On behalf of Lawrence Brown If it sounds too good to be true, it might not be. Federal law allows taxpayers to take tax deductions for charitable donations of real estate easement rights to nonprofit entities that must then conserve the properties for the future. Congress recognizes these transactions as […]
Author: Lawrence Brown
Leaving the physical-presence test behind for the substantial-nexus text … The Internet has changed how we shop. We have come a long way from mail-order catalog shopping and while we still go to the main street store or the mall, many people prefer to shop online in the comfort of […]
The 10th Circuit in an important opinion has affirmed that microcaptive insurance schemes can be abusive when their purpose is to avoid taxation. In part 1 of this article, we explained microcaptive insurance arrangements and introduced Reserve Mechanical Corp. v. Commissioner of Internal Revenue (CIR), a May 2022 decision from […]
The couple were restauranteurs who allegedly underreported their business income. A federal jury recently convicted a husband and wife of tax crimes related to the reporting of income from their restaurants. The government accused the taxpayers of skimming cash off their business receipts and underreporting their remaining income. The allegations […]
The agency will focus on tax issues that taxpayers are more likely to misunderstand, not know about, improperly handle on returns or ignore. In July 2019, the IRS Large Business and International division, referred to as LB&I, announced six new tax law compliance campaigns designed not only to uncover returns […]
Taking advantage of the many tax exemptions available to you can be a good idea. These can reduce or even eliminate your tax obligations. One common exemption involves property taxes, and an exemption can mean you do not have to pay a portion of your property tax bill. Unfortunately, knowing […]
The end of 2022 is right around the corner, making this a critical time for individuals and businesses interested in minimizing tax obligations and maximizing refunds. In the coming weeks, there are things you can do that can improve your financial outlook and avoid unfortunate surprises in 2023. Get organized […]
Tax laws are notoriously complicated and confusing. Average taxpayers rarely have a solid grasp on what they need to know, and in some cases, it takes the U.S. Supreme Court to interpret these laws. For instance, the Bank Secrecy Act has been in place since 1970, but interpretive problems still […]
Learning that the IRS is going to audit you or your business can be incredibly stressful. You may be worried about the time or expense it will take to prepare for the audit or nervous that it will reveal mistakes or misconduct and trigger harsh penalties. However, not all audits […]
As we have discussed on this blog numerous times, the tax laws in the U.S. are changing all the time. Just as you might think you have a handle on your tax obligations as an individual or married couple, something can change that brings you back to square one. For […]