by usoftax_admin | Jan 16, 2025 | Tax News
A woman owes taxes on nearly $19,000 of unreported income she said she reported on a gift tax return, the U.S. Tax Court ruled Thursday, rejecting her argument that wages reported as gifts would not incur taxes. by usoftax_admin | Jan 16, 2025 | Tax News
The U.S. Tax Court had mixed responses Thursday related to an Indiana couple’s claimed business deductions tied to a rental property as well as itemized deductions related to the husband’s work as an electrician, allowing some while saying others... by usoftax_admin | Jan 16, 2025 | Tax News
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the law’s requirements could result in major penalties,... by usoftax_admin | Jan 16, 2025 | Tax News
The IRS provided procedures Thursday for certain entities — including Native American tribes and state governments — that aren’t required to file federal income tax returns but have chosen to make elective payments and want to change their taxable years to match... by usoftax_admin | Jan 16, 2025 | Tax News
South Carolina would eliminate its individual income tax under a bill introduced in the state House of Representatives. by usoftax_admin | Jan 16, 2025 | Tax News
American Express has signed a nonprosecution agreement and said Thursday it will pay about $230 million to end investigations by the Department of Justice and the Federal Reserve into the financial services company’s previous sales practices for some small...