Category Archives for AVOIDING TAX PROBLEMS

IRS Crackdown Targets $1.4 Billion in Unpaid Gambling Taxes

  • November 20, 2024

The IRS is preparing a tax-enforcement push to address $1.4 billion in unpaid gambling taxes.A recent audit by the Treasury Inspector General for Tax Administration (TIGTA) revealed that nearly 150,000

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IRS Cracks Down on Non-Filers: Are You Prepared?

  • August 23, 2024

The IRS is turning up the heat on IRS non-filers, and if you haven't filed your tax returns since 2017, you could be in their sights. With the new resources provided by the Inflation Reduction Act, the

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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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IRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions

  • April 16, 2024

Under the Radar No MoreThe Internal Revenue Service recently announced a campaign to investigate the use of corporate jets by large businesses and wealthy individuals. Although the announcement was made

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Maximize Estate Tax Exemptions Before 2025 Deadline

  • March 15, 2024

Act now to utilize estate tax exemptions before they decrease in 2025. Learn how with the right tax planning strategies.Maximize Your Estate Tax Exemptions Before Time Runs OutWith the Tax Cuts and Jobs

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IRS Targets Nonfilers: Their New Push to Bridge the Tax Gap

  • March 15, 2024

Taxpayers beware: the IRS is renewing efforts to address the rising issue of nonfilers, aiming to recover billions in unfiled tax returns."The Growing Challenge of Nonfilers for the IRSThe Internal Revenue

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Ohtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights

  • February 16, 2024

Shohei Ohtani's groundbreaking $700 million contract with the Los Angeles Dodgers not only sets a new benchmark in professional sports but also introduces complex financial planning and tax considerations.

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IRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses

  • February 15, 2024

Buying and running sports teams come with certain tax breaks (from tax losses).The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of sports teams' tax losses,

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IRS Collects $482M in Back Taxes From Millionaires in 2023

  • February 14, 2024

Some millionaires were also sent to prisonThe Internal Revenue Service says it collected almost half a billion dollars from wealthy tax cheats last year, in a continuing effort to step up their enforcement

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