by JH | News tax insight | Dec 5, 2024 | BOI Report
In a major legal development, the United States District Court for the Eastern District of Texas has temporarily halted the enforcement of the Corporate Transparency Act (CTA) through a nationwide injunction. This decision, handed down by Judge Amos Mazzant, raises...
by JH | News tax insight | Dec 5, 2024 | Controversy Tax
Taxpayers often struggle to demonstrate reasonable cause to avoid penalties imposed by the IRS. The case Budde v. Commissioner examines the Tax Court’s recent findings on the evidentiary requirements for reasonable cause defenses under IRC § 6664(c). This case...
by JH | News tax insight | Dec 3, 2024 | BOI Report
As part of our ongoing exploration of Beneficial Ownership Information (BOI) requirements, today we will examine the concept of substantial control and its implications for reporting companies under the Corporate Transparency Act (CTA). Defining Substantial Control An...
by JH | News tax insight | Dec 3, 2024 | Controversy Tax, Tax Deductions
The U.S. Tax Court’s decision in Andy Atighi v. Commissioner of Internal Revenue highlights the rigorous standards taxpayers must meet to substantiate deductions and accurately report taxable income. The Court rejected Mr. Atighi’s claimed casualty loss, car and truck...
by JH | News tax insight | Dec 2, 2024 | Small Business Tax Planning
As the year-end approaches, taxpayers and professionals should focus on strategies to optimize their tax position for 2024. Among the most effective tools available is the prepayment of expenses. This strategy enables taxpayers to accelerate deductions, reduce taxable...
