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Welcome to our newsroom, where you can read the latest stories about Mowery & Schoenfeld and our team members.

If for any reason you've delayed voluntary disclosure of foreign bank accounts and financial assets, the time to act is now. The Internal Revenue Service (IRS) recently announced changes to the offshore voluntary disclosure program (OVDP) to encourage more participation and possibly reduce exposure for some noncompliant taxpayers. For example, penalties may be reduced from 27.5% to between 0% and...
An estate tax return is required to be filed within nine months (unless extended) of a decedent's date of death in order to elect portability and preserve their lifetime exclusion for use by a surviving spouse. The Revenue Procedure 2014-18, effective Jan. 27, 2014, offers an automatic extension of time to file an estate tax return (Form 706) to elect portability to certain taxpayers. This is...
The IRS issued long-awaited Regulations on the tax treatment of amounts paid to acquire, produce, or improve tangible property. The Regulations explain when payments can be deducted, which payments confer an immediate tax benefit, and when payments must be capitalized. This notification summarizes important changes in the federal law that will affect every business. The Regulations must be...
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