TAXLITIGATOR Blog

Posted by Hochman Salkin Toscher Perez P.C. Posted on Tuesday, February 16, 2016

The IRS transaction codes are typically listed on an taxpayers transcript of account. The transaction guide identifies many of the most often used codes. “This document is an abbreviated version of the Transaction Codes listed in Document 6209 for quick reference. The transaction codes consist of three digits. They are used to identify a transaction […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Wednesday, February 10, 2016

In the recent decision Davis v. United States, No. 13-16458 (9th Cir. 1/25/2016), the Ninth Circuit reversed a district court decision that had invalidated certain IRS assessments against Al Davis and his wife, relating to a TEFRA partnership proceeding involving the Oakland Raiders, a California limited partnership of which Al Davis had the largest interest. […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Thursday, February 04, 2016

The Streamlined Filing Compliance Procedures represent an IRS effort to find a viable method of encouraging U.S. taxpayers to come into compliance with their reporting and filing requirements associated with varying interests in foreign financial accounts and assets.[i] The Streamlined Procedures require the filing of original or amended tax returns and FBARs as well as […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Tuesday, February 02, 2016

Justice Oliver Wendell Holmes once wrote, “Men must turn square corners when they deal with the Government.” When you deal with the IRS, deviation from the requirements of the Internal Revenue Code and regulations can be costly, as a bank learned the hard way in Commerce Bank & Trust Co. v. United States, 2016 TNT […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Monday, February 01, 2016

Treasury recently updated the section 2010 Regulations to permit the IRS to grant 9100 relief for late portability elections. On January 2, 2013, President Obama signed into law the American Tax Relief Act of 2012 (ATRA), which made permanent portability between spouses of the estate tax annual exclusion amount. Portability allows the second to die […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Tuesday, January 26, 2016

A recent opinion by the U.S. District Court in the Northern District of Georgia in Dileng v. Commissioner, 1:15-CV-1777-WSD (ND GA) (January 15, 2016), suggests a new era in international tax enforcement.  The opinion discusses the Internal Revenue Service’s (“IRS”) effort to collect Danish taxes pursuant to the Convention for the Avoidance of Double Taxation […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Thursday, January 21, 2016

AGOSTINO & ASSOCIATES –To download a great article prepared by our very close friends at the Law Firm of Agostino & Associates in Hackensack, NJ ( www.agostinolaw.com ), see the Agostino & Associates January Newsletter – https://files.ctctcdn.com/f7d16a55201/11d1f7e4-92e8-45c9-bcf0-a1c696aa823a.pdf EVALUATING COLLECTION ALTERNATIVES: WHETHER TO FILE FOR BANKRUPTCY OR REQUEST AN OFFER IN COMPROMISE by By Frank Agostino, […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Friday, January 15, 2016

In most cases in which a person pleads guilty to a tax-related crime in federal district court, the U.S. Attorney’s Office will require him to agree that the district court can order the payment of restitution to the IRS for the years for which he pleads guilty plus any years constituting relevant conduct. Following conviction […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Friday, January 01, 2016

The IRS recently gave unexpected Chanukah and Christmas presents to tax cheats and other assorted ne’er do wells. The present came from an unexpected source, Criminal Investigation (CI), in the form of CI’s 2015 Annual Report, released at the beginning of December, in time for holiday shopping. All you need to know about the current […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Thursday, December 24, 2015

Section 2503(b) of the Internal Revenue Code provides the annual exclusion, which excludes from taxable gifts the first $10,000 (adjusted for inflation) of “present interest” gifts. The current annual exclusion amount is $14,000. Crummey v. Comm’r, 397 F.2d 82 (9th Cir. 1968) supplies the rule for present interest gifts in trust. In order to have […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Monday, December 21, 2015

Section 481 provides that where a taxpayer’s taxable income for a tax year is computed under a method of accounting different from that previously used, an adjustment will be made to prevent amounts from being duplicated or omitted solely by reason of the change in accounting method.[i]  Section 481 applies regardless of whether the change […] Read More…

Posted by Hochman Salkin Toscher Perez P.C. Posted on Monday, December 14, 2015

Thinking of vacationing outside the United States when you owe the IRS money?  Think again. Congress recently enacted Fixing America’s Surface Transportation (“FAST”) Act, which President Obama signed into law on December 4.  Section 32101 of the Act (which is almost 500 pages in length) adds sec. 7345 to the Internal Revenue Code.  It is […] Read More…