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
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
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
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
Ex-partner at major U.S. law firms faces prison for failing to pay federal taxes A former corporate lawyer from two large U.S. law firms has been sentenced to 16 months in prison for tax evasion. The lawyer, referred to here
Ensuring Accuracy and Compliance: Preventing Penalties and Minimizing Tax Risks Filing Form 1099 correctly is critical for businesses, freelancers, and independent contractors to ensure compliance with IRS regulations. Mistakes in 1099 filing can result in penalties for both the payer
Maximizing Your Giving Potential: Understanding Eligibility, Types of Donations, and Record keeping Charitable donations not only help communities and important causes, but they can also provide tax benefits for donors. Understanding how to properly claim these deductions can reduce your
Optimizing Tax Efficiency and Minimizing Compliance Risks: Fleet Depreciation and Ride Revenue As electric scooters rise in popularity across urban centers, rental companies must navigate specific tax considerations to manage their finances effectively. This guide covers key tax strategies for