The Martins’ $332,500 charitable contribution deduction—a sum large enough to erase nearly a third of their 2018 tax liability—vanished in a single stroke when the Tax Court ruled their substantiation documents failed to include a single, mandatory sentence. The case, Martin v. C. Memo.
The Internal Revenue Service’s release of Rev. Proc. 2026-14 marks a seismic shift in the Opportunity Zones (QOZ) program, fundamentally altering the landscape for economically distressed communities seeking investment incentives.
7701-3. The relief allows the election to be effective as of the originally intended date, providing certainty for the taxpayer’s tax treatment. Taxpayers facing similar late-filing situations may seek analogous relief under the same provision.
The IRS granted relief to X Corporation, allowing its late S corporation election to be treated as timely filed under Section 1362(b)(5) of the Internal Revenue Code.
The IRS has revoked Private Letter Ruling 201949002, issued in 2019, which addressed whether accounting method changes could generate additional § 48 investment tax credits for qualifying energy property.
The IRS granted relief under § 1362(f) to an S corporation whose status inadvertently terminated after a trust failed to timely elect Electing Small Business Trust (ESBT) status under § 1361(e), causing the trust to become an ineligible shareholder.
9100-3 to an S corporation’s shareholders and purchaser, permitting a late §336(e) election after missing the original deadline tied to the target’s tax return due date.
A partnership’s failure to file a § 754 election—a critical tax mechanism that adjusts asset bases to reflect a partner’s death—could have triggered a $1M+ tax liability in unrealized gains. 9100-3, sparing the partnership from costly missteps.
The IRS granted a 45-day extension to a partnership to file its Form 3115 after its CPA inadvertently failed to upload the required application to the taxpayer’s timely filed federal income tax return.
The IRS granted permission for X to re-elect S corporation status effective Date 3—prior to the expiration of the five-year waiting period under Internal Revenue Code § 1362(g)—after C acquired 100% of X’s interests from A and B on that date.
The IRS granted a 120-day extension to a limited liability company (LLC) to file Form 8832, Entity Classification Election, after the taxpayer missed the 75-day retroactive window to elect corporate tax treatment. 7701-3.
A $5 million-plus estate faced imminent estate and generation-skipping transfer (GST) tax liabilities after an accountant erroneously filed Form 706, misclassifying QTIP property and triggering a failed QTIP election.
The IRS ruled in PLR-113278-25 that proposed modifications to an irrevocable trust executed prior to September 25, 1985, would not trigger a taxable event under the Generation-Skipping Transfer (GST) Tax, nor would they result in estate or gift tax implications for the grantor or beneficiaries.
The IRS issued Private Letter Ruling PLR-113277-25, confirming that modifications to an irrevocable trust established before September 25, 1985, will not jeopardize its GST tax-exempt status or trigger estate or gift tax consequences. The ruling addresses four key questions: 1. 2601-1(b)(4). 2.
The IRS has ruled that proposed modifications to a pre-September 25, 1985 irrevocable trust will not jeopardize its generation-skipping transfer (GST) tax-exempt status, provided the changes comply with regulatory safe harbors.
The IRS ruled that proposed modifications to an irrevocable trust created before September 25, 1985—with no post-1985 additions—would not jeopardize its generation-skipping transfer (GST) tax exempt status, trigger estate tax inclusion for the grantor, or create gift tax...
The IRS has issued a favorable private letter ruling (PLR-113274-25) affirming that proposed modifications to an irrevocable trust will not jeopardize its generation-skipping transfer (GST) tax exempt status.
The IRS ruled favorably in PLR-113273-25, granting four requested rulings regarding proposed modifications to an irrevocable trust created before September 25, 1985.
The IRS has issued a rare lifeline to an S corporation whose election was inadvertently terminated after trust shareholders failed to make required Qualified Subchapter S Trust (QSST) or Electing Small Business Trust (ESBT) elections.
The IRS granted relief under Section 1362(f) to an S corporation whose election terminated when a trust failed to timely elect Electing Small Business Trust (ESBT) status, concluding the termination was inadvertent.
1 million tax bill from the IRS—one that threatened to upend his life and business. At the heart of the dispute was a $2 million offer-in-compromise (OIC) Joseph submitted to settle his tax liabilities for 2011 through 2017, along with a $100,000 installment agreement (IA) request.
The Tax Court has delivered a stark warning to taxpayers peddling microcaptive insurance schemes, sustaining $454,472 in 40% accuracy-related penalties under § 6662(i) for tax years 2012–2015. The decision in Kadau v. C. Memo.
S. Tax Court issued its ruling in Kimberly Road Fulton 25, LLC v. Commissioner and South Fulton Parkway 58, LLC v. Commissioner on May 4, 2026. 5% of what the taxpayers sought. The IRS had argued for total disallowance, while the partnerships claimed the full $30 million was justified.
The Tax Court just handed the IRS a $30 million victory—and a warning shot to promoters of syndicated conservation easements.
The IRS proposed sweeping changes to information reporting thresholds under § 6041 and § 6041A, which govern payments made in the course of a trade or business.
A multinational taxpayer successfully persuaded the IRS Chief Counsel to retroactively alter its cost allocation method for controlled services transactions under the Comparable Profits Method (CPM), a change approved as a valid setoff under Treas. Reg. 482-1(g)(4).
S. investments from taxation when earned by foreign governments. The ruling addressed the Institution’s request to confirm that its accident insurance operations, medical clinic management, and workplace safety guidance did not constitute commercial activities under Section 892. S.
The IRS granted a taxpayer’s request to partially revoke a net capital gain election under Section 163(d)(4)(B), which permits taxpayers to include net capital gain in investment income for purposes of calculating deductible investment interest expense.
9100-3 to a taxpayer seeking to file a late §336(e) election, allowing the deemed asset sale treatment for a stock disposition of an S corporation. The relief hinged on the taxpayer’s demonstration of reasonable action and good faith, with no prejudice to the government.
The IRS granted a 45-day extension to a corporation and its subsidiaries after a CPA inadvertently failed to upload two original Forms 3115 to the taxpayer’s timely filed consolidated federal income tax return.