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
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
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
The Importance of FBAR Reporting to Avoid Penalties on Foreign Bank Accounts If you’re a U.S. citizen with money in a foreign bank account, you need to know about the Foreign Bank and Financial Accounts Report (FBAR). This rule, part
A recent court decision highlights the strict eligibility criteria for the Research Tax Credit and the importance of accurate documentation and proof of innovation. In a recent tax case, the Supreme Court declined to hear a case centered around the
High Court to Rule on Bankrupt Trustee’s Effort to Claw Back Allegedly Fraudulent Tax Payments In an upcoming case, the Supreme Court will rule on whether a bankruptcy trustee can recover tax payments made to the IRS on behalf of
Free HIV-Prevention, Expanded Breast Surgery Options, and Better Coverage for Cancer Screenings The IRS, Department of Health and Human Services (HHS), and Department of Labor (DOL) recently announced big changes to health insurance rules that could make a real difference