IRS Collections, Liens & Levies

TOPICS / PROCEDURE

July 1, 2018

Sec. 6676 erroneous claim for refund penalty

The Sec. 6676 penalty is equal to 20% of the amount by which the claim for refund or credit exceeds the amount allowable for the tax year at issue.

July 1, 2018

First-time abatement: Procedure and case law updates

An automated process for first-time abatements could ensure consistent application of relief for taxpayers.

June 1, 2018

Knowledge of tax-related proceeding necessary for obstruction conviction

A taxpayer must be aware of a pending tax-related proceeding to be convicted of obstructing or impeding due administration of the Code.

April 26, 2018

The Offshore Voluntary Disclosure Program and cryptocurrency

The IRS is ending the Offshore Voluntary Disclosure Program just as its enforcement of cryptocurrency compliance increases.

April 1, 2018

Economic substance doctrine applied to conservation easements

The IRS stated it would challenge the tax benefits of certain syndicated conservation easement transactions.

March 1, 2018

Strategies for minimizing estimated tax payments

Taxpayers can use various techniques to minimize estimated tax payments throughout the year while also avoiding underpayment penalties.

February 1, 2018

Employment tax penalties: Let’s keep it civil

This article focuses on the potential criminal consequences that can arise when a business fails to collect or pay over withheld tax.

December 1, 2017

Restitution does not support the imposition of interest and additions to tax

Tax Court held that the IRS was not authorized to add underpayment interest or additions to tax to the restitution taxpayers were ordered to pay as part of a sentence for criminal tax violations.

November 1, 2017

Taxpayer’s reliance on tax preparer who erred was reasonable and in good faith; penalties abated

The Tax Court found that a taxpayer had reasonably relied on her preparer’s advice in determining which year to include income.

July 1, 2017

Employment tax enforcement is trending

Practitioners should have a basic awareness of some of the unique tools the government uses to enforce employment tax laws.

July 1, 2017

Tax preparer mistakes: Taxpayer penalties and the tax treatment of indemnity payments

Relying on a tax professional does not guarantee that the penalty will be removed for a taxpayer.

June 1, 2017

The trust fund recovery penalty and LLCs

A responsible person may be subject to the TFRP if it can be shown he or she willfully failed to pay the trust fund taxes due.

May 1, 2017

Taxpayer’s arguments for CDP review of penalty tank on appeal

A taxpayer was not entitled to challenge a penalty, which was already disputed in an administrative proceeding at the IRS Appeals office, in a CDP hearing.

May 1, 2017

IRS targets ‘micro-captive transactions’ as transactions of interest

Treasury and the IRS continue their scrutiny of captive insurance transactions that they deem to be abusive.

April 1, 2017

International information return penalties remain a significant issue for taxpayers and advisers

This item explores the risks for certain delinquent or substantially incomplete international information returns.

March 1, 2017

IRS Notice Explains De Minimis Safe Harbor for Information Returns/Payee Statements

The IRS issued a notice that provides guidance on the de minimis safe harbor from information reporting penalties and the payee election not to have the safe harbor apply.

February 1, 2017

The Preparer Penalties of Sec. 6694 and Sec. 6695

This item discusses the two penalty areas that apply to preparers.

January 1, 2017

Pesky IRS Penalties: How to Get Them Abated for Clients

This item summarizes some common IRS penalties and the procedural and practical ways practitioners can obtain a penalty abatement.

October 1, 2016

Foreign Information Returns, Income Tax Returns, and Civil Penalties

To avoid harsh penalties, a taxpayer should timely file all foreign information returns, even if that taxpayer cannot timely file its income
tax return.

August 1, 2016

Understatement of Income Not Fraudulent

A pattern of fraudulent conduct in a tax accountant’s preparation of his clients’ returns was not sufficient to prove that underpayments on his own returns were due to fraud.