Taxes

The IRS has announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. In Notice 2023-71, the IRS provided relief to certain taxpayers who, due to

I had a hard time figuring out how to respond to a piece by the Editorial Board of the Wall Street Journal – A Case of Tax Fraud – at the IRS (Agent backdated documents to punish legal deductions). They were referring to an IRS screwup that has gotten a good bit of coverage in

The IRS has announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments, and perform other time-sensitive tax-related actions. Affected Taxpayers The relief is extended to any individual whose principal residence or

The IRS has appealed the Tax Court’s second decision in Medtronic Inc. v. Commissioner, and the Eighth Circuit’s ruling will have major reverberations for a particularly high-stakes and litigation-prone area of tax law. In early September, the IRS wisely decided to appeal the Tax Court’s decision in Medtronic II, T.C. Memo. 2022-84. The appeal is

The good news: Most taxpayers pay what they owe in full and on time. A report released by the IRS indicates that the nation’s tax compliance rate is holding at 85%, more or less the same as in prior years. The not so good news: New tax gap projections for tax years 2020 and 2021