IRS Lacks Authority to Assess Section 6038(b) Penalties, Tax Court Rules By Oscar Carrillo, Senior Associate at Zerbe, Miller, Fingeret, Frank & Jadav LLP

The U.S. Tax Court recently held that the Internal Revenue Service (“IRS”) lacked statutory authority to assess Internal Revenue Code (“IRC”) Section 6038(b) penalties against an individual for failure to file Forms 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. The case has ramifications for any taxpayer that has been assessed…

NOT SO INDEPENDENT CAYLOR – THE NEWEST RULING ON “MICRO-CAPTIVES” FROM THE IRS

On Wednesday, March 10, the Tax Court issued its fourth case concerning “Microcaptive” insurance companies. In Caylor Land & Dev. v. Comm’r, the IRS continues its winning streak against captive arrangements. In the words of Judge Holmes, who authored the opinion as well as that of the seminal Avrahami case, “We will break no new…

ZMF SECURES APPRAISAL VICTORY FOR ELDERLY FAMILY

For residential and commercial property owners alike, the appraisal process can be as nebulous as it is unfamiliar. Many times, policyholders find themselves not only pitted against their own insurance carrier, but also the very contractors and appraisers who they retained to advocate on their behalf. Worse yet, appraisal can become a protracted process due…

I HAVE WATER DAMAGE IN MY HOME OR BUSINESS DUE TO A PIPE BREAK!! SO WHAT DO I DO NOW?!

As this article goes to print, Texas residents and business owners will have suffered hundreds of millions of dollars in property damage due to the recent Arctic outbreak that migrated to the Lone Star State. Homes and business throughout the southwest are facing consequences because water pipes are breaking.  The effects of this meteorological phenomenon is…

ZMF SUCCEEDS FOR POLICYHOLDER WHERE OTHER FIRMS FAIL

Policyholders must carefully select their attorney in the world of first party insurance disputes.  Indeed, this is a specialized area, and not all lawyers possess the background and experience to navigate the precarious waters within first party practice.  A recent ZMF client, previously represented by other counsel, learned this lesson the hard way, experiencing years…

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