November 16th, 2018 by Kim Chen
Congressional Research Service report—Tax Provisions That Expired in 2017 The Congressional Research Service (CRS) has updated a report on the 28 temporary tax provisions that, despite being routinely extended on a 1- or 2-year basis, were allowed to expire at the end of 2017. Two additional provisions are scheduled to expire at the end of […]
November 11th, 2018 by Kim Chen
Estate of Streightoff, TC Memo 2018-178 The Tax Court has determined the type and value of an interest that a taxpayer transferred during his lifetime to a revocable trust that had to be included in his estate — a limited partnership interest or an assignee interest in the partnership interest. Background. Generally, State law determines […]
November 6th, 2018 by Kim Chen
Notice 2018-83, 2018-47 IRB; IR 2018-211, 11/1/2018 IRS has announced the 2019 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits, which are adjusted by reference to Code Sec. 415(d), are changed for 2019 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. […]
October 26th, 2018 by Kim Chen
The taxpayer filed an amended return two days after he filed his original return. This resulted in a refund of $1,396. Upon audit, the IRS determined that the taxpayer wasn’t entitled to the refund and issued a notice of deficiency for $39,757. The taxpayer returned the refund, along with a letter that asked the IRS […]
October 21st, 2018 by Kim Chen
IR 2018-204 In the wake of Hurricanes Michael and Florence, IRS announced that it has provided temporary relief from certain low-income housing tax credit (LIHTC) requirements in order to allow owners and operators of low-income housing projects located anywhere in the U.S. and its possessions to provide temporary emergency housing to individuals who are displaced […]
October 17th, 2018 by Kim Chen
Information Letter 2018-0028 In an Information Letter, IRS has advised a taxpayer, who sold his interest in a passive foreign investment company (PFIC), on the steps he can take to verify that he properly reported his PFIC transaction and, presumably, determine whether he is due a refund. Background. A PFIC is any foreign corporation if: […]
September 21st, 2018 by Kim Chen
Prospective spouses have the opportunity to save money by taking income tax considerations into account before tying the knot. That’s particularly true for those who plan to marry late this year or early next year. As this article explains, from the federal income tax standpoint, some individuals marrying next year may come out ahead by […]
August 26th, 2018 by Kim Chen
The IRS Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018. Taxpayers with undisclosed foreign financial assets still have time to use the OVDP before the deadline. The IRS states that disclosures “must be must be received or postmarked by September 28, 2018 and may not be partial, incomplete, or placeholder submissions.” Why […]
August 17th, 2018 by Kim Chen
Notice 2018-58, 2018-33 IRB; IR 2018-156, 7/30/2018 In a Notice and accompanying Information Release, IRS has issued guidance, and announced its intention to issue regs, regarding the following aspects of Code Sec. 529 qualified tuition programs (529 plans): a. Recontribution of refunded qualified higher education expenses (QHEEs); b. Rollover from a 529 plan to an […]
August 4th, 2018 by Kim Chen
Coggin, (DC NC 7/17/2018) 122 AFTR 2d ¶ 2018-5046 A district court has held that, where a husband forged his wife’s signature on their joint federal tax returns, the returns were still valid joint returns. The holding was based on the fact that the wife never objected to his forging and didn’t file separate returns […]
© 2024 Rogers Wood Hill Starman & Gustason / Privacy Notice / Disclaimer
