IRS Audit
As a business owner, you may have heard about or even claimed the Employee Retention Credit (ERC), a pandemic-era tax relief measure designed to help
August 22, 2024
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Blog
Category: Tax Law Updates
Taxes
Vice President and presumptive Democratic presidential nominee Kamala Harris has a history of supporting more substantial tax increases on businesses and individuals compared to President
July 25, 2024
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Tax Evasion
This blog post examines the case of a former golf professional sentenced for tax fraud, highlighting the severe consequences of evading taxes and skimming business revenues. It offers valuable lessons for business owners on maintaining accurate records, understanding tax obligations, and the importance of compliance to avoid legal and financial repercussions. The post also provides insight into the role of the IRS Criminal Investigation division in prosecuting tax-related crimes.
July 1, 2024
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IRS
The IRS is set to intensify its audit activities thanks to an $80 billion boost from the Inflation Reduction Act. This funding aims to revitalize the agency, which has faced years of underfunding, resulting in customer service issues and decreased audit rates. Wealthy individuals and large corporations will be the primary focus of these increased audits.
June 19, 2024
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Tax Fraud
Suburban Chicago man sentenced to federal prison for tax fraud, overstating business expenses and charitable contributions.
June 17, 2024
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Innocent Spouse
When taxpayers file a joint tax return, both spouses are jointly and severally liable for the entire tax due. However, there’s an exception if fraud is involved, allowing tax liability to be appropriately allocated. In a recent case, a husband sought Innocent Spouse Relief after his ex-wife filed their 2016 tax return without his knowledge, deducting significant unreimbursed employee business expenses. Despite meeting several conditions for relief, the tax court denied his request, emphasizing the importance of reviewing tax returns before filing. This case highlights that ignorance of return contents cannot shield one from liability.
June 14, 2024
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Tax Law Updates
In the world of tax law, the “mailbox rule” has long been a cornerstone principle, providing clarity and predictability for taxpayers and tax professionals alike.
May 30, 2024
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