Recent Articles
Tax Court Partially Sides with IRS in Dividend Received Deduction Case
Varian Medical Systems wins a deduction for dividends but loses on foreign tax credits. In a pivotal decision, the U.S. Tax Court delivered a mixed ruling for Varian Medical Systems, granting the company a partial win in a dispute over...
Court Rejects Tax Deductions for Car Racing: Lessons for Business Owners
Understanding the Limits of Advertising Deductions for Unconventional Activities The Tenth Circuit Court of Appeals recently ruled against a personal injury lawyer, referred to here as the “Irresponsible Taxpayer,” who claimed substantial car-racing expenses as business deductions. This case highlights...
Bankruptcy Won’t Wipe Out $1M Tax Debt for Irresponsible Taxpayer
Judge Rules Lawyer Willfully Evaded Tax Obligations Over 14 Years A Kentucky lawyer and business owner attempted to use bankruptcy to erase 14 years of unpaid income taxes. The court ruled against this strategy, citing willful tax evasion as the...
Tariffs and Tax Cuts Take Center Stage in Trump’s Economic Agenda
Trump’s Policies Aim to Boost U.S. Manufacturing, Slash Taxes, and Reshape Trade Tariffs and Tax Cuts: Trump’s Vision for Economic Growth Donald Trump’s economic agenda places heavy emphasis on tariffs and tax cuts as key strategies to revitalize the U.S....
Supreme Court Overturns Chevron: A New Era for Tax Guidance
How the End of Chevron Deference Reshapes Federal and State Tax Laws The United States Supreme Court made history on June 28, 2024, by overturning the landmark Chevron USA Inc. v. Natural Resources Defense Council, Inc. decision. In its ruling...
Corporate Transparency Act Update: Filing Requirements Temporarily Suspended
Federal Court Ruling Temporarily Halts Mandatory Beneficial Ownership Reporting A recent court ruling has brought temporary relief to reporting companies regarding the filing of beneficial ownership information under the Corporate Transparency Act (CTA). While the mandatory filing requirement is currently...