Author: Tatiana Loughman, EA (888) 786-9829

Tax time can be a stressful, overwhelming experience. It’s easy to forget important information and get confused by the paperwork. But with a few simple tips and tricks, you can…

Sale of Partnership Interest A partner sells some interest in the partnership.  Entity theory  Section 741. Business is treated as a separate business, and gain or loss on the sale…

T.C. Memo. 2022-19 Docket Nos. 4113-19, 4647-19. Filed March 9, 2022 The taxpayer claimed a business expense deduction for the C-Corp owners’ son-in-law (not an employee) for the costs of…

Form 1116, Claim the Foreign Tax Credit Per IRS link https://www.irs.gov/instructions/i1116 ,no requirement to file Form 1116 if all prerequisites are met: -(1) Your foreign source gross income was all…

According to a US Tax Court case Docket No. 14085-20S, a taxpayer was using popular tax software to do their taxes. Nothing out of ordinary in this approach to taxes.…

Internal Revenue Service says that taxpayers- transferees of a company that was stripped of its assets and left unable to pay its Federal tax liabilities are responsible for the transferor…

On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appealsabused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court…

Recent tax related charges and tax crimes

The IRS has the authority to collect from both spouses, regardless of who earned money and whether or not a joint tax return is filed. Section 6013 of the Code…

Docket No. 7288-19. Filed January 13, 2022. This case reviews whether the supervisor lacked the authority to supply timely approval of penalties. A partnership acquired roughly 260 acres of land…