Five Fast Facts About Qualified Spousal Trusts
The Qualified Spousal Trust Act (the “Act”) was passed by the Arkansas Legislature during the Spring 2019 Legislative Session. The Act applies to joint revocable trusts created by married individuals prior to or after the July 16, 2019 effective date of the Act, assuming that certain requirements…
8th Circuit Affirms that the Reasonable-Basis Defense to Negligence Tax Penalty Requires Actual Reliance on the Relevant Authority
The Internal Revenue Regulations provide for a defense from the 20% negligence penalty imposed under Section 6662(a) of the Internal Revenue Code only where the taxpayer’s “return position is reasonably based on one or more [relevant] authorities.” 26 C.F.R. § 1.6662-3(b)(3) (emphasis added). In…
IRS Extends Deadlines for Like-Kind Exchanges to July 15th amid COVID-19 Pandemic
April 10, 2020
by Craig R. Cockrell
Due to the ongoing COVID-19 pandemic, the IRS has granted taxpayers an automatic extension for the deadlines imposed by section 1031 of the Tax Code for like-kind exchanges. In IRS Notice 2020-23, released on April 9, 2020, the IRS announced that any person performing a “Specified Time-Sensitive…
IRS Temporarily Allows Use of Electronic Signatures and Email Document Transmission in Response to COVID-19
In an Internal Revenue Service (IRS) interim guidance memorandum authored by Sunita Lough, Deputy Commissioner, Services and Enforcement, the IRS has temporarily approved the acceptance of “signature images” and “digital signatures” on certain IRS documents, and to send documents to and receive…
IRS Closes Doors, Sending Non-Mission Critical Employees Home to Wait Out COVID-19
In an internal agency-wide email from Internal Revenue Service (IRS) Human Capital Officer Robin Bailey, Jr., beginning March 30th all employees—but for those in “mission-critical duties”—were instructed to evacuate the work site, including employees who are currently not teleworking but whose work…