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Tax Court Archives |

Past-due employment taxes

A company’s CFO has liable for its past-due employment taxes, according to the tax court The CFO had control over the company’s bank account and oversaw all aspects of the firm’s operations and finances, including payroll, tax return preparation and personnel matters....

Collector loses

Surprise, collectors can’t get the market full value of coins seized by IRS, according to a federal court. During a home search, an IRS agent confiscated 364,000 presidential $1 coins that were rolled and boxed. After seizing the coins, the Service unpacked them and...

IRS Red Flags

Shocking news; reporting Schedule C losses and lots of other income is an audit red flag.  Make it seem like the activity sounds like a hobby to cinch the deal. In a recent case, a pilot with substantial wage and pension income bought an antique fighter jet.  He then...

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