Taxes

Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on taxes. To receive our attorneys' taxes articles please subscribe to our email list.

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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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What Are FIRPTA Withholding Requirements?

If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]

Author: Jesse M. Dimitro

March 11, 2025

New Employee Retention Credit (ERC) Program Has a Very Short Deadline

Scarinci Hollenbeck wants its clients to know that if you applied for an ERC and have any doubts about the veracity of your claim, the time to act is now. The Internal Revenue Service (IRS) is carefully scrutinizing ERC claims because they have detected considerable fraud caused in part by promoters of this credit. There […]

Author: Scott H. Novak

January 18, 2024

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

Does Your Retirement Plan Protect Your Home from Medicaid Recovery?

One of the Top Risks for Retirement is Health Problems – Does Your Retirement Plan Protect Your Home from Medicaid Recovery? A recent U.S. News and World Report listed five major risks for retirement. One of these risks is health problems. If you don’t plan accordingly, the financial costs of healthcare can lead to everyone’s […]

Author: Frank L. Brunetti

May 20, 2019

New Jersey

IRS Position on Willfulness in FBAR Penalty Case Not Taxpayer-Friendly

Pursuant to 31 U.S.C. 5314(a) and 31 C.F.R. 1010.350, a United States person is required to annually report financial accounts in which it has a financial interest or signature authority over to the Internal Revenue Service on a Report of Foreign Bank and Financial Accounts Form (FBAR).

Author: Jeffrey R. Pittard

July 19, 2018

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

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