Archive for the ‘Administrative’ category
January 9, 2012
By Jonathan Prokup On December 9th, the IRS issued final regulations under Code section 881 that treat a disregarded entity as a person to determine whether a “financing arrangement” exists for purposes of applying the conduit financing regulations. The finalized regulations may deny tax benefits otherwise available from U.S. tax treaties when a multi-party financing [...]
Categories: Administrative, Financial Products, International, Withholding
Tags: anti-abuse, conduit financing transaction, disregarded entities, economic substance, section 7701, tax treaties, withholding taxes
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December 20, 2011
As noted by Janet Novack at forbes.com, Judge England of the District Court for the Eastern District of California last week issued an order permitting the IRS to serve a “John Doe” summons on the California State Board of Equalization. The summons seeks the names of residents who transferred property to relatives for little or [...]
Categories: Administrative, Corporate, Tax Procedure
Tags: corporate tax, IRS Audits, summons
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December 16, 2011
By Phil Karter In a recent TaxBlawg post, my colleague Jonathan Prokup discussed the IRS’ intention to begin requesting electronic files as part of taxpayer examinations so that it can analyze the “metadata” contained in those files. One of the concerns raised in the post, as announced in Chief Counsel Advice 201146017, was the possibility that [...]
Categories: Administrative, Audit, Corporate, Litigation, Tax Procedure
Tags: 6103, attorney-client privilege, Audit, compliance, disclosure, e-discovery, IRS, IRS Audits, metadata, Privilege, recordkeeping, records retention policy, Sarbanes-Oxley, Tax Litigation, Work Product
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December 8, 2011
By Phil Karter As reported earlier this week in the tax press, the recently completed initial filing season for Schedule UTP produced at least one major surprise in the eyes of IRS officials, who had anticipated a much greater number of items listed on the average Schedule UTP than actually materialized. In fact, the IRS’s [...]
Categories: Administrative, Audit, Corporate
Tags: Audit, CIC, disclosure, IRS, IRS Audits, Penalties, Privilege, schedule utp, tax penalties, tax workpapers, Work Product
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December 7, 2011
By Jonathan Prokup Peter Pappas at the Tax Lawyer’s Blog takes note of a recent report from TIGTA regarding audits of small corporations (those with less than $10 million in assets, according to the IRS). As Mr. Pappas says, language from the report suggests that Treasury may consider the closely held nature of many small [...]
Categories: Administrative, Corporate, Individual
Tags: Audit, closely held business, Global High Wealth Industry Group, IRS, schedule utp, tax gap
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December 5, 2011
By Jonathan Prokup Over the weekend, a variety of Canadian news sources (see, e.g., the Financial Post and the Edmonton Journal) reported on anticipated guidance from the IRS, which would result in the waiver of penalties on certain U.S. citizens living in Canada for past failures to file Form TD F 90-22.1, commonly known as [...]
Categories: Administrative, Individual, International
Tags: bank accounts, Canada, disclosure, FBAR, IRS, OVDI
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December 5, 2011
By Jonathan Prokup As discussed in a story in this morning’s Tax Notes, the IRS intends to begin requesting electronic files as part of taxpayer examinations so that it can analyze the “metadata” contained in those files. Metadata, sometimes referred to as “data about data,” generally shows information about a computer file, such as its [...]
Categories: Administrative, Corporate
Tags: 7602, IRS, metadata, summons, taxpayer data, TIGTA
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December 2, 2011
By Jonathan Prokup For taxpayers who entered the IRS’s second Offshore Voluntary Disclosure Initiative (“OVDI”) prior to August 31, 2011, November 29th marked the end of the extended deadline that some taxpayers requested for submitting all of the materials included in the disclosure (e.g., amended returns, FBARs). Coincidentally with the timing of this deadline, many [...]
Categories: Administrative, Corporate, Individual, International
Tags: bank account, FBAR, IRS, noisy disclosure, OVDI, Penalties, quiet disclosure
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August 26, 2011
Apparently, there are a large number of U.S. citizens living outside the United States as well as a large number of individuals who are dual citizens of the United States and their country of residence (estimated to be in the millions). Judging from the phone calls that I have been receiving from my contacts at foreign [...]
Categories: Administrative, International
Tags: FBAR, foreign bank accounts, OVDI, tax evasion
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June 20, 2011
By David L. Bernard TaxBlawg’s Guest Commentator, David L. Bernard, is the former Vice President of Taxes for Kimberly-Clark Corporation, a past president of the Tax Executives Institute, and a periodic contributor to TaxBlawg. My last blog post suggested that the best defense against transfer pricing assessments is the adoption of a globally consistent transfer [...]
Categories: Administrative, Appeal, Audit, Competent Authority, Corporate, International, Transfer Pricing
Tags: Advance Pricing Agreement, APA, competent authority, effective tax rate, ETR, NOPA, tax treaties, Transfer Pricing
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Phil Karter
Jonathan Prokup
David Shakow
George Connelly, Jr.
Buck Buchanan
David Bernard
Dustin Covello
Heather Pesikoff
Hale Sheppard
dustincovello
