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Payment of option fee in Colorado pawnshop transaction may trigger cash reporting

Payment of option fee in Colorado pawnshop transaction may trigger cash reporting

Chief Counsel Advice 201536022 In e-mailed Chief Counsel Advice (CCA), IRS has concluded that the payment fee in connection with a Colorado pawnshop contract for purchase is a “retail sale” that can trigger the Code Sec. 6050I reporting requirement for cash receipts of more than $10,000. Background.Code Sec. 6050I generally requires each person engaged in […]

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Washington Alert – IRS response to TIGTA on exempt applications; IRS reminder re Form 8300; Tax Policy Center on expanding EITC

Washington Alert – IRS response to TIGTA on exempt applications; IRS reminder re Form 8300; Tax Policy Center on expanding EITC

IRS has updated its response to a 2013 Treasury Inspector General for Tax Administration (TIGTA) report that was critical of IRS’s process for approving exemption applications for Code Sec. 501(c)(4) (social welfare) groups. The update provides that, as of May 22, IRS has cleared 96% of its backlog of potentially political Code Sec. 501(c)(4) cases, […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney