Tax Controversy News

Business Deductions for Meals and Entertainment Under TCJA

Mar 30, 2020

The IRS recently issued new regulations to help better define the type of meal and entertainment expenses that businesses can legitimately deduct from their gross incomes for tax purposes. The regulations clarify the changes implemented with the passage of the Tax Cuts and Jobs Act (TCJA) of 2017. The tax lawyers at Baltimore’s Rosenberg Martin…

Tax Filing Deadlines Extended to July 15

Mar 30, 2020

The Covid-19 pandemic has created widespread confusion about looming tax deadlines. The uncertainty and potential burden of a tax bill comes at a time when many Americans are off work and struggling to make ends meet. The one silver lining, for the time being, is that the IRS has extended the filing deadline and federal…

Pertinent Tax Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)

Mar 30, 2020

By: Lorenzo A. Bivans, Jr. The President has signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “the Act”).  The following summarizes key tax provisions. Business Tax Provisions Employee Retention Tax Credit The Act provides a refundable credit against payroll tax for 50 percent of wages paid to certain…

COVID-19 Updates: Small Business Loans

Michael J. March | Mar 30, 2020

The novel coronavirus (“COVID-19”) is here. While everyone is glued to their cell phones and smart TVs waiting to hear about the latest infection rates, governmental announcements, and death tolls, many small business owners are increasingly concerned about the toll that forced closures will have on their ability to meet ongoing obligations, continue to pay…

Internal Revenue Service Announces “People First Initiative” in the Wake of COVID-19

Brandon N. Mourges | Mar 30, 2020

Initiative Temporarily Suspends Many Payment Requirements and Enforcement Actions Earlier this week, the Internal Revenue Service (“the Service”) unveiled its new People First Initiative (“the Initiative”), an effort by the Service to stem some of the financial issues caused to Americans as a result of the recent COVID-19 pandemic.  While further guidance is in process,…

Important Tax Dates for the 2020 Calendar Year

Jan 24, 2020

Every year, the IRS announces the opening date for when it will begin to accept tax returns from the previous tax year. This year, the IRS will begin processing 2019 returns on January 27, 2020. Taxpayers who file their 2019 returns electronically before the January 27 date will not receive any preference over filers who…

Offshore Update: IRS Releases Memorandum Addressing Updates to Voluntary Disclosure Practice After Closing Offshore Voluntary Disclosure Program

Brandon N. Mourges | Jan 21, 2020

Now, More than Ever, Taxpayers with Lingering Offshore TaxNon-Compliance Must Seek Professional Assistance On November 20, 2018, the Internal Revenue Service (“the Service”) released a memorandum containing important updates regarding its Voluntary Disclosure Practice (“the Memo”).  Although the Memo provides significant guidance as a result of the closing of the Offshore Voluntary Disclosure Program (“OVDP”), which ended…

Collection: Expatriation with No Tax, Interest or Penalties: New Relief Procedures for Certain Former Citizens

Giovanni V. Alberotanza | Jan 6, 2020

This article was originally published in the Journal of Tax Practice and Procedure, August – September 2019 edition. Introduction On September 6, 2019, the Internal Revenue Service (IRS) announced the new “Relief Procedures for Certain Former Citizens” (IRS Relief Procedures) who relinquished their United States (U.S.) Citizenship after March 18, 2010.1 Under the new IRS Relief Procedures,…

Responding to Correspondence from the IRS

Dec 17, 2019

A collection letter from the IRS is not necessarily bad news, but the recipient’s response can turn that letter into a negative experience. The worst reaction would be to ignore the message. The better course of action is to consult with a tax attorney who can help you develop an appropriate response. The tax lawyers…

Calculating and Paying Your Estimated Quarterly Taxes

Dec 17, 2019

If you make quarterly estimated tax payments on income that you receive from freelance services, stock dividends, or rental properties, you want your estimates to be as accurate as possible. If you overestimate your tax obligation, you give the government an interest-free loan, but if you underestimate that liability, you may be required to pay…

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