Section Newsletters

Articles From James S. Zmuda

Corporate and partnership tax update By James S. Zmuda Federal Taxation, May 2005 The Internal Revenue Service ("IRS") has issued final regulations regarding qualified real estate investment trust ("REIT") subsidiaries, qualified subchapter S subsidiaries and single-owner eligible entities that are disregarded as entities separate from their owners.
Corporate and partnership tax update By James S. Zmuda Federal Taxation, March 2005 The Internal Revenue Service ("IRS") has issued final regulations that exempt employers from depositing FUTA taxes until their FUTA tax liability exceeds $500.
Message from the Chair By James S. Zmuda Federal Taxation, June 2004 The annual trip to Washington, D.C. is one of the highlights of this Section Council's annual work. This year was no exception.
Individual income tax update By James S. Zmuda Federal Taxation, May 2004 In Montgomery, 122 T.C. No. 1 (2004), the Montgomerys filed a joint return reporting tax due of $196,006. The taxpayers did not remit the payment. The Internal Revenue Service ("IRS") assessed the reported tax, accepted the return as filed and did not audit the return or issue a notice of deficiency.
Message from the chair By James S. Zmuda Federal Taxation, May 2004 With this edition of the newsletter, we again strive to inform you, the Federal Taxation Section Council members, of current federal tax developments.
Corporate and partnership tax update By James S. Zmuda Federal Taxation, March 2004 In Alphonse Mourad, 121 T.C. No. 1 (2003), the Tax Court ruled that a Chapter 11 filing does not cause termination of a corporation's S status.
Chairman’s corner By James S. Zmuda Federal Taxation, February 2004 I have had the privilege of membership in the Federal Taxation Section Council for a number of years.
Tax administration and procedure update By James S. Zmuda Federal Taxation, June 2003 The Internal Revenue Service (IRS) has issued temporary and proposed regulations pursuant to Code §§6107 and 6695 to facilitate electronic filing and record keeping by tax return preparers.
The “new” “A” reorganization— Disregarded entity mergers By James S. Zmuda Federal Taxation, April 2003 In TD 9038 the Department of the Treasury ("Treasury") issued temporary regulations defining the term "statutory merger or consolidation" ("Temp. Regs.") for purposes of section 368(a)(1)(A) of the Internal Revenue Code of 1986, as amended ("Code").
Individual income tax update By James S. Zmuda Federal Taxation, January 2003 In United States v. Galletti, 298 F.3d 1107, as amended, 2002 U.S. App. LEXIS 23825 (9th Cir. 2002), the United States Court of Appeals for the Ninth Circuit (Ninth Circuit) held an assessment for employment tax liability against a partnership was not an assessment against individual general partners, who were separate taxpayers.
Individual income tax update By James S. Zmuda Federal Taxation, June 2002 In 1 122 S. Ct. 1414, 152 L. Ed. 2d 437 (2002), the United States Supreme Court held that an individual's interest in a tenancy by the entirety was a property interest to which a tax lien could attach.
Individual income tax update By James S. Zmuda Federal Taxation, March 2002 In Mora v. Comm'r, 117 T.C. No. 23 (2001), the Tax Court held a woman was entitled to separate innocent spouse relief under I.R.C. §6015(c) with regard to her former husband's tax shelters.
Individual income tax update: refinancing a personal residence By James S. Zmuda Federal Taxation, January 2002 Home mortgage rates are at bargain levels. A few key concepts should be remembered in advising clients in refinancing situations.
Individual income tax update By James S. Zmuda Federal Taxation, June 2001 In Vinick v. United States, 205 F.3d 1 (1st Cir. 2000), the United States Court of Appeals for the First Circuit ("First Circuit") reversed a district court ruling that a corporate officer was a responsible person for purposes of Code §6672, which imposes a 100% "penalty" tax regarding the failure to withhold employment taxes.
Individual income tax update By James S. Zmuda Federal Taxation, March 2001 In Service Center Advice 200105062, the Internal Revenue Service ("IRS") has advised service centers that they cannot abate individual estimated tax penalties resulting from income attributable to a conversion of a traditional Individual Retirement Account ("IRA") to a Roth IRA.
An overview of the New minimum distribution rules: a “uniform” approach By James S. Zmuda Federal Taxation, March 2001 On January 11, 2001, the Internal Revenue Service ("IRS") issued new proposed minimum distribution regulations.
Individual income tax update By James S. Zmuda Federal Taxation, January 2001 The Internal Revenue Services ("IRS") has issued Form 8869, Qualified Subchapter S Subsidiary Election, to be used by a parent S corporation to elect to treat one or more of its eligible subsidiaries as a qualified Subchapter S subsidiary ("Q Sub").
Individual income tax update By James S. Zmuda Federal Taxation, August 2000 In Notice 2000-32, 2000-26 I.R.B., the IRS issued additional guidance and relief from the rule excluding certain hardship distributions from the definition of an "eligible rollover distribution."
Final Gift Tax regulations: of limitations and “adequate disclosure” By James S. Zmuda Federal Taxation, June 2000 On December 3, 1999, the Internal Revenue Service ("IRS") issued final regulations regarding the adequate disclosure of gifts.
Individual income tax update By James S. Zmuda Federal Taxation, February 2000 The Internal Revenue Service ("IRS") has announced that for business travel after 1999, the optional mileage allowance for owned or leased vehicles will be 32.5 cents a mile.
Individual income tax update By James S. Zmuda Federal Taxation, September 1999 Several requirements must be satisfied for divorce related payments to be treated as alimony, taxable to the payee and deductible by the payor.
Taxpayers making “voluntary” installment agreement payments cannot designate to which liabilities the payments will apply By James S. Zmuda Federal Taxation, June 1999 Opportunities to defer or reduce the collection of tax payments by the Internal Revenue Service ("IRS") include bankruptcy1 and offers in compromise.2 Another approach is the installment agreement.
Of FLPs and LLCs: Alternative estate freeze and asset protection techniques By James S. Zmuda Federal Taxation, February 1999 The estate planning world has become filled with acronyms, including: GRITs, GRATs, GRUTs, NIMCRUTs, QPRTs, FLPs and LLCs.

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