Business Tax

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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IRS Advising Virtual Currency Owners to Settle Up Taxes

The IRS has Begun Sending Letters to Virtual Currency Owners Advising Them to Pay Back Taxes and/or File Amended Returns In IR-2019-132, July 26, 2019, the Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or […]

Author: Frank L. Brunetti

August 2, 2019

Will IRS Modify Schedule UTP for Uncertain Tax Positions or Not?

Additional tax changes may be on the horizon for U.S. businesses. However, at this point, it is too soon to tell whether they will ease or expand compliance burdens. The Internal Revenue Service (IRS) is currently evaluating whether to eliminate or modify Schedule UTP, the Uncertain Tax Position Statement, following a report by the Treasury Inspector General for Tax Administration that raised concerns about its effectiveness.

Author: Frank L. Brunetti

May 16, 2018

Evaluating the Value of Nondisclosure Agreements Under New Tax Reform Law

A Provision Was Added to the Tax Cuts and Jobs Act that Discourages Companies’ Use of Nondisclosure Agreements in Harassment & Sexual Assault Settlements The new tax reform bill contains a wide range of changes that New Jersey businesses must consider. Some are not exclusively financial. In response to the increased attention on sexual harassment […]

Author: James F. McDonough

February 28, 2018

Primary Tasks in 2018: Amending Your Partnership Agreement

The Internal Revenue Service’s (IRS) new Partnership Tax Audit Rules take effect on January 1, 2018. As we enter the New Year, New Jersey partnerships (including entities such as LLCs that have elected to be taxed as partnerships) should be considered required and optional amendments to their existing partnership (or operating) agreements to reflect the new tax regime.

Author: Gary S. Young

February 13, 2018

IRS Final Partnership Audit Regulations On Electing Out

The IRS Recently Issued Final Regulations on Electing Out of Centralized Partnership Audit Rules (CPAR) Tax Reform has taken the spotlight but there is no doubt that accountants will have their hands full and business litigation resulting from tax issues will rise. On December 29, 2017, the Department of the Treasury-Internal Revenue Service issued final […]

Author: James F. McDonough

February 1, 2018

IRS is Cracking Down on Virtual Currency Tax Evaders

As Part of its Ongoing Effort to Crack Down on Tax Evaders in the World of Virtual Currency, IRS is Requiring Coinbase To Turn Over Customer Account Information Coinbase, one of the country’s largest exchanges for cryptocurrencies like Bitcoin, must turn over the account information of more than 14,000 customers to the Internal Revenue Service […]

Author: Jeffrey R. Pittard

January 24, 2018

IRS Notice of Deficiency Ruled Untimely in Win for Scarinci Hollenbeck Client

IRS Notice of Deficiency Ruled Untimely in Win for Scarinci Hollenbeck Client In Mehrdad Rafizadeh v. Commissioner, the U.S. Tax Court granted summary judgment for the taxpayer, holding the Internal Revenue Service’s (IRS) deficiency notice was untimely. The court specifically held that the IRS could not rely on the six-year statute of limitations set forth in Internal […]

Author: Frank L. Brunetti

January 23, 2018

The New Tax Law Introduces Qualified Business Income - The New Panacea

No Provision in the New Tax Law has Received More Attention Than the New Section 199A, Which Defines the New Term “Qualified Business Income” No provision in the new tax law has received more attention than the new section 199A. Section 199A defines a new term called “Qualified Business Income” (“QBI”) and further provides non-corporate […]

Author: James F. McDonough

January 4, 2018

Business Tax

New Jersey’s New Fiduciary Law Protects Digital Assets After You Die

New Fiduciary Law Addresses Who Manages One’s Digital Assets After They Die Have you ever wondered what happens to your email account when you die? What about your PayPal account? New Jersey Gov. Chris Christie recently signed legislation into law that addresses who can manage a person’s digital assets when they die or become legally […]

Author: Jeffrey R. Pittard

December 8, 2017

Business Tax

Court Rules Limited Partner Has Nexus with NJ for Corporate Tax Purposes

Court Rules Limited Partner Has Nexus with NJ for Corporate Tax Purposes The Tax Court of New Jersey recently addressed when out-of-state limited partners have a nexus with New Jersey for corporation business tax (CBT) purposes. In Preserve II, Inc. v. Division of Taxation, the Court rejected the limited partnership’s argument that it was a mere […]

Author: Jeffrey R. Pittard

October 25, 2017

Business Tax

New Jersey Sales Tax Issues for Comic Convention Organizers and Vendors

Since State & Local Tax Laws Vary, Sales Tax Obligations Must Be Assessed Prior To Each Comic Convention, Especially In New Jersey Comic conventions have become big business, attracting thousands of visitors and generating millions of dollars in revenue. For organizers and vendors, there are several of sales tax issues that must be addressed. Because […]

Author: Jeffrey R. Pittard

October 19, 2017

IRS Streamlines Application Process for Small Exempt Organization Status

The IRS recently finalized regulations that will streamline the process for obtaining small exempt organization status The Internal Revenue Service (IRS) recently finalized regulations that will streamline the process for obtaining small exempt organization status. Form EZ-1023 is welcome news given the time and information required to complete the standard Form 1023. Benefits of Small […]

Author: Frank L. Brunetti

July 26, 2017

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