When the IRS proposes changes to a taxpayer’s return that result in an underpayment of tax, it will always consider penalties under Internal Revenue Code § 6662 – Imposition of Accuracy-Related Penalty on...
In grand finale style, the IRS released its last entry to its 2024 Dirty Dozen List with a catch-all listing of transactions and invitation to taxpayers to be a whistleblower. The IRS wrapped up its 2024 Dirty Dozen list with...
A business that has employees is required by the Internal Revenue Code to withhold payroll taxes and income taxes from the wages of its employees and to pay those withheld amounts, called trust fund taxes, to the IRS....
After a period of relative inactivity, over the last 18 months the IRS has increased the number of potential listed transactions including syndicated conservation easements, micro-captives, Malta pension plans and monetized...
If a taxpayer undertakes an activity with the objective of making a profit, the expenses related to the activity are generally deductible and any excess losses related to the activity can be utilized in...
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