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5 Things You Should Know Now About IRS Form 3520-A
Forbes· 4 days agoU.S. persons with interests in foreign trusts often have complicated international reporting obligations. Aside from an IRS Form 3520, these persons may have separate requirements ...
IRS PLR: Proposed Transactions Will Qualify as Tax-Free Reorganization (IRC §355)
Bloomberg Law· 16 hours agoThe IRS has published a private letter ruling on Sections 355 and 368 regarding the status of certain proposed transactions for federal tax purposes. [PLR 202421003]
In a Oakland, California Courtroom Former IRS Revenue Officer and His Brother Among 6 Defendants...
Sierra Sun Times· 5 days agoOAKLAND, CA – Six defendants, including a former IRS revenue officer and his brother, have been...
JD Supra: Missing the Tax Court’s 90-Day Deficiency Deadline – Now What?
JD Supra· 16 hours agoOver the years, I have observed there is only one thing that a taxpayer fears more than being notified by the IRS that their income tax return for a particular taxable year ...
IRS’s AI system to flag returns for audit may include unintended bias, report finds
FedScoop· 2 days agoThe IRS’s primary tool for flagging tax returns for audit is a “first-wave” AI system that includes...
Partnership Beats IRS In Tax Court: BBA Election Held Valid
Forbes· 1 day agoIn SN Worthington Holdings LLC v. Comm’r, 162 T.C. No. 10 (May 22, 2024), a partnership made an election to have its audit conducted under the new Bipartisan Budget Act of 2015 (BBA) partnership ...
IRS PLR: REIT Election Extension Granted (IRC §856)
Bloomberg Law· 15 hours agoThe IRS has published a private letter ruling on Section 856 and Treasury Regulation Section 301.9100, regarding the extension of time to make an election to treat a subsidiary as ...
IRS PLR: ‘Portability’ Election Extension Granted (IRC §2010)
Bloomberg Law· 16 hours agoThe IRS has published a private letter ruling on Section 2010 and Treasury Regulation Section 301.9100, regarding the extension of time to make a portability election for federal tax purposes. ...
How To Avoid Faulty Advice On IRS Form 706 And The Portability Election
Forbes· 4 days agoThe reality is filing the Form 706 is not only best practice. Over the past few years, there have...
IRS Rev. Proc.: State Laws, Identifying How Organizations Can Satisfy Requirement that Assets Be...
Bloomberg Law· 16 hours agoObsolescence of Rev. Proc. 82-2, which identified the circumstances in which an organization could satisfy Treas. Reg. §1.501(c)(3)-1(b)(4) (requiring that the assets of a I.R.C. §501(c)(3) organization be dedicated to ...
