With the holiday season officially upon us, the Dollars and Sense team wants to make sure you maximize your giving and gifting! For so many businesses, and business owners, this time of year also means employer festivities, and gifting, are about to be in full swing.
For business relationships, there is a tax upside: customer
In recent headlines, an Ohio woman has brought a refund suit in district court, seeking recovery of taxes and withholding from the IRS that she claims were based on the improper return filed by her abusive ex-boyfriend. The ex-boyfriend fraudulently filed his 2015 tax return listing her as his spouse and her child as a
In a bench opinion dated September 27, 2024, the Tax Court sustained a Notice of Federal Tax Lien but not the proposed levy against Daugerdas, a convicted tax shelter promoter in home confinement in Illinois.
The petitioner’s underlying tax liability came about from court-ordered criminal restitution as part of the conviction result, after the Department
The IRS has announced a significant shift in its approach to penalties for late-filed Forms 3520 and 3520-A, particularly concerning foreign gift and inheritance reporting. Effective immediately, the IRS will no longer automatically assess penalties for foreign gifts and inheritances reported on Form 3520 and will start reviewing reasonable cause statements for late-filed Forms 3520
The employee retention credit (ERC) has been a thorn in the IRS’ side for some time. Enacted during the COVID-19 pandemic, Congress originally designed the ERC as a means to funnel much needed money to eligible businesses that retained, rather than laid off, their employees. At first blush, the qualifications for the ERC seem
In recent years, the government has continued to ramp up its investigatory efforts concerning trust arrangements that it deems abusive for tax purposes. These investigations have included so-called “section 643(b) trusts” and other trust schemes that lack economic substance. In many instances, these probes have resulted in criminal indictments against the promoters of
Gray Reed Tax Planning Partner Austin Carlson will be speaking about 1031 exchanges on a webinar hosted by ROI-Muse’s Commercial Investors & Brokers Alliance.
Scheduled for September 20, 2024, at 10 am CST, the webinar will provide a top ten rundown of tips and traps related to 1031 exchanges. During the webinar, Austin will discuss:
U.S. persons who make outbound investments in foreign corporations often have thorny federal reporting obligations. In addition to the commonly filed IRS Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, these taxpayers may have separate requirements to file an IRS Form 926, Return of a U.S. Transferor of Property
In one of my favorite legal movies, A Few Good Men, the lack of evidence on a particular point is brought up when Demi Moore’s character says to Tom Cruise’s character that he knows that something is true. Tom Cruise’s character then exclaims “it doesn’t matter what I believe, it only matters what I can
Disagreements happen. In the corporate context, one or more shareholders may share a different vision for the company than the other shareholders. Or, there may be acrimony amongst the shareholders for other reasons, as can often happen with family-run businesses. Regardless of the reason, sometimes shareholders simply want out.
Fortunately, the corporate income tax laws