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IRS

Dec 05, 2016

Eyewitness Report: IRS Public Hearing On Section 2704 Proposed Regulations

On December 1, the Internal Revenue Service held a public hearing to allow individuals to present oral testimony on the proposed regulations regarding “Estate, Gift and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest (REG-163113-02)” that were released on August 2, 2016.  The publication of these proposed regulations indicated that the IRS would potentially disallow the discounting of the value of family business interests for purposes of the federal transfer taxes. » Read More

Jan 13, 2016

Congratulations! You Won the Powerball! How Much is Your Tax Bill?

After 10:59 tonight, this post will only apply to one lucky person (possibly 2 or 3).  Until that time, let’s pretend that you are that lucky person who wins $1.5 billion.  Your lottery ticket will not end up in the trash.  You will not be frantically hoping that no one had a winning number so that you have another chance on Saturday night. » Read More

Aug 29, 2011

IRS Offshore Voluntary Disclosure Initiative Extended Due to Hurricane Irene

The Internal Revenue Service continues to offer an Offshore Voluntary Disclosure Initiative (“OVDI”) for United States citizens and residents who are required to report their interests in foreign financial accounts.  On Friday, August 26, due to concerns regarding the potential impact of Hurricane Irene, the IRS announced that it will extend the due date for OVDI requests until September 9, 2011. » Read More

Jun 14, 2011

Voluntary Disclosure of Foreign Accounts – Round 2

In 2009, the Internal Revenue Service allowed taxpayers to disclose their interests in foreign financial accounts and avoid potentially large civil and criminal penalties.  More than 15,000 taxpayers participated in the 2009 disclosure program.  Since that disclosure program ended on October 15, 2009, more than 3,000 additional taxpayers have voluntarily come forward to disclose interests in foreign financial accounts. » Read More

Sep 30, 2010

Preserve Your Federal Tax-Exempt Status

As of July 2010, over 100,000 small nonprofit organizations were at risk of losing their Federal tax-exempt status for not having filed a tax return for 3 consecutive years.  Beginning with the 2007 tax year, most tax-exempt organizations with gross receipts of $25,000 or less were required to file Federal tax Form 990-N.  Before that time, these organizations were not required to file any such returns.» Read More

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