Author Archives: Morris Robinson

Donor-Advised Funds: IRS Proposes Rule Changes

Donor-Advised Funds: IRS Proposes Rule Changes

A Review of IRS Notice 2017-73[1]

By Attorney Morris N. Robinson, CPA, LLM

January 5, 2018

Background IRS Notice 2017-73 (the “Notice”) provides advance notice of U.S. Treasury and IRS’ proposed rule changes for Donor-Advised Funds (“DAF’s”).[2] ...

Estate and Gift Tax Audits: TIGTA Report Exposes Need for Improvement

While proposals for the eventual elimination of the estate tax are being hashed out in Congress, the IRS effort of auditing estate tax returns continues - business as usual. A recent report by the Treasury Inspector General for Tax Administration (TIGTA) highlighted ...

International Tax Issues Are A Major Focus of Newest Launch of IRS Compliance Campaigns in 2017

Earlier this year, the IRS Large Business and International division (LB&I) rolled out 13 compliance campaigns[1] to target both individual taxpayers and corporations for examinations on certain tax compliance issues. On November 3, 2017, IRS announced the identification of an additional 11 compliance campaigns to be conducted by ...

Are Your Business Deductions at Risk of Being Disallowed by the IRS?

Small businesses run on tight margins. The last thing a business owner wants is an IRS notice announcing the disallowance any of their business expense deductions. This is particularly the case for sole proprietorships who report their business expenses on Schedule C of IRS Form 1040. For instance, deductions on Schedule ...

UPDATE: MTC Extends Deadline for Amnesty under the Online Marketplace Seller Voluntary Disclosure Initiative

Earlier today, the Multistate Tax Commission (MTC) released an update extending the October 17, 2017 deadline for businesses to file under its Online Marketplace Seller Voluntary Disclosure Initiative. The new deadline is now November 1, 2017. This initiative is specifically for businesses who are online marketplace sellers using a marketplace provider/facilitator ...

An Overview of the Unified Republican Framework on Tax Reform

On September 27, 2017, President Trump and the Republicans unveiled the elements of their tax reform framework. Here’s a quick overview of some of the proposed changes: Individual Taxes Standard Deduction: Under the proposed framework, that standard deductions will approximately be doubled to:
  • $24,000 for married taxpayers filing jointly, and
  • $12,000 for single
...

23 States Join the Multistate Tax Commission Amnesty Ending on October 17, 2017: “Fulfillment by Amazon” Companies Targeted

  By Attorney Morris N. Robinson, CPA, LLM[1]

Executive Summary

This article provides practitioners with a practical overview of (1) the changing law of nexus; (2) the Multistate Tax Commission Amnesty Program ending on October 17, 2017; and (3) on-going state voluntary disclosure programs. This article is particularly valuable ...

Residency Tax Planning for Noncitizens Under IRS Publication 519

By Attorney Morris N. Robinson, CPA, LLM

Executive Summary

Noncitizens who intend to become residents of the United States are often well-advised to receive foreign-source earned income and recognize foreign-source capital gains before establishing residency in the United States. In our experience resident aliens and new ...

The Importance of Timely Electing Your Foreign Earned Income Exclusion

Life as an American living abroad can conjure idyllic notions of painting en plein air in Paris or negotiating a last minute deal in Brussels. Not so idyllic, however, is the reality of filing U.S. tax returns from overseas. One of U.S. taxpayers living abroad is avoiding double-taxation of income ...

Massachusetts Joins MTC Amnesty Program

Massachusetts Joins Multistate Tax Commission Amnesty Program For Most States Amnesty Features Complete Tax Forgiveness Urgent Action May Be Needed By Attorney Morris N. Robinson, CPA, LLM August 18, 2017 Boston – On August 18, 2017 Massachusetts joined 22 other participating states and the District of Columbia in offering a special limited-time tax amnesty through ...