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New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

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Panama Papers – Global Effects Thus Far & Continuing Impact

Ron Marini

In April 2016, we posted “Huge Leak From the Panamanian Law Firm Mossack Fonseca!” where we discuss that the offshore planning world was set on fire with the news that 11 million documents were leaked from the Panamanian law firm Mossack Fonseca.

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Set Up Your 2017 Calendar To Reflect New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

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Alert Your Clients To Possible Refund Delays In 2017

Ron Marini

Tax professionals should alert their clients that a new law requires the IRS to hold refunds until mid-February 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit.

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7th Circuit Court Of Appeal Reduces Options For Appealing IRS Levies

Ron Marini

Rejecting tax court precedent, the Seventh Circuit ruled Friday that delinquent taxpayers who weren’t properly notified of Internal Revenue Service levies still have to pursue an administrative appeal before they can petition the tax court to invalidate the levy.

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TE/GE Announces New IDR Management Process

Ron Marini

The Tax Exempt and Government Entities Division of the Internal Revenue Service has issued new internal guidance for its agents on issuing information document requests (IDRs). The IRS issues IDRs to gather information during an examination. The new process will go into effect on April 1, 2017. Prior to its implementation, TE/GE will provide training to its agents on the new process.

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New Fast Track Mediation – Collection Procedure 2016-57

Ron Marini

Revenue Procedure 2016-57 replaces Fast Track Mediation (as outlined in Rev. Proc. 2003-41) with Fast Track Mediation—Collection. Revenue Procedure 2016-57 will be in 2016-49, dated December 5, 2016

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Ex-Swiss Banker Heads To Trial For Conspiracy To Evade Taxes

Ron Marini

We posted 144 Offshore Banks & Now Financial Advisors Are Turning Over Your Names To The IRS where we discussed the Government has added 47 more banks and financial advisors to this list bringing the number to 144 total banks and foreign financial advisors. Included in this list as #137 is Stefan Buck (effective 11/15/16).

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Treasury Issues Final & Temporary Section 385 Regs

Ron Marini

As part of the Obama administration’s announcement of a crackdown on inversions the U.S. Treasury issued final and temporary proposed regulations that would dramatically change the taxation of corporate debt issued to related corporations having nothing to do with inversions or foreign acquisitions.

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IRS Needs To Improve Its Offer In Compromise Process

Ron Marini

Internal Revenue Service has taken steps to improve the offer in compromise process for both taxpayers and the IRS, but it can still do more, according to a new report.

An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax liability for a payment of less than the full amount owed.

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TIGTA Report Concludes That IRS’s Lax Enforcement Is Costing $9 Billion

Ron Marini

The Treasury Inspector General for Tax Administration (TIGTA) issued a report concluding that the IRS’s lax enforcement of backup withholding requirements is potentially causing billions of dollars in lost revenue (TIGTA Rep’t No. 2016-40-078).

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The President That You Elect Could Impact Your Estate Taxes

Ronald Marini

During my Estate Planning Attorney’s 30+ years as a senior attorney at the IRS and his subsequent career as a tax consultant, he has seen an ongoing struggle over the rate of tax to be imposed on estates.  Generally, this ebb and flow has pitted Republican Party attempts to eliminate the estate tax vs. the Democratic Party’s attempts to increase the estate tax rate.

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