According to Law360, the Ninth Circuit on Tuesday reversed a decision by the U.S. Tax Court that invalidated an Internal Revenue Service cost-sharing regulation in a dispute with an Intel Corp. subsidiary, saying the revenue agency did not exceed its authority in promulgating the rule. In a 2-1 decision, the appeals court said the IRS is…
Read more
Understanding IRS Tax Audits – Part I
Careful advance preparation can help reduce the scope of a tax audit or examination and can lead to a more favorable outcome. Although a thorough understanding of the underlying facts and applicable law is a must, understanding IRS procedures is critical to preserving a taxpayer’s rights. We summarize below and in Parts II & III,…
Read more
IRS Added 6 New Compliance Campaigns Audit Strategies for LB&I
On May 24, 2018 we posted IRS Has 6 New Compliance Campaigns Audit Strategies for LB&I where we discussed that on may 21, 2018 the irs announced the identification of 6 large business and international compliance campaigns. Now on July 2, 2018, the IRS announced that it has identified and selected the following five additional issues: Restoration of sequestered…
Read more
IRS Spent $380 Million on FATCA but took NO Action Against Offshore Tax Dodgers?
What Happened To The FATCA Wrecking Ball? Despite pouring nearly $380 million into a new tax enforcement initiative, the U.S. government took “limited or no action’’ in its campaign to battle secretive offshore holdings used to dodge taxes, according to a new report by a federal watchdog. The Treasury Inspector General for Tax Administration…
Read more
