The new Sec. 199A deduction that provides a 20 percent benefit for flow through entities has been in the news as of late. The Yaryan v. Commissioner, T.C. Memo. 2018-129, case provides an opportunity to consider one aspect of this new Sec. 199A dedu…Read More
If a dairy farmer receives an award for damages to the farm, is the damage award capital or ordinary? The distinction is important. Unlike ordinary income, capital gains are generally afforded lower tax rates and not subject to self-employment taxe…Read More
We have previously written about the court’s position that serial whistleblowers, those who submit more than one whistleblower claim with the IRS, cannot remain anonymous when litigating the right to their whistleblower claims. In Whistleblower 7208…Read More
There have been a number of recent court cases involving foreign bank account or FBAR reporting penalties. This is likely due to the significant amount of the penalty and that many do not fully appreciate the amount of the liability they face if cau…Read More
A tax return has to be signed to be valid. But what if the return is signed by someone else? Is a tax return with a forged signature a valid tax return? The court addressed this in Coggin v. United States, No. 1:16-CV-106 (M.D.N.C. 2018). Facts &…Read More
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Kunal has been really helpful over the past few months in order to get me compliant per the streamline procedures. Kunal was aware of all the nuances related to FATCA and FBAR procedures and gave appropriate recommendation and advice. I would definitely recommend Kunal for future work related to tax advice or issues with compliance...