by JH | News tax insight | Nov 11, 2024 | Tax Deductions
Taxpayers face challenges in substantiating deductions for fraud losses. This article discusses how the Tax Court has addressed the evidentiary requirements for deducting losses and expenses related to investment fraud(fraud losses). Case Michael H. Shaut v....
by JH | News tax insight | Nov 10, 2024 | Offshore Tax Compliance
IRS Announces Change in Penalty Policy for Late Foreign Gift and Trust Reporting Forms Summary of Policy Change The IRS has announced a major change in penalties for late-filed IRS Forms 3520 and 3520-A, both of which are essential for U.S. taxpayers who transact with...
by JH | News tax insight | Nov 10, 2024 | Controversy Tax
Taxpayers have problems with undeclared income. In the case Tibin v. Commissioner of Internal Revenue Yagoub Tibin, sole owner of TM Transportation, LLC, requested a redetermination of a 2020 federal income tax deficiency determined by the IRS. The IRS alleged that...