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Business owners and shareholders have some leeway on their compensation structures, to a point. The IRS has long held a standard called “reasonable compensation” that it uses to determine if, like Goldilocks, you got it just right. The trick to acing reasonable...
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The IRS claims its Criminal Investigation (CI) division can trace any crypto transaction and has used those capabilities to double crypto seizures. Among those cases, about half are tax related. Things started to heat up in 2022 when the IRS announced it was building...
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Criminal intent can make or break a business fraud case. Yes, intent can be hard to prove, but it’s also difficult to refute when every arrow seems to point to one person, often the business owner. The case surrounding Theranos Founder Elizabeth Holmes is an example....
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The U.S. Supreme Court has unanimously ruled that the IRS can, without notice, review the bank accounts of third parties associated with delinquent taxpayers. The decision was part of Polselli v. Internal Revenue Service, a case involving an underpayment of more than...
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The IRS recently updated the optional rules for real estate developers to determine when common improvement costs may be included in the cost of individual units held for sale. It’s known as the Alternative Cost Method (ACM), and it was modified with Revenue Procedure...
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You have the right to disagree with the IRS, and superstar performer and business mogul Beyoncé Knowles-Carter is serving up some high-profile proof. Knowles-Carter is contesting nearly $2.7 million in IRS taxes and penalties that were recently accessed by the IRS....
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