Understanding the Limits of Innocent Spouse Relief for Tax Liabilities: Insights from a Taxpayer’s Case A taxpayer wife was denied equitable innocent spouse relief by the Tax Court in a reviewed opinion issued on July 17, 2024. The court determined
Advice for Practitioners: Simplifying the IRS’s Latest Guidance on Digital Asset Reporting The IRS has introduced significant updates on digital asset reporting, giving taxpayers an opportunity to manage unused basis before new rules take effect in 2025. These changes, outlined
Uncovering the Lessons Behind a $12 Million Offshore Tax Evasion Scheme Imagine inheriting millions of dollars and thinking you’ve secured your future. Now imagine it all coming crashing down due to hidden bank accounts, unpaid taxes, and the IRS’s relentless
What Happens When Courts Disagree on Late Tax Returns and Bankruptcy? The Supreme Court recently declined to hear a case involving a taxpayer who filed for Chapter 7 bankruptcy, seeking to erase old tax debts. This decision means ongoing confusion
Court ruling strengthens IRS ability to assess penalties for noncompliance with foreign business disclosure requirements under Section 6038. The DC Circuit Court ruled that the IRS has statutory authority to assess penalties for failing to report control of foreign businesses
A high school teacher faces major penalties after failing to report income and making unfounded claims about his tax obligations. In a recent case, a Georgia high school teacher faced a $25,000 penalty for making frivolous tax arguments in a
A religious organization faces hurdles in obtaining tax exemption due to its use of a controlled substance, Ayahuasca. The Ayahuasca Church of Healing, an Iowa-based religious group, has been at the center of a five-year legal battle after the IRS
The IRS embraces technology to improve auction efficiency and maximize proceeds from seized taxpayer property. IRS Updates Rules for Selling Seized Property On November 4, 2024, the IRS issued updated regulations for selling taxpayer property seized by levy. These changes
Explore Key Tax Strategies and Benefits for Providers in Genetic Testing and Precision Medicine to Reduce Costs and Increase Savings. Personalized medicine is at the forefront of medical innovation, focusing on genetic testing and precision medicine to tailor treatment plans
Employer’s Tax Responsibilities: A Case of Costly Neglect A Serious Tax Oversight A business owner from Massachusetts, who we’ll call the “Irresponsible Taxpayer,” recently pleaded guilty to failing to handle payroll taxes correctly. As the owner of two companies—a steel