by usoftax_admin | Jun 6, 2024 | Tax News
A Floridian failed to adequately back up certain business loss deduction claims made on his tax return, the U.S. Tax Court said Thursday, backing the IRS’ rejection of the claims and imposition of an accuracy-related penalty. by usoftax_admin | Jun 6, 2024 | Tax News
A manager and bookkeeper facing federal charges connected to a COVID-19 grant and tax fraud scheme at a Connecticut strip club violated his bail conditions by showing up at the facility and “hanging out” with a potential witness, federal probation... by usoftax_admin | Jun 6, 2024 | Tax News
Open questions are swirling around state tax rules for the usage of generative artificial intelligence platforms, including whether they should be treated as canned or custom software, tax professionals said Thursday. by usoftax_admin | Jun 6, 2024 | Tax News
The U.S. Tax Court’s dismissal of an attempt to reinstate nonprofit status for a California organization that said its officers fell victim to a Ponzi scheme did not breach the group’s constitutional rights, the Ninth Circuit said. by usoftax_admin | Jun 6, 2024 | Tax News
The value of an Indiana Dillard’s store was correctly reduced to about $5 million for tax years 2018 through 2020 by the state tax board after taking into consideration the owner’s income approach analysis, the state’s tax court ruled. by usoftax_admin | Jun 6, 2024 | Tax News
A former Internal Revenue Service employee used his account management job at the agency to steal more than $2 million worth of tax credits from Exxon Mobil and pocket the money, according to a Utah federal grand jury indictment.