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Tax Law Blog
by Top-Rated Tax Attorney David T. Potts

David T. Potts, Shareholder. Mr. Potts was born July 7, 1978, Dallas, Texas. He was admitted to the Oklahoma Bar in 2006; U.S. District Court for the Northern District of Oklahoma in 2007; and U.S. Tax Court in 2008.
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Tax Preparedness Series: Make a Wise Choice when Selecting a Tax Preparer

November 5, 2015

WASHINGTON — While there is still time before the next tax filing season, choosing a return preparer now allows more time for taxpayers to consider appropriate options and to find and talk with prospective tax preparers rather than during tax season when they’re most busy. Furthermore, it enables taxpayers to do some wise tax planning […]

Notice 2015-75

November 2, 2015

Notice 2015-75 provides the Tax Year 2016 dollar limitations for qualified retirement plans.

IR-2015-123: IRS Reminds Tax Return Preparers of Limited Practice Changes and Announces Revised PTIN Fee

November 2, 2015

WASHINGTON— The Internal Revenue Service today reminded non-credentialed tax return preparers of major upcoming changes regarding which tax return preparers can represent clients in matters before the IRS beginning in 2016, and take action by Dec. 31, 2015, to avoid being affected. The IRS also announced that federal tax return preparers will soon pay less […]

RP-2015-52 & RP-2015-54

November 2, 2015

Revenue Procedure 2015-52 sets forth for purposes of section 846 of the Internal Revenue Code the loss payment patterns and discount factors for each property and casualty line of business for the 2015 accident year.  These factors are to be used by property and casualty insurance companies in discounting unpaid losses. Revenue Procedure 2015-54 sets […]

IR-2015-122: Tax Preparedness Series: Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

November 2, 2015

WASHINGTON — The Internal Revenue Service today reminded taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows […]

IR-2015-121: IRPAC Issues Annual Report for 2015

November 2, 2015

WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today issued its annual report for 2015, including numerous recommendations to the IRS Commissioner on new and continuing issues in tax administration. Information reporting by third parties is one of the primary ways IRS verifies tax return information. In 2015, the IRS was expected to receive […]

N-2015-73 & N-2015-74

November 2, 2015

Notice 2015-73 and Notice 2015-74 were initiated in response to commenters concerns that difficulty in identifying transactions that are the same as or substantially similar to the transactions described in Notice 2015-47  and Notice 2015-48 may cause taxpayers to file disclosures for transactions that are not intended to be treated as listed transactions or transactions […]

IR-2015-119: In 2016, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

November 2, 2015

WASHINGTON — For tax year 2016, the Internal Revenue Service today announced  annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments.   The tax items for tax year 2016 of greatest interest to most taxpayers include the […]

IR-2015-118: IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016

November 2, 2015

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016.  In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment.  However, […]

IR-2015-117: IRS, States, Industry Continue Progress to Protect Taxpayers from Identity Theft

November 2, 2015

WASHINGTON —The Internal Revenue Service, state tax administrators and leaders of the tax industry announced today continued progress to expand and strengthen protections against identity theft refund fraud for the 2016 tax season. The public-private sector partnership announced success in identifying and testing more than 20 new data elements on tax return submissions that will […]