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IRS Provides Wide-Reaching Extensions for Tax Filings and Payments, as well as Other Time-Sensitive Actions, Including Section 1031 Identification and Replacement Deadlines

April 14, 2020 by Cristin Keane

April 9, 2020: The Treasury Department and the Internal Revenue Service issued Notice 2020-23, which amplified Notice 2020-18 and Notice 2020-20 and modified Rev. Proc. 2014-42 with respect to calendar year 2020, and provided additional relief, postponing certain time-sensitive actions. Generally, Notice 2020-23 provides that any person who has a federal tax return or other form filing obligation specified in the Notice that is due to be performed (originally or pursuant ... Keep Reading »

Filed Under: Federal Income Tax, International Tax, LLCs and Partnerships, Qualified Opportunity Zone, Tax Controversy, Tax Exempt Organizations

Cost-Sharing Regulations Revived By Ninth Circuit

July 31, 2018 by Larry Kemm

The Ninth Circuit Court of Appeals reversed the Tax Court in Altera Corp. in the latest chapter of the dispute over the validity of cost-sharing regulations. The decision, issued on July 24, revives certain regulatory provisions previously invalidated by the Tax Court. (See Altera Corp. v. Commissioner, Dkt. Nos. 16-70597 & 16-70497 (9th Cir. 2018) rev’g 145 T.C. 91 (2015)). These regulations govern the allocation of stock-based compensation costs to a foreign ... Keep Reading »

Filed Under: International Tax, Tax Controversy

A Day of Reckoning for Recalcitrant Taxpayers?

January 25, 2018 by Rahul Ranadive

Following disclosures by UBS whistleblower Bradley Birkenfeld, the IRS launched an aggressive enforcement campaign against undeclared offshore income and financial accounts in 2009. Over time, it has offered a series of compliance programs to give taxpayers with undeclared offshore accounts the opportunity to make voluntary disclosures regarding offshore income and accounts in exchange for fixed civil penalties and the assurance that criminal penalties would not be ... Keep Reading »

Filed Under: Federal Income Tax, International Tax, Tax Controversy

How to Manage Foreign Trusts With U.S. Beneficiaries

November 22, 2017 by Rahul Ranadive

Do you or did you have a wealthy relative from a different country? Did that relative make you a beneficiary of a non-U.S. trust? Lucky you. But beware that free wealth. If you get cash or other benefits from a foreign trust, you should be aware of the special tax rules which apply to the non-U.S. trust and your beneficial interest in it. Non-U.S. trusts with U.S. beneficiaries are subject to an extra layer of special rules and complexities which you will need to ... Keep Reading »

Filed Under: International Tax

BEPS Developments Usher in New Era of International Taxation

October 6, 2017 by Larry Kemm

Four years after the OECD and G20 countries adopted a 15-point action plan to attack base erosion and profit shifting (BEPS), a new era of international taxation was launched on June 7 when 68 countries signed a multilateral instrument. Several additional countries are committed to sign in the near future. The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) is significant because it enables the rapid ... Keep Reading »

Filed Under: International Tax

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