How Do I Handle a Criminal Tax Investigation By The IRS? Paying taxes is a part of life in the United States of America and doing so accurately is crucial. When taxes are not correctly completed or are avoided altogether, the IRS has certain processes in place to ensure the mistake is caught and remedied. … Read more
Recent Injunctions Updates To Beneficial Ownership Reporting Requirements Breaking Down The Latest Changes To BOI Requirements In 2024 Over the years there has been significant concern about the illicit activities that are happening behind corporations. In 2020, discussions became more serious as they worked towards a method to create more transparency within corporations. In 2021, … Read more
What Should I Do If I Disagree With The Outcome Of An IRS Audit? Learn Your Legal Options To Dispute IRS Audit Results An IRS audit can be a stressful and overwhelming experience, even when you’ve done everything right. Despite your best efforts to file accurately, the IRS may still incorrectly conclude that you owe … Read more
Supreme Court Holds IRS To Their Own Standard In April Ruling The IRS suffered a significant defeat in the U.S. Supreme Court at the end of April after a unanimous decision authored by Justice Amy Coney Barrett in the case Boechler, P.C. v Commissioner. The IRS argued that a taxpayer who filed an appeal one … Read more
Smaldino V. Commissioner: Gift Transfer Of LLC Member Interests Results In Large Tax Liability A US Tax Court decision earlier this month determined that an interspousal transfer of company interests to a trust was a gift tax liability despite being an indirect transfer. The Court upheld the Commissioner’s determination that the petitioner, Mr. Smaldino, owed … Read more
Criminal Investigation from IRS Reveals $2.3 Billion in Tax Fraud The Internal Revenue Service this week released the annual report of its Criminal Investigation Division, which included the identification of more than $10 billion in tax fraud and other financial crimes. Approximately $2.3 billion in tax fraud alone was identified. This year, the CI unit … Read more
District Court Rules FBAR Penalty Doesn’t Apply to Number of Accounts Tax cases can make it to higher courts on appeal, and when they do, the decisions that the courts reach can clarify tax law or even change it. In the case of U.S. v. Bittner, a district court made a ruling clarifying the penalty … Read more
US Tax Court Issues Opinion on the Deductibility of Business Expenses for a Colorado Medical Marijuana Dispensary Thirty states and the District of Columbia currently have laws broadly legalizing marijuana in some form. Most of these states have decriminalized the use of medical marijuana only. Eight states and the District of Columbia have adopted laws … Read more
Nevada Marijuana Businesses and Federal Income Tax Challenges Regarding Business Expense Deductions In 2001, the Nevada Legislature decriminalized the sale and use of “medical” marijuana. Since then, the Nevada marijuana industry has been thriving. In the fall of 2016, Nevada voters approved “recreational” marijuana through a ballot initiative, and the official grand opening of the … Read more
How to Report Gains and Losses on Bitcoin and Other Cryptocurrency Bitcoin is no longer the theoretical money of the future. Plenty of people are trading in Bitcoin and using it to pay for everything from coffees to furniture. Some people even speculate that it will become the currency of the future. If you are … Read more
Lessons to Learn from Professional Athletes’ Tax Troubles Professional athletes and income tax troubles: in recent years, the two have gone hand in hand. Las Vegas’s own Floyd “Money” Mayweather is currently embroiled in a United States Tax Court battle against the IRS in Las Vegas; the first round began when the IRS filed a … Read more
Are IRS Budget Cuts Decreasing Your Odds of Being Audited? Few things are as scary to many people as the prospect of being audited on their tax returns. The tax man is like the grown up version of the boogeyman. It would be easy to say that you don’t have anything to fear if you … Read more
Strategies To Minimize The Risk Of An Arizona Income Tax Audit The words ‘income tax audit’ strike fear in the hearts of many Arizona residents, sending them scurrying in search of a tax lawyer. The number of Arizona taxpayers that are actually singled out by the Internal Revenue Service for income tax audit is relatively … Read more
