Recent Articles
Dependency Denied: A Hard Tax Lesson in the Correll v. Commissioner Case (T.C. Memo. 2025-31)
👩⚖️Case at a Glance 📅 Issued: April 9, 2025👩 Petitioner: Melissa Correll🏛️ Court: U.S. Tax Court, Judge Siegel📂 Code Sections: 152, 151, 24📘 Tax Year in Dispute: 2021⚖️ Decision: For the IRS (Commissioner) 🧵 The Story Melissa Correll, a Florida...
Donating Property? Don’t Forget the Qualified Appraisal for Tax Deductions
Donating high-value property to charity without proper appraisal documentation could cost you the deduction Your generosity in donating property to charity can yield tax benefits, but it’s crucial to understand that the IRS has specific requirements. A key element for...
IRS Urges Midyear Paycheck Check-Up to Sidestep 2026 Tax Surprises
Proactive Withholding Adjustments Can Prevent Penalties and Ensure Smoother Tax Filing Next Year Don’t wait for tax season surprises! The IRS is actively encouraging taxpayers to review and, if necessary, adjust their paycheck withholdings now. This simple step can help...
U.S. Supply Chain Under Strain: Tariffs on China Disrupt Imports
Rising tariffs and falling shipments from China signal a potential supply shock that could reshape inventory planning, pricing, and job stability across industries. The United States supply chain is currently experiencing significant pressure due to recently imposed tariffs on goods...
Unlocking the Power of Clean Energy Tax Credits: A Strategic Role for CPAs
Accountants: Maximize Inflation Reduction Act Incentives Through Smart Planning Clean energy tax credits are fundamentally changing financial strategies across various industries. The Inflation Reduction Act (IRA) has introduced expanded incentives, presenting businesses with a significant opportunity to reduce their tax...
Tax Court Slaps $25,000 Penalty on Frivolous Tax Arguments
Baseless Claims Against IRS Prove Costly for Georgia Teacher Taxpayers who present frivolous arguments in tax disputes face significant financial penalties, a lesson reinforced by a recent U.S. Tax Court decision. In Swanson v. Commissioner (TC Memo 2024-105, Nov. 12,...