News



Penalty relief for retirementplan administrators

  The IRS has introduced a new one-year pilot program providing administrative relief to plan administrators and plan sponsors of certain retirement plans that must file with the IRS – but not the Department of Labor. The one-year pilot program, established by Revenue Procedure 2014-32, provides relief to plan administrators who fail to...

IRS: Make sure loans are business-like

  Parents and grandparents often lend money to their children or grandchildren to help with major expenditures like education, a wedding or the purchase of a new home. Similarly, closely held businesses may lend money to shareholder-employees. And business owners sometimes lend money to the business to assist with expansion plans. All...

He’s a real family man – but court denied deduction

  A recent case demonstrates the difficulties involved in securing a tax deduction from transactions between related parties.

Bad debt deduction

In 1990, Robert Alpert established two irrevocable trusts to fund his two sons’ educations. In 1996, he established a third trust for the benefit of his sons. Between 1990 and 1996, Alpert...

Attorney-client privilege waived under common law

The Tax Court recently concluded that, when the taxpayers in the case asserted that they had reasonable cause and acted in good faith as a defense to penalties assessed by the IRS, they forfeited their privilege protecting attorney-client communications. In this case (Ad Investment 2000 Fund, LLC, et.al. v. Commissioner, 142 TC No. 13,...

Applying for tax-exempt status may soon be simpler

The IRS has released a draft of a shorter, less burdensome version of the regular Form 1023 – Form 1023-EZ – for organizations that plan to apply for tax-exempt status. It is not currently available for use. When finalized, the two-page Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal...

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