The Internal Revenue Service opened the 2017 tax filing yesterday, announcing that more than 153 million returns are expected to be filed this year. The tax filing deadline for this season is not April 15 – the date universally viewed as “Tax Day” – but is instead Tuesday, April 18, 2017.
Arguably the most important aspect of litigating a case in the Tax Court or in a refund forum is the timely filing of the petition or complaint.
In December, the Justice Department announced criminal charges against John Yin, a software salesman who worked for a Canadian company that sells point of sale (POS) software programs that enabled restaurants to underreport their sales, thereby lowering their tax liability.
On Saturday, January 14, the National Conference of State Legislatures (NCSL) Task Force on State and Local Taxation (Task Force) met in Scottsdale, Arizona to discuss many of the key legislative issues that are likely to be considered by states in 2017.
On January 9, 2017, the US Supreme Court denied the petitions for certiorari filed in two federal tax cases.
On January 4, 2017, the Internal Revenue Service (IRS) released a new “International Practice Unit” (IPU) on the value of intangibles in IRC Section 367(d) transactions in conjunction with cost sharing arrangements (CSA).
Putting to rest the speculation surrounding the Double Taxation Avoidance Agreement (DTAA) with Singapore, the Government of India has finally announced that it has been revised.
Despite an increase in the federal funds rate by the Federal Open Market Committee in December, municipal bond interest rates throughout 2016 were (and still are) extremely low when compared to historic rates.
This year has been marked with substantial changes in the manner in which the Internal Revenue Service (IRS) operates.
Several notable court opinions were issued 2016 dealing with a variety of substantive and procedural matters.