Will & Emery on Jan 5, 2018
Posted In Uncategorized
Wrapping Up December – and Looking Forward to January You can view all of the topics we discussed over the last month, and take a look at the upcoming tax controversy events where our lawyers will be speaking in January. Upcoming Tax Controversy Activities in January: January 23, 2018: Diann Smith will be presenting “State...
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IRS Releases International Tax Guidance
By McDermott Will & Emery on Jan 4, 2018
Posted In IRS Audits, IRS Guidance, Uncategorized
Happy New Year to all our readers! To start off the New Year, the Internal Revenue Service (IRS) has released two pieces of guidance on international tax issues which are noteworthy. Each is briefly discussed below. The first piece of guidance is Notice 2018-7, which announces the IRS’s intent to issue regulations for determining amounts...
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IRS Required to Obtain Supervisory Approval to Assert Penalties
By McDermott Will & Emery and McDermott Will & Emery on Dec 21, 2017
Posted In Appellate Courts, Court Procedure Matters, IRS Guidance, Trial Courts, Uncategorized
We have written several times about penalty defenses, including substantial authority, issues of first impression and tax reporting disclosures. Additionally, we previously covered the 2016 case of Graev v. Commissioner, where a divided US Tax Court (Tax Court) held that supervisory approval was not necessary before determining a penalty in a deficiency proceeding because the...
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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: Mailbox Rule Can Apply with Stamps.com Postage Label
By Jeffrey M. Glassman and McDermott Will & Emery on Dec 5, 2017
Posted In Court Procedure Matters, IRS Guidance, Trial Courts, Uncategorized
Within the Internal Revenue Code (Code) is a rule commonly known as the “mailbox rule” or the “timely mailed, timely filed rule.” Under Code Section 7502(b), the date that an item—including a Tax Court petition—is postmarked and mailed can also be the date the item is considered filed. When an item is received after the...
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Government Appeals Defeat in Anti-Inversion Regulation Case
By McDermott Will & Emery on Nov 29, 2017
Posted In Appellate Courts, Court Procedure Matters, IRS Guidance, 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). In that Order, the court held that Treas. Reg. § 1.7874-8T was unlawfully issued. ...
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The Slow Death of the Section 385 Regulations
By McDermott Will & Emery and McDermott Will & Emery on Nov 9, 2017
Posted In IRS Guidance, Uncategorized
Internal Revenue Code (Code) Section 385 provides that the US Department of the Treasury (Treasury) is authorized to issue regulations to determine whether an interest in a corporation is to be treated for purposes of the Code as stock or indebtedness. After decades of inaction, proposed regulations were issued on April 14, 2016. The proposed...
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IRS Releases Two International Practice Units on APAs for Inbound and Outbound Tangible Goods Transactions
By McDermott Will & Emery on Nov 7, 2017
Posted In IRS Audits, IRS Guidance, Transfer Pricing Resource, Uncategorized
On November 6, 2017, the Internal Revenue Service (IRS) released two new International Practice Units (IPUs) relating to Advance Pricing Agreements (APAs) for inbound and outbound tangible goods transactions. The IPUs provide a summary of the APA process, the types of APAs, and the interpretation and impact of an APA. The IPUs focus on the...
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Tax Court Considering Allowing Remote Testimony
By Kevin Spencer and McDermott Will & Emery on Oct 31, 2017
Posted In Court Procedure Matters, Trial Courts, Uncategorized
We have previously reported on the various forums in which taxpayers can litigate tax cases, noting that the vast majority of tax cases are litigated in the US Tax Court (Tax Court). The Tax Court is the preferred forum for several reasons, including that the judges are all tax specialists, and taxpayers can litigate their...
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