Taxes

Gifting sounds nice in theory, but it can be complicated in practice, particularly when it comes to transfers by or to foreign persons. The Internal Revenue Service (“IRS”), suspecting wrongdoers at every turn, has been busy recently applying pressure in the international realm. This has triggered several court decisions, two of which are discussed here,

Introduction They say that art is in the eye of the beholder. It might be more accurate to say that art, at least when it comes to its value, is in the eye of the Internal Revenue Service (“IRS”). Cognizant of transactions supposedly involving charitable art donations and inflated appraisals, the IRS has sounded the

As 2023 draws to a close, the IRS is already gearing up for next year—but some taxpayers are still experiencing delays related to previous years. According to the IRS, they are “working hard to get through the inventory.” The agency says that it has processed all paper and electronic individual returns received before October 2023.

The Tax Court’s new opinion deciding the blocked income question raised in Coca-Cola v. Commissioner, T.C. Memo. 2023-135, suggests that Coca-Cola’s prospects of eventual success are dim, whether the blocked income regulations are upheld on appeal or not. Judge Albert Lauber’s November 8 supplemental opinion in Coca-Cola is the epilogue to the landmark 2020 opinion

Approximately 95% of married couples file joint tax returns. There is a strong knee-jerk reaction to file jointly, and tax return preparers may assume that’s what you want because most people do. Yet that simple step makes each spouse liable for everything on the return–and anything that might not be on the return. Joint filing