Overview of the Fifth Circuit’s Decision
The United States Court of Appeals for the Fifth Circuit (“Fifth Circuit”) handed certain partners in limited partnerships within its jurisdiction a huge win regarding self-employment tax. In Sirius Solutions, L.L.L.P. v. Commissioner,[1] a divided Court of Appeals held that a limited partner for purposes of the
A new Supreme Court decision creates potential traps for the unwary and gives the Internal Revenue Service (“IRS”) nationwide power to leave a taxpayer without a remedy to contest certain collection actions. Importantly, while a Collection Due Process (“CDP”) action is pending, taxpayers should ensure to the extent possible that no refunds are generated for
The upcoming election and concern regarding potential changes have people asking questions about what they can do in 2020 to blunt the impact of a future change in the tax law. One strategy for people with significant assets will be to give property away while the current tax laws are in place.
As many already
For those who think the chance of being assessed penalties for non-compliance with the Affordable Care Act are slim to none, think again. The IRS’ efforts to enforce the ACA’s employer mandate are alive and kicking. Since late November 2017, the IRS has been sending out proposed penalty notices to companies they believe were not