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Taxpayer's Penalty Defense Gets Boyled (Boiled?)
By on July 29, 2021
In previous blog posts I have discussed the late filing penalty and the reliance on a tax professional defense to the penalty. We discussed the reliance defense with respect to a late estate tax return and with respect to late e-filed returns .
Are You Feeling Lucky? IRS Taxes on Wagers and Bookmakers
By on July 27, 2021
These days it seems like the government taxes everything it can. While it is debatable whether or not that is true, there are a number of "hidden" taxes of which many taxpayers are unaware. Taxes on wagers and occupational taxes on bookmakers are a couple of those "hidden" taxes. Although the casinos in Las Vegas know about and pay these taxes, illegal bookmakers may not be and could be facing significant tax liabilities as a result.
By on July 26, 2021
On July 13, 2021, the Second Circuit issued an opinion in United States v. Kahn, No. 19-3920 (2d Cir. 2021) affirming the trial court's grant of summary judgment against the defendants for FBAR penalties, plus statutory additions and interest, in the amount of $4,264,728.