Cottonwood Place, LLC case highlights strict adherence to IRS perpetuity regulations for conservation easements. In a pivotal case, the Tax Court has denied Cottonwood Place, LLC’s charitable deduction for a conservation easement donation. The court found that the conservation purpose
In a landmark case, the Tax Court finds IRS conservation easement rules violated the Administrative Procedure Act. The Tax Court has dealt a significant blow to the IRS’s enforcement of conservation easement regulations. In a March 28 ruling, the court
A Guide to Saving for Retirement While Reducing Taxes for Low- and Moderate-Income Taxpayers Saving for retirement offers more than just future security. Low- and moderate-income taxpayers can now enjoy immediate benefits through the IRS Saver’s Credit. This tax credit
With a major compliance deadline approaching, the ruling raises questions about the law’s future and federal authority. The Corporate Transparency Act (CTA), a landmark law aimed at combating financial crimes, has hit a major roadblock. On December 3, 2024, a
Tax Court rules no gift tax on shares received or sold after trust termination. The Tax Court ruled that an estate was not liable for gift tax on shares received from a terminated marital trust. The case involved a taxpayer,
Missed the IRS 90-day petition deadline? The Tax Court says you may still have options! The Tax Court has ruled that the 90-day deadline for filing a petition to challenge an IRS employment tax determination is not a jurisdictional requirement.
Tax Court Determines Gift Tax Implications for Trust Agreement When a residuary trust was commuted, the Tax Court ruled that the children of the trust’s income beneficiary made a gift to their father. This decision sheds light on how tax
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