Many people are baffled about the status of conservation easement donations, which is logical given all that has happened recently. Among other things, courts ruled that the IRS violated the law when calling certain things as “listed transactions,” the IRS tried to salvage the situation by issuing Proposed Regulations, and…

In the second of a two-episode series, Tim Jacobs of Hunton Andrews Kurth continues his discussion of the energy credits enacted in the Inflation Reduction Act and the proposed regulations. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor…

There is nothing inherently wrong with forming and utilizing a charitable remainder annuity trust (“CRAT”) for tax-planning purposes; people do it all the time. Issues arise, though, when taxpayers claim positions generating benefits that arguably exceed those contemplated by Congress and the Internal Revenue Service (“IRS”). When this occurs, enforcement…

If you’re a regular reader, you know that I love Halloween. I bake treats. I play Halloween music. I buy tons of candy (no age limit for trick-or-treat at my house). And I decorate almost every room in the house—our family finds fake spiderwebs throughout the year like most people…

Spurring economic growth in America’s declining cities and regions has been a hard-to-achieve goal of public policy. There’s now hope that the Biden Administration’s new industrial policies, might boost growth where other efforts have failed. But the jury is still out. Industrial policy—supporting specific industries and sectors of the economy—has…

The House GOP has made a bold move in their latest bill announcement, proposing an increase in funding to Israel while simultaneously decreasing spending to the Internal Revenue Service (IRS). This move, set to take place on October 30, 2023, has sparked a lot of discussion and debate. The bill’s…

It didn’t take long for the newly minted House Speaker to make headlines. In his first major proposal as House Speaker, Mike Johnson (R-La.) introduced a supplemental appropriations package that would provide $14.3 billion in military assistance to Israel in exchange for slashing an equal amount of IRS funding. Inflation…

Sometimes, good things can come from adversity. During the pandemic, the IRS had no choice but to begin to move towards new technologies—including accepting digital signatures. Now, the IRS has announced that it is extending “certain temporary flexibilities.” Specifically, they will accept digital signatures “indefinitely until more robust technical solutions…

They say that relationships are all about timing. Putting aside the accuracy of that cliché generally, timing is certainly a key for taxpayers facing challenges by the Internal Revenue Service (“IRS”). Why? The law ordinarily provides that the IRS only has three years from the time taxpayers file particular returns…

When should you amend your tax return and when is it required? You need to file a tax return with the IRS each year if your income is over the requisite level. In fact, you can be prosecuted for failure to file (a misdemeanor) or for filing falsely (a felony).…