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Reminder: Mar. 31 is deadline for many inherited property basis returns

Reminder: Mar. 31 is deadline for many inherited property basis returns

The due date for filing returns with IRS and providing statements to beneficiaries under the rules requiring consistent basis reporting for inherited property for estate tax and income tax purposes, where the estate tax return of the decedent was filed after July 31, 2015, is Mar. 31, 2016, except with respect to decedents that died very […]

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IRS says certain compliance questions on 2015 Forms 5500 shouldn’t be completed

IRS says certain compliance questions on 2015 Forms 5500 shouldn’t be completed

IRS Compliance Questions on the 2015 Form 5500-Series Returns. IRS has announced that, since proposed 2015 IRS compliance questions on the Forms 5500 (Annual Return/Report of Employee Benefit Plan) and 5500-SF (Short Form Annual Return/Report of Small Employee Benefit Plan), and Schedules H (Financial Information), I (Financial Information — Small Plan), and R (Retirement Plan […]

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Revised form instructions reflect “windfall” business credits for 2015

Revised form instructions reflect “windfall” business credits for 2015

The Protecting Americans from Tax Hikes (PATH) Act of 2015 (P.L. 114-113, 12/18/2015) contains a fair number of “windfall” business tax breaks for 2015—i.e., tax breaks available on the 2015 return even though they were off the books when the events triggering the breaks occurred. Three of these breaks are highlighted in recently updated 2015 […]

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New form sets out rules for reporting basis of decedent-owned property

New form sets out rules for reporting basis of decedent-owned property

Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent (January 2016). IRS has released the final version of new Form 8971, which, pursuant to legislation enacted in 2015, must be used to report the final estate tax value of property distributed or to be distributed from an estate, if the estate filed a Federal […]

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2015 Form 1040NR-EZ includes new asset reporting rules and additional treaty reporting

2015 Form 1040NR-EZ includes new asset reporting rules and additional treaty reporting

2015 Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents   IRS has issued 2015 Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents, and the instructions for that form. Among the items that are new for 2015 is a reminder about reduced reporting requirements of specified […]

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Updated Publication 15-B reflects numerous changes for 2016

Updated Publication 15-B reflects numerous changes for 2016

Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2016. IRS has recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2016. It reflects a number of changes, including several from the newly enacted “Protecting Americans from Tax Hikes (PATH) Act of 2015.” Publication 15-B contains detailed […]

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New final 2016 Form 1099-B provides for FATCA compliance, makes other changes

New final 2016 Form 1099-B provides for FATCA compliance, makes other changes

2016 Form 1099-B, Proceeds from Broker and Barter Exchange Transactions. IRS has issued the final version of 2016 Form 1099-B, Proceeds from Broker and Barter Exchange Transactions. Among the changes from the 2015 form is a new checkbox to be used if the form is being used to meet requirements of the Foreign Account Tax Compliance Act […]

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Draft 2015 Form 1042 changes include conversions from optional to required reporting

Draft 2015 Form 1042 changes include conversions from optional to required reporting

Draft 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons (Sept. 30, 2015). Draft 2015 Instructions for Form 1042 (Oct. 28, 2015). IRS has issued drafts of 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and of the instructions to that form. Included among […]

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What’s New on the 2015 draft Form 1040 and related forms and schedules – Part II

What’s New on the 2015 draft Form 1040 and related forms and schedules – Part II

IRS has released on its website a number of draft tax forms and instructions for the 2015 tax year, including Form 1040 and its related schedules. They reflect several changes that take effect in 2015 and the fact that several tax provisions that have historically been extended have not yet been extended to 2015. Click […]

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Draft Instructions confirm Form 1041 for 2015 will reflect consistent basis reporting rules

Draft Instructions confirm Form 1041 for 2015 will reflect consistent basis reporting rules

Recently issued draft instructions for Schedule D, Form 1041 (U.S. Income Tax Return for Estates and Trusts) for 2015 confirm that estates will have to follow new consistent basis reporting rules on 2015 returns. These rules were enacted as part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Transportation […]

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IRS releases draft of 2015 Form 8966 (FATCA Report)

IRS releases draft of 2015 Form 8966 (FATCA Report)

IRS has released a draft version of the 2015 Form 8966 (FATCA Report). The form is used by certain foreign financial institutions (FFIs) and others to report information with respect to U.S. accounts under the Foreign Account Tax Compliance Act (FATCA).  Click here to view draft 2015 Form 8966, FATCA Report (Oct. 6, 2015) Background […]

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CCA clarifies information reporting requirements for court clerks in variety of situations

CCA clarifies information reporting requirements for court clerks in variety of situations

Chief Counsel Advice 201533012 In Chief Counsel Advice (CCA), IRS has determined that a court clerk is not required to issue a Form 1099 when the clerk either sends a debtor’s garnished funds to a creditor’s attorney or refunds over-deposited funds to a client’s attorney at the end of a case. The CCA also concluded […]

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To combat fraud, temp and proposed regs will end automatic information return extensions

To combat fraud, temp and proposed regs will end automatic information return extensions

T.D. 9730, 08/12/2015; Reg. § 1.6081-8T; Preamble to Prop Reg 08/12/2015; Prop Reg § 1.6081-8 IRS has issued temporary regs that end the availability of automatic extensions for filing forms in the W-2 series (except Form W-2G), effective for returns due after Dec. 31, 2016. It has also issued proposed regs that would end the […]

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Washington Alert – GAO report on IRS Collection; Webinar on Independent Contractors; US and Slovak Republic sign IGA; Tax Policy paper on the Cadillac tax

Washington Alert – GAO report on IRS Collection; Webinar on Independent Contractors; US and Slovak Republic sign IGA; Tax Policy paper on the Cadillac tax

A recent report by the Government Accountability Office (GAO) focused on IRS’s collection process and found it heavily relies on the use of automation to categorize and route unpaid tax or unfiled tax return cases for potential selection. (GAO-15-647) The agency’s automated Inventory Delivery System (IDS) is used to categorize and route cases based on […]

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IRS issues new draft of accounting method change Form 3115

IRS issues new draft of accounting method change Form 3115

IRS has issued a draft of a revised Form 3115, Application for Change in Accounting Method, which contains a few changes from the current version. It is anticipated that the bulk of the changes with respect to the form will be contained in the instructions to the form, a draft of which has not yet […]

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IRS reminds retirement plans of July 31 return due date and unfiled return penalty relief

IRS reminds retirement plans of July 31 return due date and unfiled return penalty relief

IR 2015-96 In a News Release, IRS has issued a reminder that: a) for calendar year retirement plans, a return in the 5500 series is, in most cases, due on July 31; and b) IRS offers penalty relief for retirement plans that have failed to file previously due 5500 series returns. Background—return due date. A funded […]

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IRS releases updated application form for qualified intermediaries

IRS releases updated application form for qualified intermediaries

IRS has released 2015 Form 14345 (Application for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust). The form has been updated to reflect Foreign Account Tax Compliance Act (FATCA) information.  Click here to view 2015 Form 14345, Application for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust. Background on withholding under Code Chapters […]

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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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IRS updates list of, and rules regarding, designated private delivery services

IRS updates list of, and rules regarding, designated private delivery services

Notice 2015-38, 2015-21 IRB In a Notice, IRS has updated the list of designated private delivery services (“designated PDSs”) for purposes of the timely mailing treated as timely filing/paying rule, and has provided additional information regarding these services, including updating and consolidating the rules for determining the postmark date for those services. Background. Code Sec. 7502(f) […]

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Advertising On W-2 Forms Exposes Employers To Failure-To-Furnish Penalty

Advertising On W-2 Forms Exposes Employers To Failure-To-Furnish Penalty

Statement by spokesperson for IRS during the April 2 payroll industry telephone conference call A spokesperson for IRS told employers, during the April 2 payroll industry telephone conference call, that advertising is prohibited on employee copies of W-2 forms. Employers who violate this rule may be subject to penalties. Background. Under Reg. § 301.6722-1(a)(1), a penalty […]

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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