Taxes

Seven years ago, the legal and financial worlds were rocked by the release of the Panama Papers—11.5 million confidential documents leaked from the former Panamian law firm, Mossack Fonseca. At the time, it was easy to be smug about the lack of well-known American names in the Papers—and conspiracy theories were flying. But despite the

A Texas man, Lamar “Cory” Thompson, formerly of Chicago, has been sentenced to 30 months in prison for mail fraud related to a scheme to fraudulently obtain tax refunds from the IRS. Thompson had the help of others in his scheme—only they didn’t all know it. According to court documents, from approximately June 2010 through

First, the tax authorities targeted soda, plastics, and hazardous chemicals with excise taxes. Now they’re coming for fast-fashion companies like Shein and Temu. Imposing special taxes on mass-produced $16 party dresses? That seems like a lot of effort for some low-hanging fashion fruit. But the fruit may not be as poor quality as it appears

The IRS received a significant increase in operating funds after Congress passed the Inflation Reduction Act (IRA) in mid-2022. More recently, on September 8, 2023, the IRS announced that it would use at least some of those funds to focus on compliance initiatives associated with high-income and high-wealth taxpayers. Although the announcement covers numerous compliance

The IRS has announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments. These are the official numbers for the tax year 2024—that begins Jan. 1, 2024. They are not the numbers that you’ll use to prepare your 2023 tax returns in 2024 (you’ll find those official

The IRS has announced the annual inflation adjustments for the year 2024. That includes not only tax rate schedules, tax tables and cost-of-living adjustments for returns (you can find those here)—but penalties for late returns and missed forms. Here’s a look at what you need to know. Failure To File A Tax Return For returns

Since the birth of the U.S. tax system more than a century ago, taxpayers have made purposeful attempts to avoid paying taxes that they lawfully owe. In a standard case, a taxpayer may seek to reduce his or her tax liabilities through omitting income or inflating deductions, or both. Taxpayers who engage in these activities

Introduction Most compensation earned by taxpayers is subject to employment taxes. When it comes to sole proprietors, independent contractors, and partners, employment taxes include those imposed by the Self-Employment Contributions Act (“SECA”). Rates in recent years have reached 15.3 percent of an individual’s “net earnings from self-employment,” a category which generally covers his or her

Cryptocurrency exchange Kraken has notified clients that the company will turn over user information to the IRS. The announcement follows a lengthy legal battle that began in 2021 when Kraken received a John Doe summons from the IRS. A John Doe summons is an order that does not explicitly identify the person but instead identifies

Wage increases are generally a great thing, but the added benefit of an income increase can be offset by the higher prices of goods in times of high inflation and the possibility of being nudged into a higher tax bracket. This phenomenon is known as tax bracket creep. The result? Not only do rising expenses