By Megan L. Brackney Procedurally Taxing January 6, 2020 The IRS has been assessing more and more foreign information return penalties on taxpayers. It is difficult to find statistics on this point, as the IRS’s reports on tax penalties lump all “nonreturn” penalties into one category, which
By Eric Smith The CPA Journal December 2019 Edition Thanks to legalized sports gambling, U.S. casinos generated a record amount of gaming revenue in 2018. As might be expected, it is becoming increasingly common for individuals to have questions regarding the taxation of gambling income and
By Caroline Rule ABA Section of Litigation, Criminal Litigation Committee December 5, 2019 Always request a DOJ Tax Division conference as soon as it appears that your client may face federal criminal tax charges. Suppose that you have a client who can afford for you to
By Sharon L. McCarthy and Jay R. Nanavati For the Defense December 2019, Vol. 4, Issue 4 Every criminal defense attorney knows that being indicted is a life-changing event for a client. In many cases, white-collar clients have never even been issued a traffic ticket and often are
By Caroline Rule The CPA Journal November 2019 Edition Under Internal Revenue Code (IRC) section 7216 and its concomitant regulations, a tax preparer must obtain the consent of a taxpayer before disclosing or using the taxpayer’s tax return information when that consent is required. Section 7216
By Bryan C. Skarlatos and Stephen A. Josey Journal of Tax Practice and Procedure October – November 2019 Edition Tax law is famously complex – a constantly shifting maze of statutes, regulations, IRS publications, and case law. As such, the process of filing tax returns can be an
By Megan L. Brackney Journal of Passthrough Entities September – October 2019 Edition As Treasury and the IRS implement the Tax Cuts and Jobs Act (“TCJA”) of 2017, it is a good time to consider when taxpayers can rely on informal IRS guidance, such as publications,
By Caroline Rule The CPA Journal October 2019 Edition Internal Revenue Code (IRC) section 7216 and its lengthy regulations govern when a tax return preparer may disclose or use a taxpayer’s tax return information without first obtaining the taxpayer’s consent. Because it is a federal crime
By Sidney Kess The CPA Journal October 2019 Making Social Security decisions is relatively simple for seniors filing single tax returns. Assuming modest or no earned income, retirement benefits can begin as early as age 62. By age 70, however, the waiting game must stop; seniors who
By Sidney Kess, James R. Grimaldi, and James A.J. Revels The CPA Journal October 2019 The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of life. These changes require financial planners
