by usoftax_admin | Nov 6, 2024 | Tax News
A couple who bought a vitamin supplement company shouldn’t continue to get payments from the business amid a suit claiming they’re liable for a previous owner’s $1.4 million tax lien, the U.S. Department of Justice told a Connecticut federal court... by usoftax_admin | Nov 6, 2024 | Tax News
An attorney is not entitled to deduct a theft loss for his legal expenses after a company he managed was sued for fraud, the U.S. Tax Court ruled Wednesday, sustaining the Internal Revenue Service’s determination that he owed taxes and penalties. by usoftax_admin | Nov 6, 2024 | Tax News
The owner of a medical transportation company didn’t report $125,000 of income on his individual tax return as required of disregarded entities with sole shareholders, the U.S. Tax Court said Wednesday in a ruling that sustained a determination by the Internal... by usoftax_admin | Nov 6, 2024 | Tax News
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys... by usoftax_admin | Nov 6, 2024 | Tax News
The Eleventh Circuit should reconsider its decision that some of the $12.6 million in penalties the Internal Revenue Service imposed on a man for willfully failing to report his foreign bank accounts violated the Eighth Amendment’s bar on excessive fines, the... by usoftax_admin | Nov 6, 2024 | Tax News
Local experts say the Tax Cuts and Jobs Act is due a revival after Donald Trump won the US presidential election