Supreme Court Holds IRS To Their Own Standard In April Ruling
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 … Continue reading
Smaldino V. Commissioner: Gift Transfer Of LLC Member Interests Results In Large Tax Liability
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 … Continue reading
Criminal Investigation from IRS Reveals $2.3 Billion in Tax Fraud
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 … Continue reading
District Court Rules FBAR Penalty Doesn’t Apply to Number of Accounts
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 … Continue reading
US Tax Court Issues Opinion on the Deductibility of Business Expenses for a Colorado Medical Marijuana Dispensary
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 … Continue reading
Nevada Marijuana Businesses and Federal Income Tax Challenges Regarding Business Expense Deductions
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 … Continue reading
How to Report Gains and Losses on Bitcoin and Other Cryptocurrency
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 … Continue reading
Lessons to Learn from Professional Athletes’ Tax Troubles
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 … Continue reading
Are IRS Budget Cuts Decreasing Your Odds of Being Audited?
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. … Continue reading
