Recent Articles
Tax Court Rejects Bloomberg’s Gross Receipts and Expense Allocations as ‘Unreasonable’
Understanding Section 199 Deductions and the Importance of Accurate Allocations The Tax Court recently ruled against Bloomberg in two consolidated cases concerning how the company allocated gross receipts and expenses for subscription-based software products. The court also overturned certain IRS-denied...
IRS Extends Penalty Relief for Partnerships Missing Form 8308 Deadlines
Partnerships Get Extra Time to Furnish Payee Statements for 2024 Exchanges The IRS has issued further penalty relief for partnerships that fail to furnish Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, on time. This extension...
Tax Preparer Sentenced for Filing False Returns
Florida Preparer Ordered to Pay $429,888 in Restitution for Fraudulent Tax Filings A tax preparer from Naples, Florida, referred to as the “Irresponsible Preparer,” has been sentenced to one year and one day in federal prison for aiding in the...
November Tax Bill Roundup: Key Updates from Congress
A Summary of New Legislation, Advancements, and Proposals Shaping U.S. Tax Policy November and early December have seen significant tax-related activity in Congress. Despite the lame-duck session, lawmakers advanced multiple bills, including disaster relief measures and efforts to enhance benefits...
Roofing Company Leaders Plead Guilty to Tax Fraud Conspiracy
Cape Coral Business Paid $21 Million in Cash Wages to Avoid Employment Taxes Two leaders of a Cape Coral roofing company have admitted to a decade-long conspiracy to evade federal employment taxes. Known as “Irresponsible Taxpayers” due to their actions,...
Tree Service Owner Sentenced for Tax Evasion and COVID-19 Loan Fraud
A Connecticut Business Owner Faces Prison for Concealing Income and Misusing Pandemic Relief A Danbury tree service owner, whom we will refer to as the “Irresponsible Taxpayer,” has been sentenced to prison for evading taxes and misusing pandemic relief funds....