irstaxlitigation Blog

I.R.C. §280E: A Buzzkill For Those Who Keep Poor Records

The recent Tax Court’s Alterman v. Commissioner[1] decision is a lesson in Accounting 101 for Cannabisseurs. Well, technically it’s a valuable lesson about record-keeping to all taxpayers who are subject to Internal Revenue Code (I.R.C.) §280E-but with the currently high audit rates for the marijuana industry, it’s particularly significant for taxpayers currently in that business. Before learning […]

Virtual and Economic Contacts Establish Nexus for Sales Tax

On June 21, 2018, the Supreme Court delivered its highly anticipated decision in South Dakota v. Wayfair, Inc., et al.[1] The 5-4 decision discards the antiquated “physical presence rule” – a rule which has allowed retailers lacking a physical presence in a state to avoid any obligation to collect and remit sales taxes. Significantly, the Court overruled […]

HoweyCoin—Too Good To Be True

“If you’ve ever been tempted to buy into a hot investment opportunity linked with luxury travel, the Securities and Exchange Commission has a deal for you.” Sound too good to be true? It is. This announcement was made in the May 16, 2018 U.S. Securities and Exchange Commission (SEC) press release which was issued to […]

Release or Withdrawal of Federal Tax Lien: Which is Better?

When you fail to pay the taxes you owe to the government after the Internal Revenue Service sends you a bill with an explanation for how much you owe, the tax collection agency could place a lien against your property. This lien essentially protects the government’s interest in your property, which could include personal property, […]

IRS Responds to States’ Attempts to Circumvent SALT Cap

On May 23, 2018, the IRS issued Notice 2018-54,[1] making it abundantly clear that when it comes to state efforts to circumvent the recently enacted state and local tax (SALT) deductions cap, “taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes.” Section 164 of the Internal […]