Every year, the Internal Revenue Service (“IRS”) releases its “Dirty Dozen.” The Dirty Dozen, as written previously about by my colleague, Devin Mills,[1] is a list of twelve prevalent scams the IRS bodes taxpayers to be weary of during tax season, as they “put taxpayers, businesses, and the tax professional community at risk of losing…
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The late Justice Antonin Scalia once remarked that federal judges should have a rubber stamp that’s says “Stupid But Constitutional.” The Constitution, in other words, does not allow judges to strike down a law merely because it is burdensome, foolish, or offensive. Yet the inverse is also true – the wisdom of a policy is…
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The recent opinion from the United States District Court, Eastern District of Tennessee, continues the saga of the case of CIC Services, LLC (“CIC”) and has implications for taxpayers seeking to recover attorneys’ fees under the Equal Access to Justice Act (“EAJA”) and for its broader reflections on governmental fairness, particularly those looking to challenge…
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Clients often ask where they should form a new legal entity to obtain the best creditor protection. Blogs, marketing materials, and similar items often tout one or another jurisdiction as the best place to form legal entities. It certainly is the case that state laws differ. One of those areas is in “charging order” protections…
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Every year the IRS publishes its list of the top tax scams that taxpayers should be aware of, known as the Dirty Dozen. I discussed the IRS’s 2021 Dirty Dozen list in a prior web article,[1] and the IRS has recently released its 2023 Dirty Dozen list.[2] Several of these scams are designed to steal…
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The state of litigation concerning listed transactions has changed dramatically since the Supreme Court’s unanimous decision in CIC Services, LLC v. Internal Revenue Service in May of 2021. Prior to the Court’s decision, the IRS relied on the Anti-Injunction Act to shield itself from litigation based on the Service’s failure to go through the required…
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“Portability” is the ability of a surviving spouse to elect to add his or her predeceased spouse’s unused estate tax exemption to their own estate tax exemption. For many clients, adoption of portability in 2010 (and making portability permanent in 2012) meant that complicated estate plans could be greatly simplified. Prior to portability, any unused…
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Many practitioners think limiting creditors of an LLC member to a “charging order” is a panacea. Other practitioners think the benefits of charging orders are overblown. Who is correct? Can a member’s judgment creditor access LLC property? In addition to a recent case from the Alabama Supreme Court[1], two other recent cases illustrate how charging…
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Since we’re the cool, diamond-handed, trendy-loving, FUD(fear, uncertainty, and doubt)-crushing, FOMO(fear of missing out)-haters and at the same time professionals, now seems just as good of time as ever to discuss what we are doing at our firm to familiarize ourselves and become more competent in the ever-growing and evolving world of magic internet money,…
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In January of 2002 the Internal Revenue Service (“IRS”) issued a press release highlighting a dozen different tax scams and encouraged taxpayers to “maintain national vigilance.”[1] This list was dubbed the “Dirty Dozen,” and the IRS has continued to issue similar press releases containing updated lists of purported tax scams for taxpayers to be on…
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