Current Leading Practices for Structuring the Family Office
This article explores certain structural attributes of the family office in an attempt to identify some leading practices for families (and their advisers). These structural attributes are organized into four categories: (1) ownership and governance, (2) scope of services provided, (3) capital structure and funding, and (4) entity selection and
Published on April 17, 2012
U.S. Attorneys Are Authorized to Fight Stolen Identity Refund Fraud
In an effort to better combat crimes involving stolen identities and tax refund fraud, the Justice Department has changed the procedures it uses to handle such cases.
Published on November 30, 2012
Swallows Decision Renews Questions About Judicial Deference to Tax Regs.
In Swallows, the Third Circuit upheld the validity of an “interpretive” Treasury regulation and applied the high degree of deference to the regulation prescribed by Chevron.
Published on May 14, 2010
Regs. Limiting Period for Filing Innocent Spouse Claim Held Valid
Reversing the Tax Court, the Seventh Circuit held that the two-year limitation period for filing an equitable innocent spouse claim under Sec. 6015(f) in Regs. Sec. 1.6015-5(b)(1) was valid.
Published on August 02, 2010
Closing Agreement Inapplicable to Successor in Interest
Chief Counsel advice highlights one of the limitations the IRS places on the use of closing agreements and serves as a good reminder for practitioners to be aware of those limitations.
Published on May 02, 2010
Judicial Deference to Regulations Home Concrete & Supply, LLC
This article reviews the Supreme Court opinions and IRS regulations that gave rise to Home Concrete and analyzes how a deeply divided Supreme Court resolved the issue.
Published on December 31, 2012
Report on Foreign Bank and Financial Accounts Compliance and Controversy
In recent months, concern over who is required to file the FBAR has escalated among taxpayers and tax practitioners alike. Along with stepped-up enforcement by Treasury and the IRS, this has made for a very interesting and challenging period in the life of the FBAR reporting requirement.
Published on January 28, 2011
Bankruptcy and the Trust Fund Recovery Penalty
When a corporation fails to remit the withheld taxes to the government, the IRS looks through the corporation to the individual or individuals who are responsible for the failure.
Published on April 01, 2013
Tax Court Again Holds That Innocent Spouse Relief Limit Is Invalid
Despite being overruled by the Seventh Circuit in an earlier case, the Tax Court has again held that the regulatory two-year limitation period for filing a claim for equitable innocent spouse relief under Sec. 6015(f) is invalid. This item assesses the Tax Court's arguments in Hall, 135 T.C. No. 9
Published on January 28, 2011
How Will Final Regs. Apply the Knight Commonly Incurred Test
In Knight, the Supreme Court held that under Sec. 67(e), a trust expense otherwise subject to the 2% of AGI floor is fully deductible under the exception in Sec. 67(e) only if it would be uncommon for an individual holding the same property to incur the expenses.
Published on May 10, 2010