Archive Monthly Archives: July 2024

Supreme Court Rules for IRS on Estate Tax and Life Insurance Proceeds

  • July 24, 2024

The Supreme Court unanimously ruled that life insurance proceeds used to buy back a deceased shareholder’s stock must be included in the estate's value for tax purposes.Background of the CaseThe case

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IRS Audit Focus Remains on Middle-Class Taxpayers

  • July 23, 2024

A recent report reveals that the IRS audits more middle-class taxpayers than high-income earners, contrary to President Biden's promises.The Audit FindingsThe Treasury Inspector General for Tax Administration

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