Recent Articles
Tax Court Denies Innocent Spouse Relief for Erroneous Refund of Interest
Understanding the Limits of Innocent Spouse Relief for Tax Liabilities: Insights from a Taxpayer’s Case A taxpayer wife was denied equitable innocent spouse relief by the Tax Court in a reviewed opinion issued on July 17, 2024. The court determined...
Navigating the Unused Digital Asset Basis Safe Harbor
Advice for Practitioners: Simplifying the IRS’s Latest Guidance on Digital Asset Reporting The IRS has introduced significant updates on digital asset reporting, giving taxpayers an opportunity to manage unused basis before new rules take effect in 2025. These changes, outlined...
Court Upholds $4.2M Tax Fraud Penalty: What It Means for Tax Liens and Appeals
Uncovering the Lessons Behind a $12 Million Offshore Tax Evasion Scheme Imagine inheriting millions of dollars and thinking you’ve secured your future. Now imagine it all coming crashing down due to hidden bank accounts, unpaid taxes, and the IRS’s relentless...
Supreme Court Declines to Resolve Tax Debt Discharge Disputes
What Happens When Courts Disagree on Late Tax Returns and Bankruptcy? The Supreme Court recently declined to hear a case involving a taxpayer who filed for Chapter 7 bankruptcy, seeking to erase old tax debts. This decision means ongoing confusion...
DC Circuit Upholds IRS Authority to Assess Sec. 6038(b) Penalties
Court ruling strengthens IRS ability to assess penalties for noncompliance with foreign business disclosure requirements under Section 6038. The DC Circuit Court ruled that the IRS has statutory authority to assess penalties for failing to report control of foreign businesses...
Court Fines Georgia Teacher $25,000 for Making Frivolous Tax Claims
A high school teacher faces major penalties after failing to report income and making unfounded claims about his tax obligations. In a recent case, a Georgia high school teacher faced a $25,000 penalty for making frivolous tax arguments in a...