On May 21, 2018, the IRS Large Business and International (LB&I) division added foreign trust information reporting to its “compliance campaigns,” signaling that the IRS sees a “compliance risk” in this area that requires a targeted response to achieve compliance objectives. LB&I specifically indicated that it will take a “multifaceted approach” to improving compliance, including […]
On April 18, 2018, Governor Andrew Cuomo signed the New York Democracy Protection Act—which expands the disclosure obligations for online political advertising in the State of New York and requires television, satellite, cable, radio stations, and providers, as well as online platforms—to verify advertiser registration with the New York State Board of Elections and, in […]
Under newly issued guidance, the IRS has made it easier for many tax-exempt organizations to restructure. The IRS will now continue to recognize as exempt, those organizations that: change their structure from an unincorporated association to a corporation; reincorporate from one state to another; domesticate in a new state; or merge one corporation with or […]
Join Our Email Distribution List INSIGHT: First Class, Global Entry, and Now Tax Compliance: the New Must-Have for Today’s International Traveler Bloomberg Tax: Daily Tax Report March 6, 2018 Dianne Mehany and Arielle Borsos of Caplin & Drysdale discuss the IRS’s plans to implement the 2015 passport revocation statute, which authorizes the IRS to […]
As detailed in our prior alert (here), Congress enacted Fixing America’s Surface Transportation Act (the “FAST Act”) in December 2015 and authorized the Internal Revenue Service (“IRS”) to notify the Department of State (“State Department”) when any individual has a “seriously delinquent tax debt.” After receiving notice, the Secretary of State may deny that person […]
The IRS has announced procedural changes that will impact exempt organizations in 2018. These changes concern new organizations and organizations that have lost exemption due to automatic revocation. They also affect any organization where the IRS is proposing to retroactively revoke its exemption as a result of an IRS examination. The most significant changes […]
On December 22, 2017, President Trump signed into law the most sweeping tax reform bill in over 30 years (the “2017 Tax Act” or the “Act”). For clients and their advisors, this client alert focuses on the estate planning implications of the new law. Estate, Gift, and GST Changes The Act increases the estate […]
The Bipartisan Budget Act of 2015 (“BBA”) fundamentally changed the rules by which partnerships, and entities taxed as partnerships (such as limited liability companies), interact with the Internal Revenue Service (“IRS”) in an audit or litigation. The new rules apply to partnership tax years beginning on or after January 1, 2018. We outlined these significant […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce James Savitt of Savitt Bruce & Willey LLP. James has joined IR as our exclusive Commercial Litigation Member in Washington. We’re litigators and trial counsel. We know that cases are won and lost on their “story”: who is right and who is wrong in […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Stephen C. Willey of Savitt Bruce & Willey LLP. Stephen has joined IR as our exclusive Commercial Litigation Member in Washington. We’re litigators and trial counsel. We know that cases are won and lost on their “story”: who is right and who is wrong in […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Michael D. Ross of Ross Law Advisors LLC . Michael has joined IR as our exclusive Real Estate Member in US – Washington. Ross Law Advisors is a small firm with a sophisticated practice which emphasizes legal counsel in real estate development and finance, […]