-
Jul 16, 2024 | 
lexology.com | Jessica Kirk |Lee S. Meyercord |Joshua David Odintz |Abbey Benjamin Garber |Kate Minnich |Mary McNulty
The U.S. Department of the Treasury and IRS on July 11, 2024, issued proposed regulations that would classify certain basket contract transactions as listed transactions. Taxpayers and material advisers participating in listed transactions must comply with disclosure and recordkeeping requirements and are subject to penalties for failure to comply.
-
Jul 10, 2024 | 
news.bloombergtax.com | Lee S. Meyercord |Mary McNulty
The IRS and Treasury Department face an uphill battle taking on related-party basis-shifting transactions, which is when a business shifts its tax basis among its assets to lower the overall amount of taxes it must pay. The proposed regulations the IRS is expected to issue would change the requirements spelled out in the federal tax code for common partnership transactions, such as distributions or sale of a partnership interest.
-
Jun 18, 2024 | 
lexology.com | Amish Shah |Nicole Elliott |Elizabeth C. Crouse |Roger David Aksamit |Bradley Seltzer |Lee S. Meyercord
The U.S. Department of the Treasury and IRS on June 18, 2024, issued final regulations regarding the prevailing wage and apprenticeship (PWA) requirements. If the construction of a facility began on or after Jan.
-
Mar 21, 2024 | 
mondaq.com | Abbey Benjamin Garber |Lee S. Meyercord |Kate Minnich
The IRS announced a new campaign to audit high-net-worth
taxpayers claiming business deductions for the use of private jets. Using some of the $80 million allocated for enhanced enforcement in
the Inflation Reduction Act of 2022 (IRA), the IRS plans to begin
"dozens of audits" to determine whether large
corporations, large partnerships and high-income taxpayers are
properly allocating private aircraft flights between business and
personal uses.
-
Mar 18, 2024 | 
jdsupra.com | Abbey Benjamin Garber |Lee S. Meyercord |Kate Minnich
March 18, 2024
Abbey Garber, Lee Meyercord, Kate Minnich
Holland & Knight LLP
+ Follow
x Following
x Following
- Unfollow
Contact
To embed, copy and paste the code into your website or blog:
The IRS announced a new campaign to audit high-net-worth taxpayers claiming business deductions for the use of private jets.
-
Oct 20, 2023 | 
bnanews.bna.com | Mary McNulty |Lee S. Meyercord
While it will take years for the IRS to hire enough staff to fully enforce new compliance efforts targeting partnerships and wealthy taxpayers, large partnerships should be aware of the greater federal scrutiny on the horizon. The IRS said it will send compliance letters to 500 partnerships with more than $10 million in assets and balance sheet discrepancies.
-
Oct 19, 2023 | 
news.bloomberglaw.com | Mary McNulty |Lee S. Meyercord
While it will take years for the IRS to hire enough staff to fully enforce new compliance efforts targeting partnerships and wealthy taxpayers, large partnerships should be aware of the greater federal scrutiny on the horizon. The IRS said it will send compliance letters to 500 partnerships with more than $10 million in assets and balance sheet discrepancies.
-
Oct 3, 2023 | 
mondaq.com | Lee S. Meyercord |Mary McNulty |Abbey Benjamin Garber |James Dawson
The IRS announced a "sweeping" and
"historic" enforcement effort focused on partnerships and
is establishing a special group within its Large Business and
International (LB&I) Division to focus exclusively on large and
complex pass-through entities.
-
Oct 2, 2023 | 
lexology.com | Lee S. Meyercord |Mary McNulty |Abbey Benjamin Garber |James Dawson
The IRS announced a "sweeping" and "historic" enforcement effort focused on partnerships and is establishing a special group within its Large Business and International (LB&I) Division to focus exclusively on large and complex pass-through entities.
-
Jan 20, 2023 | 
jdsupra.com | Abbey Benjamin Garber |Mary McNulty |Lee S. Meyercord
The U.S. Supreme Court heard oral arguments on Jan. 9, 2023, in the In re Grand Jury case. Despite the nondescript title, the stakes in the case are stratospheric for the future of the attorney-client privilege. The Supreme Court heard arguments in a case involving the standards for evaluating attorney-client privilege where communication has legal and non-legal purposes.
