According to the DoJ, an Alabama Woman Sentenced to 46 Months in Prison for Stealing Over $700,000 From Her Employer and Failing to Report Income on Her Tax Returns. Isn't that amazing? Can you imagine stealing income and not paying taxes on your stolen income? Have none of these taxpayers (and I use that term loosely)…
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SC Will Not Review LLCs' Claim That John Doe summonses Violated Its Rights Under Federal Privacy Law
The Supreme Court has refused to review a Sixth Circuit decision, affirming a district court, which dismissed claims filed by two limited liability companies (LLCs) that IRS violated the Right to Financial Privacy Act by issuing John Doe summonses for their financial information without prior court approval. IRS issued two "John Doe" summonses without first…
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SC Ruled that Injured Rail Workers' Compensation is Taxable
According to Law360, the U.S. Supreme Court ruled on March 4, 2019, that a railroad company’s payments to an injured employee for lost wages are taxable, saying the definition of “compensation” for railway workers is similar to “wages” under the Social Security system. In overturning the Eighth Circuit’s decision that personal injury awards for railroad…
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New Section 250 Regulations Allow Individuals to Get a Foreign Tax Deduction
According to Law360, Individual taxpayers with businesses abroad can elect for corporate treatment and receive a deduction on their intangible income worth up to 50 percent, according to regulations released by the U.S. Treasury Department on March 4, 2019. The regulations, on Section 250 , outline that individuals can use Section 962 ,to have…
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