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McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.

Weekly IRS Roundup September 7 – September 11, 2020


By on Sep 14, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 7, 2020 – September 11, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. September 4, 2020: The IRS published Competent Authority Arrangements between the United...

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Weekly IRS Roundup August 31 – September 4, 2020


By on Sep 9, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 31, 2020 – September 4, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. September 1, 2020: The IRS released for publication in the federal register...

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Weekly IRS Roundup August 24 – August 28, 2020


By on Sep 2, 2020
Posted In Appellate Courts, IRS Appeals, IRS Guidance, Tax Reform, Trial Courts

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 24, 2020 – August 28, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. August 24 2020: The IRS published a memorandum concerning guidance to the...

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Weekly IRS Roundup August 17 – August 21, 2020


By on Aug 26, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 17, 2020 – August 21, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. August 19, 2020: The IRS requested comments from large corporate taxpayers currently...

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When Virtual Currency Positions Are Subject to the Straddle Rule


By on Aug 21, 2020
Posted In IRS Guidance, Tax Reform

Taxpayers who hold virtual currency positions may be subject to the tax straddle rules that require them to defer losses on one offsetting position to the extent of unrecognized gain on other offsetting positions. This article explores guidance (or the lack thereof) relating to actively traded personal property, offsetting positions and other issues as applied...

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Weekly IRS Roundup August 10 – August 14, 2020


By on Aug 18, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 10, 2020 – August 14, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. August 10, 2020: The IRS published corrections to a notice of proposed...

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Weekly IRS Roundup July 27 – July 31, 2020


By on Aug 3, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 27, 2020 – July 31, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. July 28, 2020: The IRS issued final regulations providing guidance about the...

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Weekly IRS Roundup July 20 – July 24, 2020


By on Jul 27, 2020
Posted In IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 20, 2020 – July 24, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. July 20, 2020: The IRS published a news release on after-tax-day tips...

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Weekly IRS Roundup July 13 – July 17, 2020


By on Jul 20, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 13, 2020 – July 17, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. July 14, 2020: The IRS issued a news release on a proposed...

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Weekly IRS Roundup July 6 – July 10, 2020


By on Jul 14, 2020
Posted In IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 6, 2020 – July 10, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. July 6, 2020: The IRS added new frequently asked questions on the...

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