Tag Archives: income tax

Benchmarks: IRS rejects attorney’s ‘self-generated’ records

You’d think a lawyer of all people would appreciate the necessity of properly documenting his expenses when claiming a business deduction on his federal income taxes. But one Wisconsin attorney has come to grief after making the mistake of relying ...

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Is an understatement of gross income attributable to an overstatement of basis in sold property an “omi[ssion] from gross income” that can trigger the extended six-year assessment period? U.S. v. Home Concrete & Supply, No. 10-1553. Certiorari granted Sept. 27, ...

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Tax dodgers scramble to come clean

A deal with Switzerland settling U.S. demands for the names of suspected tax dodgers from a Swiss bank has a lot of wealthy Americans with offshore accounts nervously running to their tax advisers - and the Internal Revenue Service. "They are very frightened," said Richard Boggs, chief executive of Nationwide Tax Relief, a Los-Angeles-based tax firm that specializes in clients with tax debts exceeding $100,000.

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