Irresponsible taxpayer Concealed $2.8 Million in Income and Evaded IRS Detection A Georgia-based precious metals dealer has been sentenced to four years in prison for tax fraud, marking the culmination of a lengthy investigation into his financial misconduct. This case
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,
Tax Court rules against Coca-Cola after years of litigation over transfer-pricing adjustments. The U.S. Tax Court has ruled that The Coca-Cola Company (TCCC) owes $2.7 billion in tax deficiencies for 2007, 2008, and 2009. This decision follows over eight years
Understanding the Limits of Advertising Deductions for Unconventional Activities The Tenth Circuit Court of Appeals recently ruled against a personal injury lawyer, referred to here as the “Irresponsible Taxpayer,” who claimed substantial car-racing expenses as business deductions. This case highlights
Trump’s Policies Aim to Boost U.S. Manufacturing, Slash Taxes, and Reshape Trade Tariffs and Tax Cuts: Trump’s Vision for Economic Growth Donald Trump’s economic agenda places heavy emphasis on tariffs and tax cuts as key strategies to revitalize the U.S.
The Treasury Department’s decision provides businesses more time to comply with the Corporate Transparency Act’s beneficial ownership information reporting requirements. In a significant development, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for businesses to file
Understanding Section 199 Deductions and the Importance of Accurate Allocations The Tax Court recently ruled against Bloomberg in two consolidated cases concerning how the company allocated gross receipts and expenses for subscription-based software products. The court also overturned certain IRS-denied
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
Florida Preparer Ordered to Pay $429,888 in Restitution for Fraudulent Tax Filings A tax preparer from Naples, Florida, referred to as the “Irresponsible Preparer,” has been sentenced to one year and one day in federal prison for aiding in the
Cape Coral Business Paid $21 Million in Cash Wages to Avoid Employment Taxes Two leaders of a Cape Coral roofing company have admitted to a decade-long conspiracy to evade federal employment taxes. Known as “Irresponsible Taxpayers” due to their actions,