by usoftax_admin | Aug 7, 2024 | Tax News
While a co-owner of a California S corporation may have been the victim of two other owners “looting” the company through disproportionate distributions, such actions didn’t dissolve its S corporation status, the U.S. Tax Court ruled Wednesday. by usoftax_admin | Aug 7, 2024 | Tax News
A New York federal court decided to exclude portions of an expert’s testimony on behalf of pension plans that are accused of seeking to defraud Denmark’s tax agency in a $2.1 billion tax refund fraud scheme. by usoftax_admin | Aug 7, 2024 | Tax News
A U.S. Tax Court judge plans to address an ill-defined provision governing the relevance of the economic substance doctrine in a microcaptive insurance case, offering the courts another chance to clarify an anti-abuse tool the IRS has been deploying more often. by usoftax_admin | Aug 7, 2024 | Tax News
Despite the financial penalty, the ‘big four’ firm’s breach was not found to be intentional or dishonest by usoftax_admin | Aug 7, 2024 | Tax News
Taxpayers claimed $6.3 billion is residential clean energy credits and $2.1 billion in energy-efficient home improvement credits in 2023, the U.S. Treasury Department and Internal Revenue Service said Wednesday.