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Planning for IRS Audits in an Era of Uncertainty
Using the economic substance doctrine as a general anti-abuse rule
In its ongoing crusade against so-called “basis-shifting” transactions, the Internal Revenue Service has created widespread uncertainty regarding the tax treatment of routine transactions.1 For example, last year, the IRS released Revenue Ruling 2024-14,2 establishing its position that the tax effect of certain related-party basis adjustment transactions should be disallowed under… Read more »
Deftly Navigating an MTC Audit: Considerations for Taxpayers
Check out this stat: In the last three years, the MTC Audit Program has recommended state tax assessments in excess of $45 million annually
As recently recognized by Tax Analysts, the Multistate Tax Commission (MTC) has been gaining in prominence and, arguably, effectiveness.1 One of the MTC’s several activities is to administer audits on behalf of states. The MTC’s Joint Audit Program (Audit Program) is authorized by the Multistate Tax Compact and was initiated… Read more »
A More Collaborative Tax Controversy Approach?
Strategies for Exam and Appeals
Tax executives are familiar with the scenario: Internal Revenue Service examiners are in the building and are beginning to issue information document requests (IDRs) on routine and sensitive issues. One typical taxpayer response is to go on the defensive. This approach includes not voluntarily identifying issues and transactions; responding to… Read more »
Canadian Tax Collection Provisions
The Expert: Blake Murray
A Canadian income tax assessment or GST/HST assessment triggers an immediate payment obligation and is subject to collection action by the Canada Revenue Agency (CRA), notwithstanding that the taxpayer is formally disputing the assessed amounts. It is important for taxpayers facing large Canadian tax assessments or negotiating indemnification provisions in respect… Read more »
IRS Interviews
The Experts: Jeffrey Friedman and Jessica Kerner
The Washington State Senate recently introduced a bill that would create an independent forum for hearing state tax appeals. This proposal follows the recent creation of the Alabama Tax Tribunal, the Illinois Independent Tax Tribunal, and the Georgia Tax Tribunal. These new tribunals represent significant changes that are improving the… Read more »
Transfer Pricing in Transition Although states experienced significant tax revenue growth during the COVID-19…
Managing Canadian Tax Risk The global tax environment has seen fundamental changes in recent…
The One Big Beautiful Bill Act In July 4, President Donald Trump signed into law the…
Beyond Automation: Why Having a Human in the Loop Is Critical for Sales Tax Compliance The allure of sales tax automation is undeniable. Many companies,…
TEI Holds Third International Tax Student Case Competition TEI held its third International Tax Student Case Competition at…
US Tariffs: The EU Perspective Following his inauguration on January 20, President Donald Trump signaled…