by usoftax_admin | Sep 18, 2024 | Tax News
A Texas couple asked the Fifth Circuit on Wednesday to reverse a U.S. Tax Court decision denying their bid to deduct more than $1 million in premiums paid to insurance companies they owned, arguing the Tax Court misclassified underlying insurance arrangements. by usoftax_admin | Sep 18, 2024 | Tax News
While the IRS’ project modernizing its individual tax processing engine met its performance goals ahead of the updated system’s planned 2025 rollout, the ending of a process for solving issues between the new and old systems creates greater risk, the... by usoftax_admin | Sep 18, 2024 | Tax News
A San Diego restaurant owner who worked with food delivery services during the pandemic and saw his business improve was convicted by a California federal jury of tax crimes and lying on loan applications to obtain more than $1.7 million in COVID-19 funds meant for... by usoftax_admin | Sep 18, 2024 | Tax News
Nevada has changed requirements for how state Department of Taxation auditors must contact taxpayers who are the subject of an audit and has authorized the auditors to estimate delinquent taxes due based on records provided by a taxpayer, under regulatory updates... by usoftax_admin | Sep 18, 2024 | Tax News
House Republicans again warned the OECD that Congress will retaliate against countries that implement a backstop measure to the 15% global minimum tax, saying China will cheat the system and it will cost U.S. taxpayers about $120 billion. by usoftax_admin | Sep 18, 2024 | Tax News
Tips from three whistleblowers have led to the IRS reaching a $263 million settlement with a taxpayer in an offshore tax evasion case, concluding one of the largest-ever tax whistleblower cases, a law firm involved in the case said Wednesday.