Recent Articles
Save for Retirement and Earn Tax Credits: IRS Saver’s Credit Explained
A Guide to Saving for Retirement While Reducing Taxes for Low- and Moderate-Income Taxpayers Saving for retirement offers more than just future security. Low- and moderate-income taxpayers can now enjoy immediate benefits through the IRS Saver’s Credit. This tax credit...
Court Halts Corporate Transparency Act Enforcement Nationwide
With a major compliance deadline approaching, the ruling raises questions about the law’s future and federal authority. The Corporate Transparency Act (CTA), a landmark law aimed at combating financial crimes, has hit a major roadblock. On December 3, 2024, a...
Tax Court Says IRS Can’t Charge Penalties for Foreign Corporation Reporting
Taxpayer Avoids IRS Penalty in Foreign Business Reporting Case The Tax Court recently ruled that the IRS does not have the authority to impose penalties on taxpayers who fail to report ownership of foreign corporations under Code Sec. 6038(b). This...
Estate Not Liable for Gift Tax on Shares From Terminated Trusts
Tax Court rules no gift tax on shares received or sold after trust termination. The Tax Court ruled that an estate was not liable for gift tax on shares received from a terminated marital trust. The case involved a taxpayer,...
90-Day Deadline for Employment Tax Petition: Not the Final Word
Missed the IRS 90-day petition deadline? The Tax Court says you may still have options! The Tax Court has ruled that the 90-day deadline for filing a petition to challenge an IRS employment tax determination is not a jurisdictional requirement....
Children’s Gift to Father Triggered by Residuary Trust Commutation
Tax Court Determines Gift Tax Implications for Trust Agreement When a residuary trust was commuted, the Tax Court ruled that the children of the trust’s income beneficiary made a gift to their father. This decision sheds light on how tax...