US Tax Court rules taxpayers are liable for civil fraud penalties

Two partners operated several car-for-hire businesses through numerous C corporations. According to the IRS, one of the partners didn’t report constructive dividends from the businesses on his joint tax returns. The IRS audited the married taxpayers after the husband pleaded guilty to healthcare fraud in connection with the businesses. The tax agency found the couple […]

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President Biden’s proposed budget highlights his tax agenda

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome […]

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IRS releases guidance on Solar and Wind investment credits

The IRS has issued guidance for owners of certain solar or wind facilities built in connection with low-income communities. The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for, and receive, an allocation of environmental justice solar and wind “capacity limitation.” Revenue Procedure 2024-19 […]

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IRS reports on CARES Act related fraud

It’s been just over four years since the enactment of the CARES Act. While the COVID-19-related law helped millions of individuals and businesses through the economic fallout due to the pandemic, it also attracted a great deal of tax fraud. The IRS’s Criminal Investigation (CI) division said that it investigated 1,644 tax and money laundering […]

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