The U.S. Tax Court ruled in favor of an elderly attorney, whose failure to meet tax obligations was found to be due to reasonable cause, not willful neglect. After a long record of diligence, the attorney suffered severe health issues, forcing him to rely on his assistant to manage office duties. He was unaware that […]

The U.S. Supreme Court announced that it has denied a petition for review filed in a case involving a Colorado marijuana dispensary. In a long legal battle, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary earlier this year, stating that an IRS summons seeking information about the business was properly granted. […]

Two years ago, the National Collegiate Athletic Association adopted the interim name, image, and likeness (NIL) Policy. It enables student-athletes to personally be compensated for their sports ability and fame. In a new legal Advice Memorandum (2023-004), the IRS addressed whether developing NIL opportunities for college student-athletes serves a tax-exempt purpose. NIL “collectives” have been […]

Don’t Fall for Employee Retention Credit Scams https://bit.ly/3Jgqzh1 

Republican members of the U.S. House Ways and Means Committee have introduced multiple bills that total around $237 billion in tax cuts. One would extend and retroactively restore three expired business tax breaks from the Tax Cuts and Jobs Act that involve research spending, interest expenses and equipment purchases. The package would also introduce a […]

State Tax Reform and Relief Trend Continues in 2023 https://bit.ly/3Cy6Sxu 

The U.S. Dept. of the Treasury has announced a framework designed to promote fair and transparent compliance in tax administration and enforcement. Four core principles make up the framework. The government should: 1) make it easier for taxpayers who want to comply with the law to fulfill their obligations; 2) prioritize enforcement efforts based on […]