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Did the IRS Just Buy Off the Tea-Party?

You may have missed the small item in the tax press describing the latest embarrassment for the Service arising out of the agency’s handling of applications for tax exempt status submitted by “tea party” organizations. The taxpayers, their supporters in the press, and many in Congress have long contended that the IRS action was politically

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Another Circuit Court Upholds DISC Retirement Account Transaction|
Stu Bassin quoted in Tax Notes article

By Nathan J. Richman The IRS has lost a second appeal of its attempt to reclassify transactions between a domestic international sales corporation and Roth IRAs, unsuccessfully arguing that the substance-over-form doctrine should apply. According to Stewart Karlinsky, executive director of the Pacific Tax Policy Institute, the result shows it is time for Congress to

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The Next Government Shutdown: A Legal Perspective

Published in on February 12, 2018 We welcome back guest blogger Stuart J. Bassin who writes about a topic recently on everyone’s mind, the government shutdown. Whether you are a government employee who must spend endless hours at the water cooler discussing whether you will come to work or someone impacted by the shutdown or threat of

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Reality Debunks Myths of Corporate Tax Reform

We all know the talking points underlying the corporate tax reform provisions in the recent tax legislation. We were told that corporations were taxed at a roughly 35 percent rate, that tax reform would reduce corporate tax liabilities, and that the reform would make billions available for new projects to boost the economy.   Now that

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Is IRS Backing Away From Its Transfer Pricing Initiative

In recent years, transfer pricing issues have been a major priority for IRS audits.  While the IRS has made headlines by bringing a number of big-dollar cases against large multi-nationals, the courts have not been impressed.  Within the past few years, the IRS has lost a number of major transfer pricing cases.  Many of those

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Last Minute Tax Planning For Maryland Residents (and others)

December 26, 2017 by Stuart Bassin You have probably heard that one “feature” of the new tax law is its treatment of deductions for state and local taxes.  To simplify, under the new law, deductions for state and local taxes (both income and property) are generally limited to $10,000, beginning in 2018.   For those of us

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Procedurally Taxing Blog Post on Ninth Circuit Argument in Altera

October 17, 2017 Today we welcome back guest blogger Stu Bassin for his take on the argument in the Altera case. Stu has blogged with us on several occasions. Because of the importance of the case, we are providing two views of the argument in Altera today. Keith The Ninth Circuit held the long-awaited argument

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Stu Bassin quoted in BNA and Tax Notes articles on Treasury Department announcement

Daily Tax Report Tuesday, October 10, 2017 Tax Audits: A Ban on Outside Lawyers in IRS Audits Is Past Due, Lawyers Say By Alison Bennett The possibility of a Treasury Department proposal to keep private-sector counsel out of tax examinations is getting mixed reviews. The idea, announced in an Oct. 4 report, calls attention to

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Law 360 Reviews Tax Court Petition for Administrative Costs Filed by The Bassin Law Firm

Ex-Arthur Andersen Exec Sues IRS After Tax Shelter Fight By Jimmy Hoover Law360, Washington (August 25, 2017, 5:51 PM EDT) — A onetime executive of defunct accounting firm Arthur Andersen LLP has sued the IRS for legal fees after he fought off its $1.6 million penalty over alleged tax-shelter promoting in the late 1990s, saying

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IRS Increases User Fee for Enrolled Agent Exam by 700 Percent

“Enrolled agents” are tax specialists authorized by the IRS to represent taxpayers in tax disputes in many of the same ways as tax attorneys and CPAs.  To obtain an “enrolled agent” designation, an applicant must pass an IRS competency examination.  Earlier this month, the IRS issued a regulation massively increasing the user fee applicants must

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