For U.S. tax purposes, digital assets are considered property, not currency. A digital asset is stored electronically and can be bought, sold, owned, transferred, or traded. The tax definition of a digital...
Manufactured housing communities (MHCs), also commonly referred to as mobile home parks, continue to increase in popularity, while state and local regulations governing them also continue to expand. Read...
Parties come together to form joint ventures when all involved believe that they will have greater success working cooperatively on a specific project, product, or business than they would have if they...
Learn best practices for advocating on behalf of your FDA-regulated clients in light of the new legal paradigm introduced by the Supreme Court’s decisions in Loper Bright and Corner Post . Read...
Do you need to learn about potential legal and business risks stemming from the use of artificial intelligence (AI) tools to manage employee performance and make employment decisions (e.g., screening,...
On January 12, 2022, the National Taxpayer Advocate (Advocate) released the 2021 Annual Report to Congress, stating that calendar year 2021 was "the most challenging year taxpayers and tax professionals have ever experienced." IR-2022-11. Notably, one category appearing for the first time on the Advocate’s “Most Litigated Issues” list is “whistleblower award determinations” under I.R.C. Section 7623(b)(1). The Advocate identified 12 opinions issued in the Tax Court where taxpayers challenged an IRS determination on issuing whistleblower awards between June 1, 2020, and May 31, 2021. In FY 2020, the Whistleblower Office made 169 awards to whistleblowers totaling more than $86 million, which included 30 awards under I.R.C. Section 7623(b). IRS Pub. 5241, Fiscal Year 2020 Annual Report IRS Whistleblower Office (Dec. 2020).
READ NOW »
Related Content
Practical Guidance Updates Featuring the latest updates from your Practical Guidance account.
Experience results today with practical guidance, legal research, and data-driven insights—all in one place.Experience Lexis+