The Tax Court in Samadi, TC Summary Opinion 2018-27, has determined that a taxpayer who decided to flip houses with a group of friends and family and obtained his real estate license wasn't entitled to mileage deductions for taking members of the group to see potential properties. The Court found that the taxpayer's real estate…Read more
The US is Now the 2nd Largest Tax Haven and is Scheduled to be Blacklisted by the EU!
The U.S. is the world’s second-largest tax haven, behind Switzerland and just ahead of the Cayman Islands, according to a report released May 15, 2018. The Financial Secrecy Index, an assessment of global financial centers compiled by the Tax Justice Network, a left-leaning research and advocacy group, bumped up the U.S. from its No. 3 spot…Read more
What Tax Practitioners Need to Know about IRS' Use of Big Data Analytics?
With the budget reductions and losses in staff over the past several years, the IRS has been forced to do more with less. Therefore, the IRS has turned to big data analytics to make up for its loss of personnel and the impact of the budget reductions. Analytics entails the obvious benefit of efficiencies in…Read more
Magistrate Holds That Facebook Does Not Have a Right to Go to Appeals!
According to Law360, a California federal judge has granted the Internal Revenue Service’s motion to dismiss a $7 billion lawsuit brought by Facebook Inc. that alleged the IRS unjustly denied the social media company’s right to appeal the agency’s decision to adjust its taxes after an audit of its returns. U.S. Magistrate Judge Laurel Beeler…Read more