Tax Court Allows Partial Deductions Despite Missing Records: Cohan Rule Saves Business Owner from Full IRS Penalty In a recent Tax Court ruling (Pak, TC Memo 2024-86, 9/11/24), a Japanese hibachi and sushi restaurant owner in Alabama successfully invoked the
Fraudulent Tax Returns Cause Nearly $7 Million Loss to the IRS A Minnesota businessman has been sentenced to 108 months in prison for orchestrating a tax fraud scheme involving falsified tax returns. His actions caused the IRS a loss of
IRS Collection Efforts Thwarted by Concealed Assets A Virginia businessman has been sentenced to 78 months in prison for evading employment taxes, filing false tax returns, and obstructing IRS investigations. His actions led to a tax loss of over $1.5
Former Massachusetts Home Builder Concealed Over $1 Million in Income and Created Fake Documents A former Massachusetts home builder has pleaded guilty to conspiring to defraud the United States and creating false documents to assist a client in securing a
Fraudulent Tax Returns Caused $17 Million in Losses to the IRS An Arizona tax preparer pleaded guilty to preparing fraudulent tax returns as part of a nationwide abusive-trust tax shelter scheme. The scheme concealed more than $60 million in income,
New Hampshire Man Also Failed to File Personal Tax Returns A former CEO of a startup software company in New Hampshire admitted guilt in a payroll tax fraud scheme that defrauded the IRS of more than $14 million. The irresponsible
Irresponsible taxpayer Facilitated False Tax Deductions, Costing IRS Over $2.5 Million An Indianapolis Certified Public Accountant (CPA) has admitted to helping clients nationwide, including in Mississippi, file fraudulent tax returns. The scheme, centered around an illegal tax shelter, caused significant
Irresponsible Taxpayer Admitted to Falsifying Records, Evading Over $550,000 in Taxes An Alaska businesswoman has pleaded guilty to evading taxes on income earned through her business operations. The scheme, which spanned several years, involved falsified financial records and understated income,
Decades-long scheme involved hidden income, false documents, and undisclosed foreign accounts. A former defense contractor and his wife have been indicted for a massive tax evasion scheme involving over $350 million in unreported income. The contractor, whose business supplied jet
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