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On January 31, 2013, United States Senator Christopher Coons (D) introduced bill S. 193, which would amend Sections 41 and 3111 of the Internal Revenue Code of 1986 to allow startup businesses to use a portion of the credit for increasing research activities to offset payroll taxes. Under the proposed bill, a startup business is…

The House Ways and Means Subcommittee on Oversight held hearings on the impact of the I.R.C. § 4191 Medical Device Excise Tax on medical device manufacturers. The excise is 2.3% of the sales price of certain medical devices listed with the F.D

On December 5, 2012, The Internal Revenue Service promulgated final regulations and guidance (Notice 2012-77) for the Taxable Medical Device excise tax (Internal Revenue Code § 4191), established as part of President Obama’s signature healthcare reform. The new tax, which takes effect January 1, 2012, is a 2.3% excise on the sale price of certain…

The IRS released its Guidance Priority List for the 2012-2013 on November 19th. The Treasury Department’s Office of Tax Policy and IRS use the list to identify and prioritize the tax issues that should be addressed through published administrative guidance. The 2012-2013 plan places significant emphasis on the implementation of the healthcare laws with eighteen…

“Effective with the issuance of this LB&I Directive, all Tier I, II and III issues are no longer tiered. These issues should be risk-assessed and examined in the same manner as any other issue in an audit. All prior Industry Director Directives (“IDDs”) relevant to these issues are withdrawn and should no longer be consulted…

At the New York University Annual Tax Controversy Forum on June 15, 2012, representatives from two enforcement divisions of the I.R.S. stated that there needs to be more attention paid to pass-through entities, such as LLCs and S Corporations. Faris Fink, I.R.S. Commissioner for Small Business and Special Entities (SB/SE) stated (Tax Notes pay-wall link)…

The IRS Office of Chief Counsel issued Chief Counsel Notice 2012-012, effectively stating that under certain conditions there is no statute of limitations for suits in District Court or the Federal Court of Claims for refund of overpayment of any tax. The CCN analyzes I.R.C. section 6532, which requires that a taxpayer wait six months…

A bill introduced in the House of Representatives on June 5 could have significant implications for IRS enforcement efforts. The bill (not yet numbered) was proposed by Congresswoman Emerson of the Committee of Appropriations; it allocates $11.8 billion to the Internal Revenue Service. The $11.8 billion amount is the same funding that the IRS received…