Defamation verdicts and settlements regularly make the news. But we rarely learn what plaintiffs keep from their victories. After fees and taxes, it can be shockingly little. This may be true of what Alex Jones eventually pays the Sandy Hook families. And of defamation winnings E. Jean Carroll receives from…

The IRS Electronic Tax Administration Advisory Committee (ETAAC) has released its 2023 Annual Report to Congress. The report looks at e-filing practices and data security and makes recommendations to both Congress and the IRS that focus on electronic tax administration and cybersecurity. Background ETAAC was formed and authorized under the…

IRS audits of businesses claiming the Employee Retention Credit (ERC) are in full swing. The IRS is looking at companies who may be unfairly claiming it, and also at firms promoting assistance to them who the IRS thinks may be bending the rules. Congress provided vast pandemic tax relief in…

Treasury and the IRS promised to release guidance on direct pay and transferability “before summer,” and with proposed regs (REG-101610-23) issued June 14, they met their deadline admirably. Announcing a precise time frame for when proposed rules will be released is less important than their substance, but it’s still a…

My son came downstairs this morning to wish me very happy on George Washington’s birthday. He knows, of course, that’s not today—Washington was born on February 22, and we celebrate on the third Monday of February—but the joke was still funny. Many people don’t know why we celebrate on July…

The IRS is warning taxpayers about a new scam involving tax refunds. Here’s how the scam works. Fraudsters are mailing taxpayers what looks like a cardboard envelope from a delivery service. The accompanying letter—complete with a fake IRS masthead—suggests that the notice is “in relation to your unclaimed refund.” The…

A fan of Neymar Jr. made headlines last week when he declared that he was leaving his estate to the football phenom. The anonymous fan told the online newspaper Metrópoles that, in addition to his love for the Brazilian national team, he identified with the Paris Saint-Germain striker. He said,…

A recent case demonstrates the impact that a stock-purchase agreement and life insurance can have (or not have) on the valuation of a closely held company for estate tax purposes. Before diving into the case, some context is helpful. It is not uncommon for closely held businesses to have buy-sell…

Some countries are considering making changes to their international tax laws on transfer pricing, and it may be wise for the United States to consider doing so as well. There is a pattern of countries enacting relatively vague transfer pricing legislation and then leaving it in place untouched for decades.…

If you live in California or certain other disaster areas, watch your mail. The IRS is sending a special follow-up mailing to taxpayers in several states affected by disasters to let them know that they have additional time to pay their taxes. The IRS is taking this special step to…