Jeremy Temkin

3 weeks ago | law.com | Jeremy Temkin

Unsurprisingly, defendants convicted in federal criminal cases are primarily concerned with avoiding incarceration. Convicted defendants, however, also face various types of financial penalties, each of which may have tax implications for years to come. Prior to 2017, the Internal Revenue Code expressly precluded deductions for fines but was vague as to whether restitution payments could be deducted. See J.

Sep 18, 2024 | law.com | Jeremy Temkin

Congress has long required taxpayers with interests in certain foreign bank accounts to report their holdings on Reports of Foreign Bank and Financial Accounts, commonly known as FBARs. As this column has previously discussed, willfully failing to report accounts exposes taxpayers to penalties of up to $100,000, or 50% of the balance of unreported accounts, while a lesser penalty of $10,000 applies to non-willful violations. See Jeremy H.

Jul 16, 2024 | law.com | Jeremy Temkin

On July 1, 2024, the Supreme Court concluded its October 2023 Term. While the term will probably be best known for the presidential immunity decision in Trump v. United States, the court decided two cases (Moore v. United States and Connelly v. United States) addressing tax issues, and one non-tax case that will reduce the deference courts give the Internal Revenue Service’s statutory interpretations and therefore will impact tax controversies for years to come. ‘Moore v.

May 15, 2024 | law.com | Jeremy Temkin

The Internal Revenue Code contains over 100 provisions penalizing taxpayers for various acts of noncompliance. Certain penalties are expressly subject to “assessment” by the Internal Revenue Service (IRS) and therefore governed by administrative collection procedures, including the imposition of liens and levies. By contrast, other penalties can only be collected through a civil action in federal district court.

Mar 20, 2024 | law.com | Jeremy Temkin

The practice of law is increasingly global, involving more cross-border transactions giving rise to civil litigation and governmental investigations in multiple jurisdictions. This is especially significant in tax matters where multinational companies structure transactions to minimize their worldwide tax obligations.