In Mukhi v. Commissioner, 163 T.C. No 8 (slip op.) (Nov. 18, 2024), the U.S. Tax Court reaffirmed its decision in Farhy v. Commissioner, 160…
“Puerto Rico Act 22, Individual Investors Act” is one of the campaigns listed on the Internal Revenue Service’s (“IRS”) website. The campaign mainly targets taxpayers…
On September 14, 2023, the IRS announced an immediate moratorium on the processing of the Employee Retention Credit (“ERC”) due to suspected fraud. IRS noted an…
In general, spouses who file joint income tax returns are jointly and severally liable for any tax reported on those returns, which means the IRS…
Did you know that if an individual or business receives $10,000 or more of cash as part of a transaction they have a legal obligation…
Due to COVID impact on the struggling taxpayers and as a help to the IRS to return to the normal operations for 2023 tax filing…
In a recent case concerning the civil penalties for failing to report non-U.S. financial accounts on the Foreign Bank Account Report, the U.S. Court of…
Paycheck Protection Program – No Deduction Allowed for Expenses Paid with Forgiven Paycheck Protection Program Loan Proceeds – IRS Notice 2020-32 On April 30, 2020,…
Massachusetts Department of Revenue has promulgated an emergency regulation and issued a Technical Information Release addressing personal income tax/withholding requirements, sales/use tax nexus, corporate excise…
Overview: On March 25, 2020, the Internal Revenue Service (IRS) unveiled the People First Initiative, which provides taxpayers with various relief as a result of…