Tag Archives: Robert E. McKenzie

Robert E. McKenzie continues to present on tax-related topics across the country

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie had another productive month of lectures during September. He presented a program on trust fund recovery penalties with Judge James Halpern of the U. S. Tax Court at the fall meeting of the ABA Tax Section in Boston. He made three presentations to Illinois CPA groups on ethics in tax practice. He spoke at two webinars for the National Society of Accountants and two webinars for Spidell Publishing of California. Mr. McKenzie”s webinars topics concerned various issues in IRS representation. He is scheduled for nine presentations in October in Baltimore, Washington, Portland, St. Louis, Los Angeles, Las Vegas and Lisle.

Read full article

Robert E. McKenzie speaks on national business talk radio, Money for Lunch, regarding taxation issues

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie spoke on August 24 on Money For Lunch, a talk radio channel, regarding various taxation issues and the IRS. Mr. McKenzie comments the average taxpayer has 1.1% chance of being audited, plus he describes various factors that increase the chance of being audited. Mr. McKenzie’s segment starts at the 47 minute, 35 second point in the below link.

To listen to the radio interview, please click here.

Read full article

Robert E. McKenzie quoted in Forbes magazine on Romney’s passive activity loss

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie was quoted in a July 19 article in Forbes magazine, titled “Both Left And Right Got The Taxes On The Romneys’ Olympic Horse Wrong.” The article discusses Mitt Romney’s 2010 tax return and his claims for passive activity loss on Rafalca, a riding horse that will represent the U.S. in the “dressage” competition in the London Olympics. Mr. McKenzie comments that the Romneys did all the paperwork right and can assert they thought they would make a profit, even if they never do.

To read the article in full, click here.

Read full article

Robert E. McKenzie and Adam S. Fayne receive favorable outcome in U.S. Supreme Court for tax clients

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Attorney Adam S. Fayne

Adam S. Fayne

On April 30, the U.S. Supreme Court entered an order in favor of a firm client. The client had entered into an investment that was challenged by the IRS. In April 2007, the IRS issued a Notice of Deficiency to the client. Arnstein & Lehr Chicago Partners  Robert E. McKenzie and Adam S. Fayne filed suit in the U. S. Tax Court alleging that the IRS notice was tardy. The Tax Court ruled in favor of the taxpayer and found that the statute had expired in August 2009. In September 2009, the IRS issued a retroactive regulation that purported to overrule the order of the Tax Court. The government then filed an appeal of the Tax Court decision and the 7th Circuit subsequently ruled against the client in January 2011. An appeal was taken on behalf of the client to the Supreme Court. Several other appeals with similar issues also sought relief from the Court. The client and the other taxpayers each filed briefs of the case issues. The Supreme Court chose the Home Concrete case to hear for oral argument on the issues. In April 2012, the Court ruled favorably in that case and then issued a favorable ruling for the client, receiving relief from millions of dollars of taxes and penalties. Mr. McKenzie and Mr. Fayne are also representing three other taxpayers with similar issues and the savings for the clients total more than $40 million as a result of the Supreme Court decision. In June, the Tax Court entered favorable orders for our firm in two of the three matters.

 

Read full article

Robert E. McKenzie quoted in Forbes on IRS penalty break for middle class expats

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie was quoted in a June 26 article in Forbes magazine, Personal Finance section. The article, titled “IRS Cuts Middle Class Expats Big (And Deserved) Penalty Break,” discusses the IRS’ new rules granting a penalty break to middle class U.S. expats and dual citizens who have been living in high tax foreign countries, such as the U.K. and Canada. Mr. McKenzie describes one of his clients, a widow in Canada, who will be excused from a $75,000 Report of Foreign Bank & Financial Accounts penalty as a result of the new rules.

To read the article in full, click here.

Read full article

Robert E. McKenzie gives several presentations across the country in June

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie had a productive June, giving 15 presentations on IRS representation topics during the month. He presented before the New York University Tax Representation Forum, Chicago Kent Law School Not For Profit Tax Seminar, the American Society of Tax Problem Solvers, National Society of Accountants, California Society of Enrolled Agents, McGladrey & Pulen CPA and Rothschild Investments. The speeches were in New York, Beverly Hills, Reno, St. Charles and Chicago. He also presented two national webinars.

Read full article

Robert E. McKenzie writes article for Forbes on IRS’ Offer in Compromise program

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie authored a May 27 article titled “New IRS Offer in Compromise Policies,” which appears on the Forbes website. The article discusses the Internal Revenue Service’s more flexible terms to its Offer in Compromise (OIC) program, which promises to enable some of the most financially distressed taxpayers an opportunity to clear up their tax problems, and in many cases, more quickly than in the past.

To read the article in full, please click here.

Read full article

Robert E. McKenzie quoted in Forbes articles on Supreme Court decision in Home Concrete case

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie was quoted in two April 25 articles and an April 27 article in the Forbes website. The articles, titled “Supreme Court Takes Break From Obamacare To Bail 1% Out Of Abusive Shelters,” “Huge Taxpayer Win: Supreme Court Tells IRS 3 Years To Audit Is Plenty,” and “Supreme Court Has Taken Ammunition From IRS in Son of Boss Cases – Time To Fix Bayonets,” discuss the Supreme Court’s ruling that the three-year statue of limitations period for the IRS to assess a deficiency against a taxpayer is extended to six years when a taxpayer “omits” more than 25% of their gross income, however the extended limitations period is not triggered if a taxpayer overstates their basis, thereby understating their gross income. Mr. McKenzie comments that four of his clients with similar issues would likely reap tax savings of almost $40 million as a result of this case.

Read full article

Robert E. McKenzie quoted in CNBC article

Arnstein & Lehr Attorney Robert E. McKenzie

Robert E. McKenzie

Arnstein & Lehr Chicago Partner Robert E. McKenzie was quoted in an April 25 article published on the CNBC website. The article titled “Supreme Court restrains IRS in tax shelter case” discusses a recent Supreme Court ruling in favor of Home Concrete & Supply LLC, stating the Internal Revenue Service could not collect back taxes from the business in a tax shelter case since it was outside the three-year statue of limitations. Mr. McKenzie comments that the court’s decision that the IRS could not use an extended, six-year statute of limitations period to collect back taxes was a good result for a client he represented in the Seventh Circuit Court of Appeals, where he lost to the government in a separate case.

To read the article in full, please click here.

Read full article