Refund Available for Improperly Taxed Veteran Disability Payment

Legal News, Legal News for Individuals, Senney Says by Jeff Senney

Do you qualify for a Refund? Fairness Act:  The Combat-Injured Veterans Tax Fairness Act of 2016 (“Fairness Act”) was enacted in December 2016.  The Fairness Act allows certain Veterans who received lump sum disability severance payments additional time to file a claim for credit or refund of any tax overpayment attributable to such payment. The…

Employer Shared Responsibility Payment (ESRP)

Business, Tax & Real Estate, Legal News, Senney Says by Jeff Senney

IRS Determines No Statute of Limitations on Assessment In Legal Advice 20200801F issued by IRS Field Attorneys (Advice Memo), the IRS has determined that there is no statute of limitations on assessment of the Employer’s Shared Responsibility Payment (ESRP) because there is no tax return filed to report such payment. Generally, IRC section 6501 provides…

Federal District Court Holds that IRS Lien on Jointly-Owned Property Only Encumbers the Tax Debtor’s Interest in the Property

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

A federal district court has held in Dase v. IRS, 124 AFTR 2019-5281 that jointly-owned property subject to an IRS lien against one of the joint owners only encumbered the tax debtor’s interest in the property. Legal Background:  A person’s failure to pay any tax after the IRS makes demand for payment automatically creates a…

IRS Revises EIN Application Process

Business, Tax & Real Estate, Legal News for Businesses, Senney Says by Jeff Senney

As part of its ongoing security review, the Internal Revenue Service announced today (IR-2019-58) that starting May 13th, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An “EIN” is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee…

Qualified Opportunity Funds

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

The recently enacted Tax Cuts and Jobs Act (“TCJA”) introduced two tax saving opportunities.  One option permits a taxpayer to defer gain from the sale of property that is reinvested in an investment in a Qualified Opportunity Fund (“QO Fund”).  The second option permits the taxpayer to permanently exclude gain from the sale or exchange of the taxpayer’s…