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Tax Alerts

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most recent tax alerts

IRS provides relief to victims of the September California wildfires

IRS provides relief to victims of the September California wildfires

IRS new release announces extended Jan. 15, 2021 filing date for certain taxpayers affected by the September California wildfires.

  • Evan Stone, Whitney Brady
  • |
  • October 21, 2020
IRS provides tax relief to victims of Hurricane Delta

IRS provides tax relief to victims of Hurricane Delta

IRS announces Feb. 16, 2021 extended tax filing, payment and other postponement relief for victims of Hurricane Delta.

  • Evan Stone, Whitney Brady
  • |
  • October 21, 2020
Foreign tax credit regulations disallow credit for digital taxes

Foreign tax credit regulations disallow credit for digital taxes

Final FTC regulations provide clarity while Treasury takes a stance against permitting a credit for digital taxes in new proposed rules.

IRS issues digital asset updates to staff manual and draft Form 1040

IRS issues digital asset updates to staff manual and draft Form 1040

Updated IRS materials suggest a renewed and heightened focus on the reporting of virtual currency transactions by taxpayers.

IRS announces end date of faxed submissions for Forms 1139 and 1045

IRS announces end date of faxed submissions for Forms 1139 and 1045

The IRS announced that December 31, 2020 will be the last date to submit tentative net operating loss carryback claims via fax.

  • Alina Solodchikova, Andrew Mizer, Cindy Hull
  • |
  • October 15, 2020
Tax Court holds section 6662(i) is not a separate penalty

Tax Court holds section 6662(i) is not a separate penalty

Section 6662(i) 40% penalty is an enhancement of section 6662(b)(6). Failed approval of section 6662(b)(6) cannot be cured later.

  • Evan Stone, Alina Solodchikova
  • |
  • October 15, 2020
Alabama will require annual tax license renewals beginning November 1

Alabama will require annual tax license renewals beginning November 1

Annual license renewals will be required for certain taxes, including the sales tax, sellers use tax and the simplified sellers use tax.

  • Jon Miller, Lauren Jones, Mark Siegel
  • |
  • October 14, 2020
IRS procedures for syndicated conservation easement settlements

IRS procedures for syndicated conservation easement settlements

Chief Counsel Notice discusses frequent questions regarding settlement requirements for syndicated conservation easements.

  • David Click, Trina Pinneau
  • |
  • October 07, 2020
IRS expands enforcement of micro-captive arrangements

IRS expands enforcement of micro-captive arrangements

IRS increases enforcement efforts and warns taxpayers to review reportable micro-captive transactions prior to October 15 tax deadline.

  • David Click, Trina Pinneau
  • |
  • October 07, 2020
IRS issues new campaigns and regulations for Life Insurers

IRS issues new campaigns and regulations for Life Insurers

IRS has issued two campaigns for Life Insurers and issues regulations on the calculation of life insurance reserves under section 807(d).

  • Joann McCullough , Tom Kivell, Tricia Matson
  • |
  • October 07, 2020