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Court of Appeals for the Federal Circuit Holds that Fraud by a Third Party Does Not Extend the Statute of Limitations by LACEY STRACHAN

In BASR Partnership, William F. Pettinati, Sr., Tax Matters Partner v. United States, No. 2014-5037 (Fed. Cir. July 29, 2015), the Court of Appeals for the Federal Circuit held that the statute of limitations period is suspended under Internal Revenue Code (“IRC”) Section 6501(c)(1) only when the IRS establishes that the taxpayer acted with the … Continue reading Court of Appeals for the Federal Circuit Holds that Fraud by a Third Party Does Not Extend the Statute of Limitations by LACEY STRACHAN

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New Filing Due Dates for FBARs, Partnership and C Corporation Returns!

On July 31, President Obama signed into law H.R. 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015[1],” which, among other issues, modifies the due dates for several common tax returns, overrules the Supreme Court’s Home Concrete decision, requires that additional information be reported on mortgage information statements, and requires consistent … Continue reading New Filing Due Dates for FBARs, Partnership and C Corporation Returns!

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Determining “Reasonable Cause” for Non-Willful FBAR Violations

For violations involving the non-willful failure to report the existence of a reportable interest in a foreign financial account, the maximum amount of the FBAR penalty that may be assessed under Title 31, Section 5321(a)(5)(B) shall not exceed $10,000, per year, for up to six calendar years. However, no penalty shall be imposed if such … Continue reading Determining “Reasonable Cause” for Non-Willful FBAR Violations

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IRS Advises re Delinquent International Information Return Submission Procedures

Taxpayers who do not need to use the OVDP or the Streamlined Filing Compliance Procedures to file delinquent or amended tax returns to report and pay additional tax, but who: have not filed one or more required international information returns, have reasonable cause for not timely filing the information returns, are not under a civil … Continue reading IRS Advises re Delinquent International Information Return Submission Procedures

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IRS Advises re Delinquent FBAR Submission Procedures

Taxpayers who do not need to use either the OVDP or the Streamlined Filing Compliance Procedures to file delinquent or amended tax returns to report and pay additional tax, but who: have not filed a required Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114, previously Form TD F 90-22.1), are not under … Continue reading IRS Advises re Delinquent FBAR Submission Procedures

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PRACTICAL ADVICE FOR AN IRS EXAMINATION

Maintain timely, clear communications with the examining agent and the client – confirm statements in writing. Know your case and your client – verify information provided by your client. Establish relevant facts, evaluate reasonableness of assumptions or representations, apply relevant legal authorities in arriving at a conclusion supported by the law and the facts. Advise … Continue reading PRACTICAL ADVICE FOR AN IRS EXAMINATION

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NEW IRS Guidance Limits FBAR Penalties!

U.S. persons having a financial interest in or signature authority over one or more foreign financial accounts – including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account – having an aggregate value exceeding $10,000 at any time during 2014 is generally required by the Bank Secrecy Act to … Continue reading NEW IRS Guidance Limits FBAR Penalties!

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Reminder FBAR Electronic Filing Due by June 30, 2015

U.S. persons having a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account may be required by the Bank Secrecy Act to report their interest in the account to the IRS by electronically filing by June 30, 2015, … Continue reading Reminder FBAR Electronic Filing Due by June 30, 2015

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FILING AN INFORMAL CLAIM FOR A TAX REFUND by EDWARD M. ROBBINS, Jr.

In order to file a proper claim for refund, the practitioner should use Form 1040X (individual return), Form 1120X (corporate income return), or Form 843 (refund of taxes other than income taxes), or whatever form the Service has designated. Although informal claims for a refund have been held to be sufficient, informal claims for refund … Continue reading FILING AN INFORMAL CLAIM FOR A TAX REFUND by EDWARD M. ROBBINS, Jr.

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Tax Court Finds No Abuse of Discretion in an Appeals Officer’s Denial of Not Currently Collectible Status by Lacey Strachan

In Riggs v. Commissioner,[i] issued May 26, 2015, the Tax Court held that an Appeals officer did not abuse its discretion in denying the petitioner currently not collectible (CNC) status, for the amount the petitioner owed under IRC section 6672, the trust fund recovery penalty.  The Petitioner had timely requested a collection due process hearing … Continue reading Tax Court Finds No Abuse of Discretion in an Appeals Officer’s Denial of Not Currently Collectible Status by Lacey Strachan

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DISTRICT COURT FINDS MEMOS PROTECTED BY ATTORNEY CLIENT PRIVILEGE AND WORK PRODUCT DOCTRINE by Krista Hartwell

We recently posted an article regarding the Tax Court’s recent decision in Eaton Corp v. Comm’r, No. 5576-12, where the Tax Court found the taxpayer waived attorney client privilege and work product doctrine protections when it asserted a reasonable cause/good faith penalty defense. More recently, in United States v. Sanmina Corp., No. 5:15-cv-00092 (2015 U.S. … Continue reading DISTRICT COURT FINDS MEMOS PROTECTED BY ATTORNEY CLIENT PRIVILEGE AND WORK PRODUCT DOCTRINE by Krista Hartwell

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TAXPAYER WAIVED ATTORNEY CLIENT PRIVILEGE AND WORK PRODUCT DOCTRINE PROTECTIONS BY ASSERTING REASONABLE CAUSE/GOOD FAITH PENALTY DEFENSE by Krista Hartwell

In Eaton Corp. v. Comm’r, No. 5576-12, the Tax Court recently granted the government’s Motion to Compel Production of Documents where the taxpayer asserted a reasonable cause/good faith defense, finding that the taxpayer waived the privilege to protect the documents from disclosure. In Eaton, the taxpayer opposed the government’s Motion to Compel Production of Documents, … Continue reading TAXPAYER WAIVED ATTORNEY CLIENT PRIVILEGE AND WORK PRODUCT DOCTRINE PROTECTIONS BY ASSERTING REASONABLE CAUSE/GOOD FAITH PENALTY DEFENSE by Krista Hartwell

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