By Ian Weinstock The CPA Journal August 2017 Edition Form 3520 is an information return for a U.S. person to report certain transactions with foreign trusts [as defined in Internal Revenue Code (IRC) section 7701(a)(31)] or to report the receipt of certain foreign gifts or bequests.
By Bryan C. Skarlatos & Henry Stow Lovejoy Journal of Tax Practice & Procedure June – July 2017 Edition Taxpayers who have underpaid their taxes can avoid accuracy-related penalties under Code Sec. 6662 by demonstrating that they acted with reasonable cause and in good faith. In general, the
By Sharon L. McCarthy The CPA Journal July 2017 Edition Tax professionals, and also the general public, well know by now that U.S. taxpayers are required to report foreign financial accounts to the government. Full Article
By Claude M. Millman New York Nonprofit Media June 2017 Edition If you’re at a nonprofit funded by the city of New York, and you’re thinking you don’t have to worry about the city’s internal staff ethics rules, think again. The rules, designed to protect the
By Megan L. Brackney The CPA Journal May 2017 Edition If it is not already on the schedule, CPAs should remember to talk to business clients about withholding on payments to nonresident aliens. Full Article
By Megan L. Brackney Journal of Passthrough Entities May – June 2017 Edition “John Doe” summonses have been in the news again.[1] On January 24, 2017, a federal district court unsealed an order authorizing the Department of Justice (DOJ) to serve a John Doe summons upon
By Henry Stow Lovejoy Original Publication: The CPA Journal, April 2017 Edition Re-Published & Updated Publication: The Practical Tax Lawyer, Summer 2017 Edition The Internal Revenue Code (IRC) requires the filing of a number of different information returns with respect to foreign entities or transactions. These “international information
By Claude M. Millman New York Nonprofit Media March 2017 Edition Nonprofits receiving contract awards from New York City or the state should carefully monitor President Donald Trump’s budget policies for potential retroactive effects on pre-existing contracts. New York City Comptroller Scott Stringer recently reported that while just
By Megan L. Brackney Journal of Passthrough Entities January – February 2017 Edition Under the new Bipartisan Budget Act of 2015 (the “BBA”), there are significant changes to the partnership audit rules. Like TEFRA, the BBA requires partnership-level resolution of partnership income, gain, loss, deduction, and
By Juliet L. Fink The CPA Journal January 2017 Edition Although the attorney-client privilege has long been recognized under common law, there is no corresponding taxpayer-accountant privilege [other than a limited privilege for “tax advice” in some non-criminal matters under Internal Revenue Code (IRC) section 7525]. Criminal
