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Thompson & Knight LLP

Dallas, Texas

T&K Tax Knowledge

Recent Activity

C-Stores - A Unique Opportunity for Tax Deferral

Posted by Todd Keator Historically, real estate investors looking to defer federal income taxes have relied on Section 1031 exchanges to exchange one real estate investment for a different real estate investment in a tax-deferred manner. More recently, some investors have used the “qualified opportunity zone” rules to achieve a... Continue reading

Posted Oct 21, 2020 at T&K Tax Knowledge

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Abbey Garber Quoted on Tax Court Backlog

Featuring Abbey Garber The Tax Court was closed for several months due to the COVID-19 pandemic, but taxpayers continued to submit petitions as required by law. As Abbey Garber explains in an article in Law360 Tax Authority (subscription required), this has caused a backlog of Tax Court filings that may... Continue reading

Posted Oct 5, 2020 at T&K Tax Knowledge

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Top Five Things Tax Matters Partners Should Do When Receiving an FPAA

Posted by Mary McNulty, Lee Meyercord, and Abbey Garber The IRS is ramping up enforcement efforts and focusing on partnerships. As a result, partnerships may soon receive IRS notices adjusting the partnership’s return. Due to the time it takes to select a tax return for audit and conduct the audit,... Continue reading

Posted Sep 29, 2020 at T&K Tax Knowledge

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Choose Your Partnership Representative Wisely

Posted by Abbey Garber and Jessica Kirk The Bipartisan Budget Act of 2015 (“BBA”) introduced a centralized partnership audit regime which replaced the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”). The BBA streamlined partnership audits (including audits of limited liability companies taxed as partnerships) by providing for the... Continue reading

Posted Sep 14, 2020 at T&K Tax Knowledge

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Employers Beware: The IRS Is Ramping Up Employment Tax Enforcement

Posted by Abbey Garber, Mary McNulty, Lee Meyercord, Jessica Morrison, and Neely Munnerlyn Approximately 72% of all revenue collected by the IRS is from withheld employment taxes. As a result, the IRS has increased its focus on employment tax audits, recently reporting that there are 530,000 employment tax audits pending.... Continue reading

Posted Aug 25, 2020 at T&K Tax Knowledge

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Proposed Legislation Would Increase Above-the-Line Charitable Contribution Deduction

Posted by David Rosenberg, Tyree Collier, Lee Meyercord, Katie Gerber, and Jana Wight Proposed legislation with bipartisan support would increase the $300 above-the-line deduction to over $4,000 for individuals and $8,000 for married couples for charitable contributions made in 2020. As explained in a prior post, the CARES Act provided... Continue reading

Posted Jul 27, 2020 at T&K Tax Knowledge

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IRS Offers to Settle Tax Court Syndicated Conservation Easement Cases

Posted by Mary McNulty, Abbey Garber, Lee Meyercord, and Katie Gerber The IRS recently announced a time-limited settlement offer to taxpayers with pending Tax Court cases involving syndicated conservation easements. The IRS encourages taxpayers who receive a settlement offer letter to consult with their own independent attorney (i.e., an attorney... Continue reading

Posted Jul 17, 2020 at T&K Tax Knowledge

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IRS Wealth Squad Targets High-Wealth Taxpayers and Their Entities

Posted by Mary McNulty, David Rosenberg, Bill Mureiko, Abbey Garber, Lee Meyercord, Meagan Horn, & Jessica Kirk As IRS employees return to their offices and resume audits and collection enforcement efforts, the IRS’s Global High Wealth Industry Group (commonly referred to as the “Wealth Squad”) will embark on an aggressive... Continue reading

Posted Jul 10, 2020 at T&K Tax Knowledge

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IRS Expected to Agressively Target Non-Filers

Posted by Abbey Garber, Mary McNulty, Lee Meyercord, Meagan Horn, and Jessica Kirk The Treasury Inspector General for Tax Administration (TIGTA) recently released a report finding nearly 880,000 high-income non-filers cost the U.S. government more than $45 billion in lost tax revenue over the years 2014-2016. Now, Congress is demanding... Continue reading

Posted Jun 30, 2020 at T&K Tax Knowledge

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IRS Issues Updated Guidance on Employee Retention Credit

Posted by Neely Munnerlyn The IRS has expanded its informal FAQ guidance on the employee retention credit (the “ERC”) which was enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The ERC is a refundable payroll tax credit for employers equal to 50% of... Continue reading

Posted May 4, 2020 at T&K Tax Knowledge

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Employers Should Consider Equity Compensation in Lieu of Cash

Posted by Jason Loden In the current economic climate, employers should consider granting equity compensation to officers and employees in lieu of cash compensation. Subject to the terms of any existing employment agreements or similar contracts, employers may be able to reduce cash compensation paid to employees in exchange for... Continue reading

Posted Apr 17, 2020 at T&K Tax Knowledge

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IRS Issues Guidance on Payroll Tax Deferral Provisions in the CARES Act

Posted by Neely Munnerlyn The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) allows employers and self-employed individuals to defer payment of the employer share of the 6.2 percent social security tax that they are otherwise responsible for paying for the period beginning on March 27, 2020 (the... Continue reading

Posted Apr 14, 2020 at T&K Tax Knowledge

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Partnerships Can Amend 2018 and 2019 Tax Returns for COVID-19 Relief

Posted by Abbey Garber, Lee Meyercord, and Jessica Kirk Earlier this week the IRS released an advanced version of Rev. Proc. 2020-23, which allows partnerships subject to the centralized audit regime to file amended tax returns and take advantage of retroactive tax relief provisions in the Coronavirus Aid, Relief, and... Continue reading

Posted Apr 10, 2020 at T&K Tax Knowledge

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IRS Issues Additional Guidance on Payroll Tax Credits

Posted by Neely Munnerlyn The Families First Coronavirus Response Act (the “FFCRA”) allows an employer to claim refundable payroll tax credits for the emergency paid sick leave and emergency paid family leave that an employer is required to provide to employees who are absent from work due to the COVID-19... Continue reading

Posted Apr 3, 2020 at T&K Tax Knowledge

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Covid-19 and Employee Benefit Plans: Frequently Asked Questions

Posted by Russell Gully, Jason Loden, Jessica Morrison, and Neely Munnerlyn The COVID-19 pandemic has resulted in economic hardships for many employers and employees. These challenges, along with a number of legislative and administrative developments, have led employers to consider making adjustments to their employee benefit programs. To assist employers... Continue reading

Posted Apr 2, 2020 at T&K Tax Knowledge

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Impacts of the COVID-19 Response to Tax-Exempt Organizations

Posted by David Rosenberg, Neely Munnerlyn, and Jana Wight On March 27, 2020, in response to the COVID-19 pandemic, the President signed the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) in to law. The CARES Act includes the following provisions intended to provide relief to tax-exempt organizations: Modifications... Continue reading

Posted Mar 30, 2020 at T&K Tax Knowledge

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Estate Planning Dos and Don’ts During a Lockdown

Posted by Bill Mureiko, Eric Reis, Barbara Ferguson, Sarah Marks, and Rachel Deming During these unprecedented times, many people may be wondering about the status of their estate plans and, in particular, whether it is possible to make changes to their estate planning documents. Our estate planning group has prepared... Continue reading

Posted Mar 25, 2020 at T&K Tax Knowledge

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Potential Business Tax Relief in COVID-19 Legislation

Posted by Dean Hinderliter The Senate and the House have each released proposed legislation to be Phase 3 of the COVID-19 economic stimulus package. This legislation, although not yet enacted, proposes the following important tax provisions in an effort to assist businesses: Temporary Repeal of 2017 Limitations on Net Operating... Continue reading

Posted Mar 24, 2020 at T&K Tax Knowledge

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Claiming Payroll Tax Credits Under the Families First Coronavirus Response Act

Posted by Neely Munnerlyn The IRS has issued Information Release 2020-57 announcing that employers can begin taking advantage of the two new refundable payroll tax credits created by the Families First Coronavirus Response Act. The Information Release says that under guidance to be released next week, eligible employers who pay... Continue reading

Posted Mar 24, 2020 at T&K Tax Knowledge

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IRS Extends Filing Due Date to Match New Payment Due Date

Posted by Abbey Garber After previously announcing an extension for paying income taxes, Treasury Secretary Mnuchin tweeted this morning that “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” After... Continue reading

Posted Mar 20, 2020 at T&K Tax Knowledge

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Families First Coronavirus Response Act

Posted by Neely Munnerlyn On March 14, 2020, the U.S. House of Representatives passed H.R. 6201, entitled The Families First Coronavirus Response Act (the “Act”). The House approved certain technical corrections to the Act on March 16, 2020, and the revised version was approved by the Senate on March 18,... Continue reading

Posted Mar 19, 2020 at T&K Tax Knowledge

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Taxpayers May Delay Paying IRS 90 Days

Posted by Abbey Garber The Secretary of the Treasury announced on March 17 that individual taxpayers may defer payments to the IRS of up to $1 million (and corporations may defer paying up to $10 million) from the statutory deadline of April 15 to July 15, without being liable for... Continue reading

Posted Mar 18, 2020 at T&K Tax Knowledge

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IRS Final Regulations Eliminate Bottom-Dollar Guarantees

Posted by Lee Meyercord and Jessica Kirk The IRS recently released final regulations under section 752 that ended the viability of bottom-dollar guarantees. The final regulations substantially adopt the temporary regulations issued on October 5, 2016. Bottom-dollar guarantees have long been a tax-planning technique to increase a partner’s basis in... Continue reading

Posted Dec 18, 2019 at T&K Tax Knowledge

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Delinquent Taxpayers May Have U.S. Passports Revoked

Posted by: Abbey Garber and Murtuza Hussain The Internal Revenue Service will begin issuing a notice of certification to taxpayers with “seriously delinquent” Federal tax debt to enforce Internal Revenue Code Section 7345. Section 7345 generally prohibits the Department of State from issuing or renewing a United States passport to... Continue reading

Posted Aug 7, 2019 at T&K Tax Knowledge

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New Wave of Pension Plan Litigation

Posted by Sharon Fountain, Russell Gully, Jason Loden, Jessica Morrison, and Neely Munnerlyn Several lawsuits have been filed in recent months against pension plan sponsors and fiduciaries over the actuarial assumptions used in some common pension plan calculations. The defendants in these lawsuits are some large pension plan sponsors and... Continue reading

Posted Jun 27, 2019 at T&K Tax Knowledge

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