TAXLITIGATOR Blog

Posted by Hochman Salkin Toscher Perez P.C. Posted on Wednesday, February 17, 2021

We are pleased to announce that Steven Toscher and Jonathan Kalinski will be speaking at the  upcoming Federal Bar Association webinar: Steven Toscher – “Fraud Enforcement Office,”Friday, March 5, 2021, 11:30 a.m. – 12:30 p.m. (PST) Jonathan Kalinski – “Cannabis is Going National – Opportunities and Pifalls,Friday, March 5, 2021, 1:00 p.m. – 2:00 p.m. […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Wednesday, February 17, 2021

On December 16, 2020, the Eighth Circuit issued its opinion in Coffey v. Commissioner, holding that a tax return filed with the U.S. Virgin Islands Bureau of Internal Revenue (“VIBIR”) was not a filing with the IRS and, thus, the three year statute of limitations on assessment was not triggered. See https://www.taxlitigator.com/a-return-by-any-other-name-by-robert-s-horwitz/.  On February 10, […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Saturday, February 13, 2021

In Soboyede v. Comm’r, T.C. Summary Opinion 2021-3, the Tax Court addressed whether the taxpayer’s travel expenses while performing legal work in Washington were incurred “while away from home” such that they could be deducted as ordinary and necessary travel expenses under IRC Section 162.   While this is a non-precedential opinion, it is a helpful […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Monday, February 08, 2021

Historically, most—if not all—states in the U.S. have not required the disclosure of the beneficial owners of corporations, LLCs, or similar entities formed under the laws of the State.[i]  However, with the enactment of the Corporate Transparency Act (CTA)[ii], as part of the 2021 National Defense Authorization Act, the non-disclosure approach has come to an […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Wednesday, February 03, 2021

We are pleased to announce that Steven Toscher, Michel Stein and Evan Davis will be speaking at the upcoming Strafford webinar, “Tax Reporting of Cryptocurrency: Calculating Basis, Income, and Gain, Determining Character of Gain and Basis in Mined Currency, Recognizing Filing Obligations and Prior Noncompliance” on Thursday, February 25, 2021, 10:00 a.m. – 11:50 a.m. […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Wednesday, February 03, 2021

Many businesses either have closed or will be forced to close due to the lockdowns imposed during the COVID-19 pandemic, Closing a business can result in the loss of jobs, a loss of the business owner’s livelihood and the destruction of the business owner’s credit rating.  It can also have adverse tax consequences in the […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Sunday, January 31, 2021

When the IRS’s processes are not working as they should, the Taxpayer Advocate Service (TAS) may be able to help. Sec. 7811 authorizes TAS to issue a taxpayer assistance order if the taxpayer is suffering, or about to suffer, a significant hardship as a result of the way the internal revenue laws are being administered. […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Tuesday, January 26, 2021

The intersection of virtual currency with Bank Secrecy Act (BSA) and tax laws frequently results in a square peg, round hole problem.  All too often, regulators try to solve the problem as would a toddler, by pounding as hard as possible to make the square peg fit in the round hole.  Witness the IRS treating […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Sunday, January 24, 2021

Last week, the Commissioner issued the Taxpayer First Act (TFA) report to Congress. The report will establish the framework of the IRS for the next 20 year, with a goal of improved employee training, increased taxpayer accessibility and making the IRS a more technology-driven organization.  So what is the TFA and why is there a […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Wednesday, January 20, 2021

Occasionally I feel sorry for the attorneys in IRS National Office who have to write regulations for the tax laws enacted by Congress.  Gone are the days when Congress had members who could write simple, logical statutes, like the original sec. 162(f), enacted in 1969: No deduction shall be allowed under subsection (a) for any […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Monday, January 18, 2021

You’d think deciding whether something is a federal tax return would be easy: if it’s on a return form put out by the IRS, containing information sufficient to determine the taxpayer’s tax liability and signed under penalty of perjury by the taxpayer it’s a valid tax return.[1]  If only it were that simple.  Whether a […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Friday, January 15, 2021

Just a quick reminder that there is still time to register for the USC Gould School of Law 2021 Virtual Tax Institute to be held Monday through Wednesday, January 25-27, 2021.  This year’s Institute has a stellar line up of tax superstars.  Learn the latest tax law developments for corporations, privately held businesses, individuals, partnerships […] Read More…