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Robert Probasco

2013

Articles 1 - 14 of 14

Full-Text Articles in Taxation-Federal

Loving: Who Can The Irs Regulate?, Robert D. Probasco Dec 2013

Loving: Who Can The Irs Regulate?, Robert D. Probasco

Robert Probasco

A recent change to the regulations governing practice before the Internal Revenue Service, commonly known as “Circular 230,” is under attack.

In 2011, the IRS amended Circular 230 to regulate hundreds of thousands of tax return preparers who were not already covered by Circular 230 as attorneys or CPAs. The government describes these new regulations as of “exceptional importance to the administration of the tax laws.” But in January, the district court in Loving v. Internal Revenue Service granted declaratory and injunctive relief to the plaintiffs, concluding that the IRS lacked the authority to issue or enforce the new regulations. …

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Quoted In Tax Notes Today On Supreme Court Tax Decision, Robert D. Probasco Dec 2013

Quoted In Tax Notes Today On Supreme Court Tax Decision, Robert D. Probasco

Robert Probasco

No abstract provided.

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Quoted In Daily Tax Report On Supreme Court Ruling On Gross Valuation Misstatement Penalty, Robert D. Probasco Dec 2013

Quoted In Daily Tax Report On Supreme Court Ruling On Gross Valuation Misstatement Penalty, Robert D. Probasco

Robert Probasco

No abstract provided.

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How Stars Cases Apply Economic Substance Doctrine, Robert D. Probasco Nov 2013

How Stars Cases Apply Economic Substance Doctrine, Robert D. Probasco

Robert Probasco

Three recent cases applied the economic substance doctrine, with quite different results, to the structured trust advantaged repackaged securities (“STARS”) transaction, one of several “foreign tax credit generators” that the IRS is aggressively challenging. Most practitioners are very familiar with the “conjunctive vs. disjunctive vs. multifactor test” conflict over economic substance. These STARS cases illustrate that often what really drives the decisions are some of the nitty-gritty details of applying the applicable standard, which often allow courts a great amount of discretion. Some of the analysis in these cases was highly questionable. When the cases are appealed, we may get …

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Irs Gets Too Much Time To Go After Transferred Assets, Robert D. Probasco Nov 2013

Irs Gets Too Much Time To Go After Transferred Assets, Robert D. Probasco

Robert Probasco

The IRS has a wide variety of tools to collect taxes but, as with most creditors, experiences problems when the debtor/taxpayer transfers assets to a third party. Section 6901 of the Internal Revenue Code provides one solution: using the normal IRS administrative processes to assess and then collect from transferees. Alternatively, the IRS can proceed directly to court without assessing the transferee and seek to set aside the transfer and treat the property transferred as still owned by the transferor (taxpayer).

A recent split decision by the Tenth Circuit, in United States v. Holmes[1], addressed this collection alternative (a “direct …

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Quoted In Daily Tax Report On 'Midco' Asset Transaction, Robert D. Probasco Nov 2013

Quoted In Daily Tax Report On 'Midco' Asset Transaction, Robert D. Probasco

Robert Probasco

No abstract provided.

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Quoted In Reuters On Santander Ruling, Robert D. Probasco Oct 2013

Quoted In Reuters On Santander Ruling, Robert D. Probasco

Robert Probasco

No abstract provided.

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Comments On Proposed Regulations Concerning List Maintenance Requirements, Robert D. Probasco, David Colmenero, Shawn O'Brien, Brandon Bloom Sep 2013

Comments On Proposed Regulations Concerning List Maintenance Requirements, Robert D. Probasco, David Colmenero, Shawn O'Brien, Brandon Bloom

Robert Probasco

We commend the issuance of the Proposed Regulations and guidance provided relating to the failure to maintain a list of advisees with respect to reportable transactions. We respectfully offer for your consideration the following suggested changes:

• Exclude the language in Prop. Treas. Reg. § 301.6708-1(b)(3), which permits the IRS to leave a written request for a Section 6112 list at the last and usual place of abode or usual place of business of the person required to maintain the list; 
• Revise the language in subsection (b) of the Proposed Regulations to require that, in situations where the IRS …

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Quoted In Reuters On Irs Relying On Economic Substance Doctrine, Robert D. Probasco Aug 2013

Quoted In Reuters On Irs Relying On Economic Substance Doctrine, Robert D. Probasco

Robert Probasco

No abstract provided.

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Ethics And Expected Changes To Circular 230, Fred Murray, Richard Goldstein, Matthew Lucey, Jack Manhire, Robert D. Probasco May 2013

Ethics And Expected Changes To Circular 230, Fred Murray, Richard Goldstein, Matthew Lucey, Jack Manhire, Robert D. Probasco

Robert Probasco

No abstract provided.

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Quoted In Tax Notes Today On Valuation Misstatement Case, Robert D. Probasco Mar 2013

Quoted In Tax Notes Today On Valuation Misstatement Case, Robert D. Probasco

Robert Probasco

No abstract provided.

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Quoted In Tax Notes Today On Gross Valuation Misstatement Penalty, Robert D. Probasco Mar 2013

Quoted In Tax Notes Today On Gross Valuation Misstatement Penalty, Robert D. Probasco

Robert Probasco

No abstract provided.

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Transferee Liability, Robert D. Probasco Mar 2013

Transferee Liability, Robert D. Probasco

Robert Probasco

No abstract provided.

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Circular 230 And Rules Of Professional Conduct In Giving Tax Advice, Robert D. Probasco Jan 2013

Circular 230 And Rules Of Professional Conduct In Giving Tax Advice, Robert D. Probasco

Robert Probasco

No abstract provided.

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