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Extension of time

JCT updates list of expiring provisions to reflect year-end extenders legislation

JCT updates list of expiring provisions to reflect year-end extenders legislation

Joint Committee on Taxation, List of Expiring Federal Tax Provisions 2016-2025 (JCX-1-16), January 8, 2016. The Protecting Americans from Tax Hikes (PATH) Act and Consolidated Appropriations Act, 2016, went well beyond what many expected would be another short-term, blanket extension of the temporary “extender” tax provisions that had been expired for most of a year. Some provisions […]

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Negotiation on tax extenders progresses but deal remains elusive

Negotiation on tax extenders progresses but deal remains elusive

Speaking on November 30, Senate Finance Committee Chairman Orrin Hatch (R-UT) appeared to be cautiously optimistic about a conclusion to the ongoing negotiations on tax extenders—the 50 or so temporary tax provisions that are routinely extended by Congress on a 1- or 2-year basis. These taxpayer-friendly provisions generally expired as of the end of 2014 […]

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New Ways & Means leadership tasked with tax extender legislation

New Ways & Means leadership tasked with tax extender legislation

Less than a day after winning the post recently vacated by new House Speaker Paul Ryan (R-WI), new Ways and Means Committee Chairman Kevin Brady (R-TX) was called on by major industry groups to address tax extenders. This year, like last, these temporary tax provisions have been expired for almost a year, making it difficult […]

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Lawmakers to consider fate of currently expired “extender” provisions

Lawmakers to consider fate of currently expired “extender” provisions

The “Tax Increase Prevention Act of 2014” (TIPA), passed late last year, extended, generally through the end of 2014, a host of then-expired “extender” provisions—but, as things currently stand, these provisions are again expired and taxpayers are again waiting to see whether, when, and how Congress will address them. However, there is some indication that […]

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Disaster victims in Kentucky qualify for tax relief

Disaster victims in Kentucky qualify for tax relief

IRS has announced on its website that victims of severe storms, tornadoes, flooding, landslides, and mudslides in counties of Kentucky that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief that’s available […]

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Tax-exempts reminded to file or risk losing exemption; warned not to include Social Security Number

Tax-exempts reminded to file or risk losing exemption; warned not to include Social Security Number

IR 2015-78   In an Information Release, IRS has reminded tax-exempt organizations to file From 990 (Return of Organization Exempt From Income Tax) by May 15, 2015, or risk having their federal tax-exempt status revoked. IRS also cautioned these groups not to include Social Security numbers (SSNs) or other unneeded personal information on their Form […]

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Extender Package Passed By House Provides Tax-Advantaged Accounts For Disabled

Extender Package Passed By House Provides Tax-Advantaged Accounts For Disabled

On Dec. 3, the House of Representatives, by a vote of 404 to 17, passed H.R.647, the “Achieving a Better Life Experience (ABLE) Act of 2014,” which provides for a new type of tax-advantaged savings program to help in meeting the financial needs of disabled individuals and families raising children with disabilities. The ABLE Act […]

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House Passes Bill Extending Individual & Business Tax Provisions Through 2014

House Passes Bill Extending Individual & Business Tax Provisions Through 2014

On Dec. 3, the House of Representatives, by a vote of 378 to 46, passed H.R.5771, the “Tax Increase Prevention Act of 2014” (TIPA), a $41.6 billion bill which would generally extend for one year through the end of 2014 over fifty tax relief provisions that expired at the end of 2013. The House also […]

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Extender Package Passed By House Includes Other Tax Law Changes

Extender Package Passed By House Includes Other Tax Law Changes

Click here for a summary of the “Achieving a Better Life Experience (ABLE) Act of 2014.” While the House-passed extender package, H.R.5771, the “Tax Increase Prevention Act of 2014,” provides for a multitude of individual and business extenders and a new type of tax-advantaged savings program for individuals with disabilities, it also contains other tax […]

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IRS Extends Deadline To Submit Letter Applications For Certain Defined Benefit Plans

IRS Extends Deadline To Submit Letter Applications For Certain Defined Benefit Plans

Ann. 2014-41, 2014-52 IRB IRS has announced that the deadline to submit on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans, for the plans’ second 6-year remedial amendment cycle, has been extended from Feb. 2, 2015, to June 30, 2015. This extension applies to defined benefit mass submitter lead and specimen plans, […]

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U.S. House backs 1-year renewal of ‘extenders’ tax breaks

U.S. House backs 1-year renewal of ‘extenders’ tax breaks

Dec 4 (Reuters) – The U.S. House of Representatives voted on Wednesday to renew a package of temporary tax breaks, known as the “extenders”, including a wind production tax credit (PTC) crucial for turbine makers such as Denmark’s Vestas. The PTC will be extended for one year retroactively for 2014 if the Senate and President […]

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Obama Administration Criticizes Potential Tax Extender Deal

Obama Administration Criticizes Potential Tax Extender Deal

WASHINGTON (Reuters) – The Obama administration on Monday criticized a potential deal in Congress to extend expiring tax breaks as “fiscally irresponsible,” arguing that lawmakers would be favoring businesses over working families. “(Making) permanent expiring business provisions without addressing tax credits for working families is the wrong approach,” Treasury Secretary Jack Lew said in a […]

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IRS postpones effective date of regs that cover trust/estate expenses and 2% AGI floor

IRS postpones effective date of regs that cover trust/estate expenses and 2% AGI floor

T.D. 9664, 07/16/2014; Reg. § 1.67-4 In response to a comment from the public to the effect that certain taxpayers need more time to comply, IRS has postponed the effective date of final regs it issued in May, 2014 that cover which costs incurred by estates and non-grantor trusts (trusts) are subject to Code Sec. […]

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IRS explains refund limit where multiple assessment extensions have been filed

IRS explains refund limit where multiple assessment extensions have been filed

In Chief Counsel Advice (CCA) 201349014, IRS explains how the Code Sec. 6511(c)(2) limitation on refunds is applied where multiple extensions of time to assess tax have been agreed to by IRS and the taxpayer. Background. In general, a refund or credit claimed or allowed before execution of a waiver extending the assessment period is […]

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IRS Announcement 2013-37 extends deadline to submit applications

IRS Announcement 2013-37 extends deadline to submit applications

Announcement 2013-37 extends to January 31, 2014, the deadline to submit on-cycle applications for opinion and advisory letters for sponsors and practitioners maintaining defined benefit mass submitter lead plans for the plans’ second six-year remedial amendment cycle. Announcement 2013-37 will be in IRB 2013-34, dated August 19, 2013.

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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