by usoftax_admin | Sep 23, 2024 | Tax News
A couple whose mortgage company managed two LLCs failed to report income received from the company, the U.S. Tax Court ruled Monday in upholding most of the roughly $1.3 million in deficiency notices for 2009 and 2010 issued by the Internal Revenue Service. by usoftax_admin | Sep 23, 2024 | Tax News
From a look at criticisms that the 2017 federal tax law failed to stop corporations from moving overseas to GOP efforts to navigate the SALT cap ahead of the November elections, here’s a peek into a reporter’s notebook on a few of the week’s... by usoftax_admin | Sep 23, 2024 | Tax News
Sysco Corp. can deduct $324 million in foreign dividends after agreeing with the Internal Revenue Service that a decision in a similar case brought by Varian Medical Systems resolved their dispute, the U.S. Tax Court said in an order. by usoftax_admin | Sep 23, 2024 | Tax News
The Internal Revenue Service has taken steps to facilitate the sale or transfer of the Inflation Reduction Act’s clean energy tax credits, but it must develop more processes to accommodate the credits, the Treasury Inspector General for Tax Administration... by usoftax_admin | Sep 23, 2024 | Tax News
The U.S. Senate approved one of President Joe Biden’s nominees to serve on the U.S. Tax Court on Monday, marking the third time the chamber has confirmed a judge to the court in the past two months. by usoftax_admin | Sep 23, 2024 | Tax News
A California woman made good-faith attempts to substantiate her gambling losses and therefore may claim a roughly $62,000 tax deduction, but she is still liable for an accuracy-related penalty for the year in question, the U.S. Tax Court said Monday.