Recent Articles
Hundreds of Nonprofits Rally for the Charitable Act
Charities Seek Congress’ Support for Tax Deduction Incentives to Revive Giving A coalition of nonprofits and businesses is urging Congress to address the alarming decline in charitable giving. The Charitable Giving Coalition (CGC) has called for the permanent restoration of...
Court Lifts CTA Injunction; FinCEN Extends BOI Reporting Deadline
The Treasury Department’s decision provides businesses more time to comply with the Corporate Transparency Act’s beneficial ownership information reporting requirements. In a significant development, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline for businesses to file...
Tax Court Rejects Bloomberg’s Gross Receipts and Expense Allocations as ‘Unreasonable’
Understanding Section 199 Deductions and the Importance of Accurate Allocations The Tax Court recently ruled against Bloomberg in two consolidated cases concerning how the company allocated gross receipts and expenses for subscription-based software products. The court also overturned certain IRS-denied...
IRS Extends Penalty Relief for Partnerships Missing Form 8308 Deadlines
Partnerships Get Extra Time to Furnish Payee Statements for 2024 Exchanges The IRS has issued further penalty relief for partnerships that fail to furnish Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, on time. This extension...
Tax Preparer Sentenced for Filing False Returns
Florida Preparer Ordered to Pay $429,888 in Restitution for Fraudulent Tax Filings A tax preparer from Naples, Florida, referred to as the “Irresponsible Preparer,” has been sentenced to one year and one day in federal prison for aiding in the...
November Tax Bill Roundup: Key Updates from Congress
A Summary of New Legislation, Advancements, and Proposals Shaping U.S. Tax Policy November and early December have seen significant tax-related activity in Congress. Despite the lame-duck session, lawmakers advanced multiple bills, including disaster relief measures and efforts to enhance benefits...