The Internal Revenue Service has issued new guidelines for determining when construction has begun on a renewable energy facility in order for a taxpayer to become eligible for certain tax credits created under last year’s American Taxpayer Relief Act.
Does the Internal Revenue Code’s penalty for an underpayment of federal income tax that is “attributable to” an overstatement of basis in property apply to an underpayment resulting from an IRS determination that a transaction lacks economic substance?
The U.S. Supreme Court will decide whether the Internal Revenue Code’s penalty for an underpayment of federal income tax that is “attributable to” an overstatement of basis in property applies to an underpayment resulting from an IRS determination that a transaction lacks economic substance.
A divorced taxpayer could treat family support payments made while his divorce was pending as deductible alimony, the U.S. Tax Court has ruled in reversing a $7,750 deficiency assessment.
The administrator of a client’s estate could not maintain a legal malpractice action for alleged negligent estate planning that resulted in increased tax liability, the Kansas Supreme Court has ruled in affirming judgment.
In the aftermath of the fiscal cliff deal, trusts now face much higher taxes on income.
The potential federal tax consequences facing a husband should have been considered in determining whether he was entitled to a modification of the alimony provisions in his divorce decree, Massachusetts’ highest court has ruled in reversing judgment.
The U.S. Tax Court could consider new evidence outside the administrative record when deciding whether a taxpayer should have been granted “innocent spouse” relief, the 9th Circuit has ruled in affirming judgment.
An order requiring a tax attorney to surrender records to the Internal Revenue Service did not violate his client’s Fifth Amendment right against self incrimination, the 9th Circuit has ruled in affirming judgment.
The new law that averted the “fiscal cliff” contains major changes for estate and gift tax rules that will affect not only the advice lawyers give to their clients, but the future landscape of estate planning law for years to come.