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In the landmark 1994 case Hess v. Commissioner, an exotic dancer won the right to deduct her breast augmentation surgeries as a legitimate business expense.

This article provides a detailed overview of the Lifetime Learning Credit (LLC), eligibility requirements, and tips for maximizing this benefit.

By using an Identity Protection Personal Identification Number (IP PIN), taxpayers can now e-file duplicate dependent claims, streamlining the process and reducing delays.

Taxpayers often face obstacles in justifying deductions. IQ Holdings, Inc. v. Commissioner examines the Tax Court’s recent opinion on the evidentiary requirements for deductions related to inventory adjustments for damages, charitable donations and net operating losses. This case serves as a reminder of the strict documentation standards maintained by the IRS and the Tax Court when evaluating inventory adjustments for damages and other types of deductions claimed by a corporation.

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).