Recent Articles
A psychiatrist was sentenced to 18 months in prison for tax evasion
The professional failed to pay taxes and filed, or caused to be filed, false and fraudulent tax returns with the Internal Revenue Service, which included false statements. A psychiatrist from Oregon, a suburb of Toledo, Ohio, was sentenced to 18...
California owes Kanye West’s Yeezy Clothing Brand $600,000 in back taxes.
In July 2021, as well as February and September 2022, notice letters were sent to the discredited rapper’s company. Kanye West has been dogged by conflict and controversy throughout his career, but now more than ever. His most recent squabble?...
IRS Still Seeking Syndicated Conservation Easements After Tax Court Loss
Certain syndicated conservation easement transactions are referred to as being “listed” in proposed regulations that were released today. Following a recent U.S. decision, the IRS today published proposed regulations designating specific syndicated conservation easement transactions as “listed transactions.” The Tax...
The IRS has updated its FAQ on the Unemployment Compensation Exclusion.
The American Rescue Plan Act of 2021 helped those receiving unemployment benefits in 2020. In Fact Sheet 2022-39, the IRS updated frequently asked questions about the 2020 unemployment compensation exclusion. The updates are as follows: Individuals who received unemployment benefits...
Treasury Issues Labor Regulations for Clean Energy Tax Credits
With the help of clean energy programs, the Inflation Reduction Act allocates $369 billion to combating climate change. Initial guidance, outlined by the Treasury Department on Nov. 29, outlines the new wage and apprenticeship standards that businesses must adhere to...
With increased Social Security benefits the following year, some seniors’ tax burdens may increase.
More people will pay taxes because benefits for the upcoming year will increase at their steepest rates in 42 years. It appears to be such good news: Social Security benefits will increase by 8.7% next year due to inflation. However,...