Recent Articles
IRS Denies Tax-Exempt Status to Ayahuasca Church
A religious organization faces hurdles in obtaining tax exemption due to its use of a controlled substance, Ayahuasca. The Ayahuasca Church of Healing, an Iowa-based religious group, has been at the center of a five-year legal battle after the IRS...
Modern IRS Regulations Revamp Seized Property Sales
The IRS embraces technology to improve auction efficiency and maximize proceeds from seized taxpayer property. IRS Updates Rules for Selling Seized Property On November 4, 2024, the IRS issued updated regulations for selling taxpayer property seized by levy. These changes...
Tax Planning for Personalized Medicine Providers
Explore Key Tax Strategies and Benefits for Providers in Genetic Testing and Precision Medicine to Reduce Costs and Increase Savings. Personalized medicine is at the forefront of medical innovation, focusing on genetic testing and precision medicine to tailor treatment plans...
How Ignoring Payroll Tax Rules Can Lead to Criminal Charges
Employer’s Tax Responsibilities: A Case of Costly Neglect A Serious Tax Oversight A business owner from Massachusetts, who we’ll call the “Irresponsible Taxpayer,” recently pleaded guilty to failing to handle payroll taxes correctly. As the owner of two companies—a steel...
Understanding FBAR: What U.S. Citizens with Foreign Accounts Need to Know
The Importance of FBAR Reporting to Avoid Penalties on Foreign Bank Accounts If you’re a U.S. citizen with money in a foreign bank account, you need to know about the Foreign Bank and Financial Accounts Report (FBAR). This rule, part...
Irresponsible Taxpayer’s Failed Claim for Research Tax Credit
A recent court decision highlights the strict eligibility criteria for the Research Tax Credit and the importance of accurate documentation and proof of innovation. In a recent tax case, the Supreme Court declined to hear a case centered around the...