By Dustin Covello Editors’ note. This is the first of a new periodic series on the Tax Blawg. Mainstream press articles often implicate complex, technical tax issues. Admirably, the press attempts to simplify the tax issues to make them more interesting and digestible for the general public, but sometimes simplification can leave readers with an [...]
Author Archive
The Tax Story Behind The Big Story: The Taxation Of Carried Interests In ‘Buyout Profits Keep Flowing To Romney’
December 20, 2011If MF Global Lost My Money, Do I At Least Get A Tax Deduction?
December 14, 2011By: Jonathan Prokup & Dustin Covello After MF Global filed for bankruptcy protection just over a month ago, investigators discovered that approximately $1.2 billion of assets in customers’ accounts had somehow disappeared. Although no one at the firm has confirmed where the money went, news reports have suggested that the money may have been used [...]
Publication Alert: BNAI Transfer Pricing Forum
September 9, 2011By: Dustin Covello In the September 2011 issue of BNA International’s Transfer Pricing Forum, Jonathan and I summarized the dispute resolution process for transfer pricing controversies against the IRS. Transfer Pricing Forum provides an overview of selected transfer pricing issues under the tax laws of twenty-five countries. For U.S. tax professionals, the publication provides [...]
Tax Court May Be The Forum Of Choice For Taxpayers Seeking To Challenge Treasury Regulations
June 23, 2011By Dustin Covello & Phil Karter As Tax Blawg readers know, after the Supreme Court’s Mayo decision adopted the deferential Chevron standard for determining the validity of Treasury regulations (instead of the less deferential National Muffler standard that taxpayers preferred), taxpayers and practitioners have speculated that seeking to invalidate a regulation may be a fool’s [...]
In Burks v. United States, Did The Fifth Circuit’s Footnote Nine Revive National Muffler?
February 21, 2011By: Dustin Covello On February 9, 2011, the third appellate court in as many weeks issued an opinion addressing whether an overstatement of basis extends the statute of limitations for assessment to six years under section 6501(e)(1)(A). In Burks v. United States, No. 09-11061 (Feb. 9, 2011) (opinion here), the Fifth Circuit joined the majority [...]
Even After Mayo, Fourth Circuit’s Home Concrete Opinion May Have Paved The Way For Invalidating The 6501(e) Regs
February 10, 2011By Dustin Covello Yet another appellate court has weighed in on whether an overstatement of basis constitutes an omission of gross income subject to the six-year statute of limitations under Code section 6501(e)(1)(A). Home Concrete v. United States, No. 09-2353 (4th Cir. Feb. 7, 2011). This time, the Fourth Circuit Court of Appeals sided with [...]
Will IRS Limit Exam’s Assertion of the Economic Substance Penalty? TIGTA Report Suggests Not.
December 31, 2010Since codification of the economic substance doctrine in March 2010, taxpayers have expressed fears that IRS will assert the doctrine unpredictably, resulting in an in terrorem effect among taxpayers because of the lack of clear authorities interpreting the doctrine and the new 40% strict-liability penalty for falling on the wrong side of it. To promote [...]
Senate Fixes An Onerous Reporting Requirement With An Onerous Reporting Requirement?
September 16, 2010By Dustin Covello As we’ve discussed previously at the TaxBlawg, a minor provision of the Patient Protection and Affordable Care Act – Section 9006, which dramatically expands the requirements for reporting payments on Form 1099 – has become a hot-button issue in Congress. Prior to the law, Form 1099 reporting was not required for payments [...]
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Phil Karter
Jonathan Prokup
David Shakow
George Connelly, Jr.
Buck Buchanan
David Bernard
Dustin Covello
Heather Pesikoff
Hale Sheppard
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