News & Perspective

Claiming casualty loss is tricky. Hurricane Dorian a category 5 storm, has been called the strongest storm to ever threaten the east coast with maximum sustained winds of over 185 mph. According to the National Hurricane Center, "Although gradual ... Read More

Wealth tax and effects on politics. We should be wary of a wealth tax because Henry Ford hated Jews. That's the argument Harvard economist and former director of the national Economic Council Larry Summers made on Twitter last Saturday, stirring u... Read More

Report on abusive charity tax abuse. The report was addressed to Senator Charles Grassley, Chair of the Senate Finance Committee, so it is no surprise that it leads with the syndication of conservation easements. The center of this particular tax ... Read More

Two million tax id numbers to expire. The Internal Revenue Service has issued a reminder to taxpayers with an expiring Individual taxpayer Identification Number (ITIN) to submit renewal applications. Failing to renew an ITIN by the end of the year... Read More

CFC attributions get safe harbors. U.S. persons who own stock in controlled foreign corporations CFCs may be able to benefit from safe harbors for determining CFC status and resulting income inclusions under a revenue procedure the IRS issued. At ... Read More

Steps to safeguard taxpayer data. The Internal Revenue Service partners with state tax agencies and the tax professional community to fight the 21st century identity thieves. after forming the Security Summit and enacting a series of safeguards, t... Read More

Taxpayer first act of 2019. This legislation was signed into law on July 1, 2019. The focus of the bill is to enact changes in the IRS's organizational structure which includes customer service, enforcement procedures, management of information te... Read More

Tax breaks that are gone for good. For most Americans, filing their tax returns for the 2018 tax year is just a distant and unpleasant memory. Yet even though the vast majority of taxpayers got their returns filed by mid-April deadline nearly six ... Read More

Taxes and the 2020 election. The IRS could be forced to release President Trump's taxes in the heat of the 2020 election. The administration is betting that it can drag out the coming case beyond next year's elections. That could prove a bad strat... Read More

Micro captive insurance schemes. The Internal Revenue Service has announced the mailing of a time limited settlement offer for certain taxpayers under audit who participated in abusive micro captive insurance transactions. Taxpayers eligible for t... Read More