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Washington Alert

Washington Alert – IRS LITC application period is underway; Estimated federal budget deficit; IRS webinar May 19 titled “Understanding the Universal Availability Rules in a 403(b) Retirement Plan”

Washington Alert – IRS LITC application period is underway; Estimated federal budget deficit; IRS webinar May 19 titled “Understanding the Universal Availability Rules in a 403(b) Retirement Plan”

The application period for the 2017 Low Income Taxpayer Clinic (LITC) grant process is now underway and will run through June 20. (IR 2016-70) The LITC program awards matching grants of up to $100,000 per year to qualifying organizations for the development, expansion or maintenance of a LITC. As described by IRS, LITCs offer assistance […]

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Bits ‘n Pieces – Taxing Harvard, Yale, Stanford; IRS adds 700 employees to chase tax cheats; CA Gov. Brown signs bills to raise smoking age to 21, restrict e-cigarettes, Tattered tax net; Tax court rules international waters not foreign country but misses that mariners are not marines

Bits ‘n Pieces – Taxing Harvard, Yale, Stanford; IRS adds 700 employees to chase tax cheats; CA Gov. Brown signs bills to raise smoking age to 21, restrict e-cigarettes, Tattered tax net; Tax court rules international waters not foreign country but misses that mariners are not marines

* Is taxing Harvard, Yale and Stanford the answer to rising college costs? Timothy W. Martin and Melissa Korn – The Wall Street Journal. Elite U.S. schools have grown richer since the 2008 financial crisis by investing their endowment money in everything from California vineyards to Chinese startups. State and federal policy makers now want […]

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Trump retreats on comments on raising taxes on the wealthy

Trump retreats on comments on raising taxes on the wealthy

WASHINGTON (Reuters) – Republican presidential candidate Donald Trump on Monday backtracked on his remarks about raising taxes on wealthy Americans, saying the rich might simply get a smaller tax cut than he originally proposed. Trump walked away from his comment on Sunday that taxes on the wealthy would “go up” once his broad tax policy […]

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Sanders plan raises incomes but also U.S. deficits, analysts say

Sanders plan raises incomes but also U.S. deficits, analysts say

NEW YORK (Reuters) – U.S. Democratic presidential candidate Bernie Sanders’ tax and benefit plans would raise income for most Americans but his proposal for single-payer healthcare would help generate record federal deficits, two Washington think tanks said on Monday. An analysis by the Tax Policy Center said that although most people would pay higher taxes […]

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Washington Alert – IRS needs more employees; IRS seeking applicants for Internal Revenue Service Advisory Council (IRSAC); TIGTA report on premium tax credit (PTC) claims; IRS accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs

Washington Alert – IRS needs more employees; IRS seeking applicants for Internal Revenue Service Advisory Council (IRSAC); TIGTA report on premium tax credit (PTC) claims; IRS  accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs

IRS will soon begin the first wave of a plan to hire up to 700 employees to serve in enforcement positions, IRS Commissioner John Koskinen told agency employees in a May 3 memo. This will mark “the first significant enforcement hiring in over five years,” Koskinen wrote. The initial wave of hiring will fill entry-level […]

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Conservatives in Congress urge shutdown of U.S. tax collector

Conservatives in Congress urge shutdown of U.S. tax collector

WASHINGTON (Reuters) – It’s a U.S. taxpayer’s dream: make the Internal Revenue Service go away, and the largest conservative group in Congress is endorsing just that. The Republican Study Committee, which counts over two-thirds of House of Representatives Republicans as its members, called recently for “the complete elimination of the IRS.” The committee’s support for […]

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Washington Alert – IRS & National Small Business Week; tax gap for 2008-2010 is $458 billion; DOJ reminder to employers re withholding

Washington Alert – IRS  & National Small Business Week; tax gap for 2008-2010 is $458 billion; DOJ reminder to employers re withholding

IRS has announced that it is promoting National Small Business Week by offering a series of educational webinars to help small business owners and self-employed individuals “not only to be tax compliant, but also to help their businesses thrive.” (IR 2016-68) As described by the agency, each webinar topic has a tax tip or fact […]

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How Barclays turned a $10 billion profit into a tax loss

How Barclays turned a $10 billion profit into a tax loss

LONDON (Reuters) – When Barclays Plc sold a fund management business to U.S. financial group Blackrock Inc. in 2009, the larger-than-expected $15.2 billion price tag was not the only good news for the British bank’s investors. The way Barclays structured the sale — by booking part of the proceeds in Luxembourg — allowed it to […]

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Trump wants to help U.S. businesses by lifting slew of regulations – CNBC

Trump wants to help U.S. businesses by lifting slew of regulations – CNBC

WASHINGTON (Reuters) – Republican presidential candidate Donald Trump outlined economic policy initiatives on Thursday that he would pursue if elected to the White House in November, including refinancing longer-term U.S. debt, lowering taxes and scrapping a slew of federal regulations. The Manhattan real estate mogul said his aim would be to clear the way for […]

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April 29 — Ways & Means Approves Bills Aimed at Protecting Taxpayers’ Identities and Using Taxpayer Info to Find Missing Children

April 29 — Ways & Means Approves Bills Aimed at Protecting Taxpayers’ Identities and Using Taxpayer Info to Find Missing Children

On April 28, the House Committee on Ways and Means approved three IRS administration bills: H.R. 3209, the “Recovering Missing Children Act,” was approved by voice vote. The bill would allow IRS to share taxpayer information with state and local law enforcement agencies in order to help find missing or exploited children, while maintaining protection […]

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House votes to repeal U.S. retirement rule, Obama threatens veto

House votes to repeal U.S. retirement rule, Obama threatens veto

WASHINGTON (Reuters) – The U.S. House of Representatives voted on Thursday to repeal a Labor Department rule aimed at protecting retirement savers from profit-hungry brokers, a largely symbolic move that President Barack Obama has threatened to veto. Obama’s administration earlier in April released the rule setting a fiduciary standard for financial brokers who sell retirement […]

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Washington Alert – RSC’s tax choices; TIGTA on filing season; JCT on background for business reform; TIGTA alert re IRS and phony iTunes gift cards

Washington Alert – RSC’s tax choices; TIGTA on filing season; JCT on background for business reform; TIGTA alert re IRS and phony iTunes gift cards

On April 22, the Republican Study Committee (RSC) released the conservative caucus’s tax policy recommendations. Perhaps most eye-catching of the suggestions was a proposal to repeal (sunset) the current tax Code at the end of 2019 in order to force Congress to finally act on comprehensive tax reform. Other suggestions included: collapsing the current seven […]

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Bits ’n Pieces – Republicans & the IRS Chief; Colorado v. Obama – universal health coverage; America’s coming tax increase; Millennials are increasingly rejecting voodoo economics

Bits ’n Pieces – Republicans & the IRS Chief; Colorado v. Obama – universal health coverage; America’s coming tax increase; Millennials are increasingly rejecting voodoo economics

* Inside Republicans’ backup plan to punish the IRS chief. By Lisa Rein and Mike DeBonis – The Washington Post. Jason Chaffetz, chairman of the House Oversight and Government Reform Committee, has been on a campaign since last October to impeach – literally – the tax collector. Link to The Washington Post, wapo.st/1SCcarK * Colorado weighs […]

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Washington Alert – GAO on latest filing season at IRS; Sprint files suit against US Government over Ernst & Young misdeeds; Tax Policy Center revisits state and local tax deduction

Washington Alert – GAO on latest filing season at IRS; Sprint files suit against US Government over Ernst & Young misdeeds; Tax Policy Center revisits state and local tax deduction

The sheer scale of IRS’s operations during the filing season makes customer service one of the key challenges the agency faces on an annual basis, Jessica Lucas-Judy, acting director of strategic services at the Government Accountability Office (GAO), told the House Ways and Means Oversight Subcommittee on April 19. (GAO-16-578T) As described by Lucas-Judy, customer […]

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Treasury Describes Coming Guidance To Promote Financial Transparency, Reduce Tax Evasion

Treasury Describes Coming Guidance To Promote Financial Transparency, Reduce Tax Evasion

Treasury blog post, Josh Drobnyk, “Targeting Tax and Sanctions Evasion, Money Laundering, and Other Illicit Activities.” Treasury response, Anne Wall, to Senator Won Wyden. Two Treasury officials have recently highlighted a number of the efforts being made by the Department to both enhance financial transparency and curtail tax evasion. They offered a preview of proposed […]

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Washington Alert – Identity Theft Alert; Reconsider corporate inversions;Community Development Financial Institution (CDFI) Fund has announced two significant changes to allocations for the 2015 round of the New Markets Tax Credit (NMTC) Program

Washington Alert – Identity Theft Alert; Reconsider corporate inversions;Community Development Financial Institution (CDFI) Fund has announced two significant changes to allocations for the 2015 round of the New Markets Tax Credit (NMTC) Program

Businesses, as well as individual taxpayers, should keep in mind that information returns, especially Forms W-2, are becoming a major target of identity thieves, IRS Commissioner John Koskinen told the House Ways and Means Oversight Subcommittee on April 19. Identity thieves are continually seeking new sources of information that will help them file false returns […]

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Bits ’n Pieces – Senate Republicans block proposal to regulate tax preparers; Ruling on pension fund debt; Goat herd helps Trump; Cruz and the VAT

Bits ’n Pieces – Senate Republicans block proposal to regulate tax preparers; Ruling on pension fund debt; Goat herd helps Trump; Cruz and the VAT

* Senate Republicans block proposal to regulate tax preparers. By Richard Rubin – The Wall Street Journal. In rejecting the idea on a party-line vote in the Finance Committee, GOP members cited objections that adding regulations could take down a bipartisan bill to combat tax-refund fraud committed via identity theft. Link to The Wall Street […]

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Washington Alert – DOJ use of civil injunctions on noncompliant employers, IRS warning to tax professionals of a new scam targeting computer systems, GAO Report – IRS has the potential to collect billions of dollars in tax underpayments through its nine public referral programs

Washington Alert – DOJ use of civil injunctions on noncompliant employers, IRS warning to tax professionals of a new scam targeting computer systems, GAO Report – IRS has the potential to collect billions of dollars in tax underpayments through its nine public referral programs

The Justice Department (DOJ) Tax Division has unleashed a new weapon in its campaign to strengthen employment tax enforcement – namely, expanded use of civil injunctions against noncompliant employers, according to a DOJ attorney who spoke before the District of Columbia Bar Tax Section on April 13. DOJ also will act as a watchdog to […]

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Tax issue throws Energy Transfer’s Williams deal into doubt

Tax issue throws Energy Transfer’s Williams deal into doubt

NEW YORK (Reuters) – U.S. pipeline company Energy Transfer Equity said on Monday its lawyers may not be able to deliver an important tax opinion for its takeover of peer Williams Cos Inc, throwing the agreed $14 billion acquisition into doubt. Energy Transfer rose 10 percent on the news, as investors bet that the company […]

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Washington Alert – IRS Commissioner on taxpayers and IRS; Applications for Electronic Tax Administration Advisory Committee (ETAAC); Voluntary Classification Settlement Program (VCSP) update

Washington Alert – IRS Commissioner on taxpayers and IRS; Applications for Electronic Tax Administration Advisory Committee (ETAAC); Voluntary Classification Settlement Program (VCSP) update

IRS must negotiate a balancing act as it works to enhance taxpayers’ online experience while it also must continuously upgrade and improve its authentication protocols, IRS Commissioner John Koskinen said at an April 12 hearing of the Senate Finance Committee. The subject of the hearing was cybersecurity and the protection of taxpayer information. “The reality […]

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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