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FAQs clarify new compliance questions on Form 5500 Series for 2015

FAQs clarify new compliance questions on Form 5500 Series for 2015

Frequently Asked Questions Regarding the IRS Compliance Questions on the 2015 Form 5500-Series Returns IRS has issued a series of frequently asked questions (FAQs) clarifying some of the new compliance questions that have been added to the 2015 Form 5500 series. Informational copies of this form were released recently on the Department of Labor (DOL) […]

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FATCA FAQ provides guidance on foreign partnership & trust agreements

FATCA FAQ provides guidance on foreign partnership & trust agreements

IRS has recently updated its list of frequently asked questions (FAQs) to provide information on the effective date of an entity’s withholding foreign partnership (WP) or withholding foreign trust (WT) agreement, if the entity submits an application for WP or WT status on or after April 1 and is approved for such status. Click here to view […]

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Updated FATCA FAQs Clarify Branch and Disregarded Entity Registration Requirements

Updated FATCA FAQs Clarify Branch and Disregarded Entity Registration Requirements

IRS has recently updated its list of frequently asked questions (FAQs) to clarify branch and disregarded entity (DRE) registration requirements under the Foreign Account Tax Compliance Act (FATCA). In general, unless a specific exception applies, a branch must register as a branch of its owner, rather than as a separate entity. IRS also provides instructions […]

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FAQs shed new light on tangible property regs’ de minimis safe harbor election

FAQs shed new light on tangible property regs’ de minimis safe harbor election

IRS has issued new frequently asked questions (FAQs) on the final tangible property capitalization regs. The FAQs include new details on the de minimis safe harbor election, a useful and widely applicable break that allows many businesses to dispense with capitalizing and depreciating (or expensing under Code Sec. 179 purchases of many lower-cost assets (e.g., […]

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Recent FATCA guidance clarifies Form 8966 filing requirements

Recent FATCA guidance clarifies Form 8966 filing requirements

IRS has added new frequently asked questions (FAQs) concerning Foreign Account Tax Compliance Act (FATCA) reporting to its website. Specifically, the new FAQs clarify certain aspects of the requirement and deadline for filing Form 8966 (FATCA Report) for certain filers.  Click here to view the new FATCA FAQs concerning Form 8966 (FATCA Report). Background on FATCA. The Hiring […]

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FAQs Clarify that Global Identification Numbers Must be Provided in FATCA Certification

FAQs Clarify that Global Identification Numbers Must be Provided in FATCA Certification

IRS has clarified that, for payments made on or after Jan. 1, 2015, a foreign financial institution (FFI) that is based in a jurisdiction that has (or is treated as having) entered into a Model 1 intergovernmental agreement (IGA) with the U.S. must register and obtain a Global Intermediary Identification Number (GIIN) as part of […]

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Q&As clarify information reporting requirements for health care providers

Q&As clarify information reporting requirements for health care providers

Click here to view IRS’s “Questions and Answers on Information Reporting by Health Coverage Providers (Section 6055).” IRS has issued 29 questions and answers (Q&As) to help providers of “minimum essential coverage” file information returns for calendar year 2015, beginning in early 2016. Background. Beginning in 2014, under the Affordable Care Act (ACA), nonexempt individuals […]

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IRS FAQs on health care coverage reporting by large employers

IRS FAQs on health care coverage reporting by large employers

Click here for IRS’s “Questions and Answers on Reporting of Offers of Health Insurance Coverage by Employers” (Aug. 29, 2014). IRS has issued 25 questions and answers (Q&As) to help with information reporting of health care coverage by large employers under Code Sec. 6056. The reporting is voluntary for calendar year 2014 and is first […]

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FATCA FAQs advise filers on forms that can be substituted for Form W-8

FATCA FAQs advise filers on forms that can be substituted for Form W-8

IRS has updated its list of frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to explain what is a “similar agreed form” that can be used instead of the self-certification made on Form W-8, Certificate of Foreign Status, as provided in Annex I of both the Model 1 and Model 2 […]

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FATCA FAQs discuss registration and various changes to financial institutions

FATCA FAQs discuss registration and various changes to financial institutions

Click here for IRS’s “FATCA – FAQs General.” IRS has revised its frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to provide additional guidance on the effect of changes to foreign financial institutions (FFIs) and their expanded affiliated groups (EAGs) on their FATCA registration. The guidance covers such situations as where […]

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Taxpayer Advocate criticizes IRS’s use of FAQs & other unpublished guidance

Taxpayer Advocate criticizes IRS’s use of FAQs & other unpublished guidance

National Taxpayer Advocate (NTA) Nina Olson, speaking at a recent accounting conference, addressed IRS’s provision of significant guidance in formats that aren’t “published guidance,” including frequently asked questions (FAQs). She highlighted a number of ways that this can be problematic for taxpayers, including the fact that such guidance can be changed without notice. Background on […]

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Updated FATCA FAQS Discuss Registration of Trustee-Documented Trusts

Updated FATCA FAQS Discuss Registration of Trustee-Documented Trusts

IRS has revised its frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to provide guidance to trustees needing to register trustee-documented trusts. (A trustee-documented trust is a certified deemed-compliant status for foreign financial institutions (FFIs) under the Model 1 and Model 2 intergovernmental agreements (IGAs)). Click here for IRS’s “FATCA — […]

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What is the value and utility of regs, rulings, and other IRS documents? – Part II

What is the value and utility of regs, rulings, and other IRS documents? – Part II

IRS issues a wide variety of documents every week, some of which are written for public release and others of which are for IRS’s internal use but are ultimately released under the Freedom of Information Act. Whether written for internal or public use, IRS administrative pronouncements vary in precedential value and utility. This 2-part Practice […]

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Newly updated FAQs explain key FATCA registration issues

Newly updated FAQs explain key FATCA registration issues

Click here for IRS’s “FATCA – FAQs General.” IRS has issued new frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA). Among other things, the FAQs clarify terms used in earlier guidance and provide registration-related information to specific types of entities. Background. On Mar. 18, 2010, the Hiring Incentives to Restore Employment […]

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New Q&As further clarify employer mandate and transition relief

New Q&As further clarify employer mandate and transition relief

Click here for IRS’s “Questions and Answers on Employer Shared Responsibility Provisions.” In conjunction with the issuance of the new employer mandate regs, IRS has released a series of questions and answers (Q&As) on the subject. The Q&As cover a variety of topics including how to determine whether an employer is subject to the mandate, […]

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Updated FATCA FAQs discuss general compliance & other issues

Updated FATCA FAQs discuss general compliance & other issues

Click here for IRS’s “FATCA  – FAQs General.” (revised Apr. 24, 2014) IRS has revised its frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to add a new section dealing with general compliance. The FAQs also clarify certain issues concerning qualified intermediaries, withholding foreign partnerships and withholding foreign trusts (QIs/WFPs/WFTs); intergovernmental […]

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IRS Virtual Currency Guidance – Bitcoins – in Notice 2014-21

IRS Virtual Currency Guidance – Bitcoins –  in Notice 2014-21

The IRS issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. The FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency. A set of 16 questions and answers, are in Notice 2014-21, posted on IRS.gov. SECTION 4. FREQUENTLY […]

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IRS FAQs clarify exempt organization officer compensation form 990 instructions

IRS FAQs clarify exempt organization officer compensation form 990 instructions

IRS has published a series of frequently asked questions (FAQs) on the preparation of Form 990, Part VII and Form 990, Schedule J, which are the forms that exempt organizations file annually to report required information about compensation of their officers, directors, key employees, etc.   Click here for the text of IRS’s “Exempt Organizations Annual […]

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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