-
-
-
IRS TO CHALLENGE CERTAIN S CORP AND EXEMPT ENTITY TRANSACTIONS: The Internal Revenue Service said that it intends to challenge certain transactions involving S corporations and tax-exempt entities, such as charities, that improperly shift taxation away from S corporation shareholders. In Notice 2004-30, the IRS declared that these abusive transactions are considered “listed transactions.” Participants in a listed transaction must disclose their participation, and promoters must keep lists of investors and, in certain cases, register the transactions with the IRS.
May 2 -
-
The Supreme Court has recently decided two tax cases.
May 2 -
Washington — The Internal Revenue Service will disallow deductions for theft losses claimed by taxpayers with respect to decreases in the market value of stock purchased in the open market that may be attributable to the fraudulent misrepresentations or other illegal misconduct of corporate officials.
April 15 -
Washington — Commissioners of the tax administrations of Australia, Canada, the United Kingdom and the United States have begun discussions to form a joint task force to increase collaboration and coordinate information about abusive tax transactions.
April 15 -
GRASSLEY, BAUCUS INVESTIGATE IN-KIND CHARITABLE CONTRIBUTIONS: Sen. Chuck Grassley, R-Iowa, chairman of the Committee on Finance, and Sen. Max Baucus, D-Mont., ranking member, have advanced their review of in-kind charitable contributions by asking the Internal Revenue Service to explain its actions to prevent abuse and for key documents detailing such contributions.
April 15 -
Now that the most pressing deadlines for filing 2003 tax returns are behind us, it’s time to switch gears and return to a more planning-driven mindset.
April 15 -