Double, Double Toil and Trouble: DOL and IRS Penalties for Failure to File Form 5500
Most employers or retirement plan administrators are required to file annual informational returns with the U.S. Department of Labor called Form 5500, Annual Return/Report of Employee Benefit Plan.
As Sherlock Holmes Would Say, “The Game’s Afoot”: A Possible SCOTUS Tax Case?
If you are into Foreign Bank Account Reports (FBARs), your concern about penalties for failing to comply with those FinCEN 114 reporting rules just took an exciting, and perhaps fearsome, turn.
Down the Rabbit Hole: Should Companies Let Employees Work from Other States?
For years, remote workers had been complicating state tax compliance for companies. When the U.S. Supreme Court’s decision in Wayfair came out in June 2018, many believed that the decision’s economic nexus standards would reduce complexity surrounding remote workers.
Are Debtors Fixin’ To Dance? How Debtor Companies Like Johnson & Johnson Are Beginning The Texas Two Step and How Creditors May Cut In
Some debtors are taking advantage of a Texas fraudulent transfer law that allows a company to transfer its debt to a Texas entity, which subsequently files for bankruptcy, and its assets to non-debtor entities, protecting the assets and eliminating the debt. What can creditors do about it?
Warren Targets Private Equity
Senator Elizabeth Warren recently introduced a bill that would dramatically reshape the private equity industry and create new tools and protections for creditors.
Do Single-Member LLCs Need to File Tax Returns in Chapter 11 Cases?
If a debtor is a single-member LLC that is treated as a disregarded entity for tax purposes, does the debtor need to file a tax return to comply with 11 U.S.C. § 521(j). If the debtor hires an accountant to prepare and file a tax return for the debtor’s single-member owner due to the debtor’s disregarded entity status, can the bankruptcy estate compensate the accountant?
It’s Not Easy Being Green: The Complicated Web of State Taxation and Renewable Energy Projects
With a changing planet and generous federal tax incentives, renewable energy projects are increasing in both number and size. So naturally, states want their fair share of tax revenue.
Saying Farewell to Minnesota? What’s Your Story?
You are moving to another state, but will keep some Minnesota ties (e.g., maintain a house or cabin in Minnesota, spend summers in Minnesota, remain employed by a Minnesota company). Will the Minnesota Department of Revenue agree that you actually moved?
A Call to Action Over the Minnesota Department’s Proposed Rule on Audit Records
Having spent more than a decade working with taxpayers and Department employees on sales and use tax audits and refund requests, I find that responding to documentation requests from the Department can either be an exercise in pragmatism or an exercise in preventing auditors from murdering a taxpayer’s business by a thousand cuts. The reality is that accumulating and providing documentation is easier for some taxpayers than for others. Similarly, the requirements laid out by some states, or by some auditors, are more burdensome than by others.
Can the IRS Really Take My House?
One of the largest sources of stress for a taxpayer with significant federal tax debts is whether the IRS can take his or her house. For many taxpayers, the family residence is the most important source of their wealth. In addition, it is not just their house, but their home—a source of happiness and joy and family community. The prospect of losing a home therefore not only threatens financial loss, but it is often emotionally taxing as well.
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