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Tag: Civil Tax Controversies & Trials

IRS to Target Partnership Basis Shifting Abuses

On the heels of a significant boost in funding brought by the August 2022 passage of the Inflation Reduction Act (“IRA”), the IRS this week announced new efforts to combat what it sees as abusive transactions and strategies utilized by businesses that are taxed as partnerships. This is another IRS

Recent United States Initiatives To Enforce Integrity

On May 30, 2024, Bryan Skarlatos presented on “Recent United States Initiatives to Enforce Integrity” with Ian M. Comisky of Fox Rothschild LLP as part of Lawline’s CLE programming. Description: The Corporate Transparency Act was enacted as part of the Anti-Money Laundering Act of 2020. In particular, 31 U.S.C. § 5336

New York Times Quotes Jay Nanavati On Puerto Rico Tax Breaks

Jay R. Nanavati was quoted in a New York Times article published May 28, 2024 titled “I.R.S. Failed to Police Puerto Rico Tax Breaks, Whistle-Blower Says.” The New York Times reported that an I.R.S. insider has accused the agency of failing to police tax breaks taken in Puerto Rico. From

Bloomberg Tax Quotes Megan Brackney On IRS Crackdown

Megan L. Brackney was quoted in a Bloomberg Tax article published May 20, 2024 titled “Wealthy Taxpayers Prep Years-Late Returns Ahead of IRS Crackdown.” Following a February 2024 announcement from the IRS that the agency would be pursuing wealthy taxpayers who failed to file their returns, a flurry of wealthy