Recent Articles
Tax Court Delivers Mixed News on Charitable Appraisals
A Costly Lesson in Valuing Conservation Easements Donating a conservation easement can lead to significant tax deductions for individuals and businesses. However, a new Tax Court case, Savannah Shoals, LLC, Green Creek Resources, LLC (TC Memo 2024-35, 3/26/24), highlights the...
Tax Court Sides with IRS: Businesses Must Prove Expense Deductions
Lack of Proper Documentation Leads to Denied Tax Deductions Self-employed individuals can deduct “ordinary and necessary” business expenses, just like large corporations. However, they must follow strict substantiation rules to claim these deductions. In a recent case—Kalk, TC Memo 2024-82...
Shohei Ohtani’s Ex-Interpreter Sentenced to 57 Months for $17M Theft
Ippei Mizuhara Ordered to Repay Millions After Shocking Fraud Shohei Ohtani’s former interpreter, Ippei Mizuhara, has been sentenced to 57 months in federal prison for stealing nearly $17 million from the Los Angeles Dodgers superstar. The stolen money funded Mizuhara’s...
Tax Court Rules: No Deductions for Abandoned Start-Up Costs
When Does a Business Officially Start? The IRS Weighs In Starting a business comes with many expenses, but not all of them are immediately deductible. According to a recent Tax Court ruling (Eason, TC Summ. Op. 2024-17, 8/13/24), taxpayers cannot...
Navigating Your 1099-K: What You Need to Know for the 2025 Tax Season
The IRS Adjusts Reporting Thresholds—Here’s How It Affects You Tax season is here, and if you received a Form 1099-K, you’re not alone. Many taxpayers will be getting this form for the first time as part of the IRS’s effort...
Florida Businessman Indicted for Tax Evasion
IRS Claims He Hid Millions to Avoid Paying Nearly $2M in Taxes Florida Businessman Faces Tax Evasion Charges A Jacksonville businessman is facing serious legal trouble after a federal grand jury indicted him for tax evasion, failure to file tax...