Taxes

Seven years ago, the legal and financial worlds were rocked by the release of the Panama Papers—11.5 million confidential documents leaked from the former Panamian law firm, Mossack Fonseca. At the time, it was easy to be smug about the lack of well-known American names in the Papers—and conspiracy theories were flying. But despite the

A Texas man, Lamar “Cory” Thompson, formerly of Chicago, has been sentenced to 30 months in prison for mail fraud related to a scheme to fraudulently obtain tax refunds from the IRS. Thompson had the help of others in his scheme—only they didn’t all know it. According to court documents, from approximately June 2010 through

First, the tax authorities targeted soda, plastics, and hazardous chemicals with excise taxes. Now they’re coming for fast-fashion companies like Shein and Temu. Imposing special taxes on mass-produced $16 party dresses? That seems like a lot of effort for some low-hanging fashion fruit. But the fruit may not be as poor quality as it appears

The IRS received a significant increase in operating funds after Congress passed the Inflation Reduction Act (IRA) in mid-2022. More recently, on September 8, 2023, the IRS announced that it would use at least some of those funds to focus on compliance initiatives associated with high-income and high-wealth taxpayers. Although the announcement covers numerous compliance

The IRS has announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments. These are the official numbers for the tax year 2024—that begins Jan. 1, 2024. They are not the numbers that you’ll use to prepare your 2023 tax returns in 2024 (you’ll find those official