Gainful employment; waste not; Mr. Plow; and other highlights of recent tax cases. Wilkes-Barre, Pennsylvania: Madeline Nieves has been sentenced to 15 months in prison for conspiring to defraud the United States. Nieves previously pleaded guilty to conspiring to evade taxes for both her personal returns and those for a
How much money is the internet responsible for on a daily basis, and how much would be lost if the entire world lost internet access for a whole day? The answer, according to a recent report from Atlas VPN, is about $43 billion. Atlas VPN, a virtual private network provider,
Officials from the Internal Revenue Service’s Criminal Investigation division met with tax officials from four other countries this week in an annual “cyber challenge” as they explored ways to cooperate across borders on uncovering tax evasion and money laundering schemes using cryptocurrency and other digital technology. The Joint Chiefs of
The Internal Revenue Service is once again extending for another year the transition period during which taxpayers have 45 days to perfect a research credit claim for refund before the IRS makes its final decision about the claim. They will now have through Jan. 10, 2025, to perfect the claim.
The continued classification of marijuana as a Schedule I controlled substance has put cannabis businesses in a bind as far as federal taxes go, even as more states have moved to legalize recreational and medical use of marijuana. The Department of Health and Human Services made an official recommendation in
House Republicans, led by Speaker Mike Johnson, on Monday unveiled a $14.3 billion Israel aid plan that breaks with the Biden administration on how to handle assistance for the conflict, complicating prospects for passage. The package separates the Israel aid from a broader Biden emergency funding request that includes assistance
A recent study found that tax professionals like their software, but fewer would recommend their software to others, with two exceptions. The survey, conducted by the National Association of Tax Professionals, asked respondents to rate the following software packages on a scale of one to five in terms of their
The Internal Revenue Service is providing a way for businesses to withdraw incorrect claims for the Employee Retention Credit if they haven’t been paid yet, but what about the claims that have been paid out already? Last week, the IRS announced it would provide a way out for businesses that
Joshua Lance, the founder of Chicago-based virtual accounting firm the Lance CPA Group and a well-respected member of the profession, died at the age of 40 over the past weekend. A CPA, Lance began his career at Top 25 Firm Crowe, and also had stints working at family offices before
Generative AI programs — artificial intelligence which creates novel content, versus make decisions off existing data— have grown very popular within the accounting profession since it hit the mainstream late last year, with major firms (see previous story) and vendors (see previous story) eager to adapt it to their purposes.