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Articles by Robert Kovacev
Proposed Revisions To Form 6765 Would Impose Burdensome New R&E Credit Reporting Requirements
On September 15, the IRS unveiled a proposed revision to Form 6765, which is used to report research credit claims on both original and amended tax returns. The revised form is published on the IRS website. According to the IRS press release accompanying the revised form, the revisions "will provide taxpayers with a consistent and predefined format for tax reporting and improve the information received for tax administration.
IRS Ramping Up Its Enforcement Efforts, Particularly Of Large Partnerships
As we previously reported, the IRS issued its long-awaited Strategic Operating Plan this past April for implementing the billions of dollars in additional funding provided by the Inflation Reduction Act (IRA). The Strategic Operating Plan's centerpiece was a new enforcement strategy, the intended target of which was explicit: large corporations, large partnerships, and high-net-worth individuals.
IRS Enforcement Plan-All the Scrutiny $45.6 Billion Can Buy Original
The IRS’ strategic operating plan, announced April 6, includes a new enforcement strategy backed by $45.6 billion in earmarked funding. The plan makes no secret of its intended targets: large corporations, large partnerships, and high-net-worth families. It notes that the corporate audit rate fell to 1.7% in 2019 from 10.5% in 2011. The audit rate for high-net-worth families is even smaller (0.7% in 2019) and for large partnerships is almost vanishingly small (0.05% in 2019).
Rise of the tax machines: IRS algorithms are coming for you
New research has cast a harsh spotlight on digital discrimination stemming from the Internal Revenue Service’s (IRS) use of algorithms and artificial intelligence — a key factor in disproportionate auditing of poor families and taxpayers of color. Earlier this week, the Senate questioned President Biden’s nominee for IRS commissioner, Danny Werfel, about how an IRS algorithm targeted Black taxpayers for audit up to 4.7 times as often as other races.
ChatGPT and the Practice of Law: Ignore at Your Peril
Ever since artificial intelligence entered the public’s imagination, there have been predictions that legal practice would be taken over by the machines. So far, all such predictions have largely proven false. While technology has provided benefits to legal practice, such as predictive coding for reviewing large numbers of documents, the province of preparing legal advice remains firmly in the human sphere. The recent advent of ChatGPT reopened that debate.
Who Is Interested in My Request for Interest?
The law is clear: “If a taxpayer overpays its taxes, the IRS owes the taxpayer interest on that amount.”1 This obligation certainly characterized the Internal Revenue Service’s 2020 fiscal year, in which the IRS paid more than $3 billion of overpayment interest to taxpayers.2 This figure is just the latest in a series of increasing amounts of interest the IRS paid to taxpayers in recent years.
INSIGHT: Resolving Federal Tax Disputes in Bankruptcy Original
Taxpayers often have limited control over the timing of bankruptcy filings and the resolution of their tax disputes with the Internal Revenue Service. The timing of these events are generally dictated by the schedules of others, including the creditors of the debtors, IRS employees, and the courts. As added complexity, a taxpayer’s older and open tax years may be in very different procedural postures at the time of a bankruptcy filing.
Tax litigation in USA | Lexology
Court actions (describe trial court actions in this section) Competent courts Which courts have jurisdiction to hear tax disputes? A taxpayer can initiate a tax dispute in the US Tax Court, the Court of Federal Claims or federal district court. In Tax Court, a simplified small tax case procedure is available for certain cases involving US$50,000 or less. Trials in small tax cases are less formal and result in a speedier disposition, but the decisions cannot be appealed.
Tax law enforcement in USA | Lexology
Enforcement Compliance with tax laws How does the tax authority verify compliance with the tax laws and ensure timely payment of taxes? What is the typical procedure for the tax authority to review a tax return and how long does the review last? Compliance is verified by examination of tax returns.
Tax controversy in USA | Lexology
Overview Legislation What is the relevant legislation relating to tax administration and controversies? Other than legislation, are there other binding rules for taxpayers and the tax authority? Tax administration and controversies are governed by the Internal Revenue Code (the IRC), Title 26 of the United States Code. The IRC is amended from time to time by tax acts passed by Congress and those acts contain effective dates and transition rules.
Tax Controversy in the USA | Lexology
Use the Lexology Getting The Deal Through tool to compare the answers in this article with those from other jurisdictions. Overview Legislation What is the relevant legislation relating to tax administration and controversies? Other than legislation, are there other binding rules for taxpayers and the tax authority? Tax administration and controversies are governed by the Internal Revenue Code (the IRC), Title 26 of the United States Code.
Don’t tax the robots
A little-noticed consequence of the tax reform law signed by President Trump is a dramatic increase in tax incentives to acquire robots instead of hiring workers. Businesses can claim a 100 percent up-front expense deduction for purchasing automation equipment displacing human workers. There is no equivalent tax benefit for preserving or increasing jobs for humans.
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