Now that the New York State legislature has ended its session, we can examine one piece of legislation that changed the landscape for tax appeals challenging the assessment by the
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Supreme Court Affirms IRS Power to Summons Bank Information Without Notice to Delinquent Taxpayer
In Polselli v. IRS, the Supreme Court was tasked with determining whether the IRS, pursuant to powers granted in Internal Revenue Code (IRC) section 7609(c)(2)(D)(i), is entitled to issue third-party summonses, without notice, for bank account records in which the taxpayer targeted by the summons does not have a legal interest.
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IRS Temporary Relief for Foreign Financial Institutions Required to Report U.S. Taxpayer Identification Numbers Under FATCA: Potential Implications for ‘Accidental Americans’
IRS Notice 2023-11 provides temporary relief for foreign financial institutions to provide U.S. taxpayer identification numbers for preexisting accounts.
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Responding to Recent Taxpayer Victories, IRS Issues Proposed Regulations Identifying Syndicated Conservation Easement Transactions as Listed Transactions
The proposed regulations demonstrate that the IRS is taking a proactive approach in addressing the APA challenges to its method for identifying listed transactions. The IRS makes clear that it will continue to aggressively pursue syndicated conservation easement transactions.
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Inflation Reduction Act Provides Tax Benefit for Exempt Organizations
The Inflation Reduction Act of 2022 (IRA) grants a number of tax credits and tax deductions for taxpayers for the purpose of inducing energy efficiency steps. One tax benefit the
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IRS Revisions to Internal Revenue Manual Clarify Who Is Eligible for Late Filing Penalty Relief
On Aug. 29, the IRS released a new section to the Internal Revenue Manual (IRM), 20.1.1.3.3.2.2, providing penalty relief for certain taxpayers filing 2019 and 2020 returns in response to
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The IRS Grants Penalty Relief for 2019 and 2020, But…
On Aug. 24, 2022, the IRS issued Notice 2022-36, which provides penalty relief to taxpayers for certain late-filed 2019 and 2020 tax returns and information returns, but this relief
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Your Horse May Be Subject to IRS Seizure
Equine industry assets that could be subject to government seizure include real estate, equipment, and the horses themselves, although horses valued below $10,090 are exempt from levy.
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The Inflation Reduction Act – Key Tax Considerations
This GT Alert provides a high-level summary of key tax provisions of the Inflation Reduction Act, which President Biden signed into law on Aug. 16, 2022.
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District Court Grants Government’s Motion for Reconsideration in CIC Services: IRS Not Required to Return Disclosure Documents Obtained Under Notice 2016-66
In a rare change of position, on June 2, 2022, the district court granted the government’s motion in CIC Services, holding the IRS was not required to return the
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