Confidence man; Bits & Bytes & busted; lost that bet; and other highlights of recent tax cases. Chambersburg, Pennsylvania: Tax preparer Guibbonz Marcellus, 42, has been convicted of 23 counts of aiding and assisting in the preparation of fraudulent returns. He operated M&M Confident Multi Services from 2013 to 2016.
A bipartisan group of four U.S. senators wants the Internal Revenue Service and Treasury Department to investigate whether nonprofit hospitals are abusing their tax-exempt status. The lawmakers pointed to cases of nonprofit hospitals charging full price for services that should have been free or discounted. They also said some of
Jackpot tax bite; still a hard world; it’s your time; and other highlights from our favorite tax bloggers. More disasters Taxing Subjects (https://www.drakesoftware.com/blog): The IRS aims to eliminate 200 million pieces of paper every year. A look at the next few steps in this grand plan. Procedurally Taxing (https://procedurallytaxing.com): The
Ivix, an Israeli startup company with offices in New York that’s advised by some former top IRS officials, has received $12.5 million in Series A funding to help the company sell its artificial intelligence software to governments to help them crack down on tax evasion and other financial crimes. The
The Internal Revenue Service and the Treasury Department said Friday they will be issuing rules for prescription drug makers and importers about a new tax imposed by a provision in last year’s Inflation Reduction Act to allow Medicare to negotiate on the prices of many medications. Notice 2023-52 says the
Aidan Hunt has been interested in finance ever since he was a child, when he would borrow tax-related instruction booklets from the library, before e-filing became common. To Hunt, accounting is a well-oiled system that requires accountants to factor thousands of different scenarios into reaching a solution, and his interest
Under the counter; a New Look but an old story; unAffordable behavior; and other highlights of recent tax cases. South El Monte, California: Former sales manager Wing Hong Lee, 50, of Alhambra, California, has been sentenced to 18 months in prison for embezzlement and for filing false returns. Lee, who
The Internal Revenue Service hopes to process all of the tax correspondence, notice responses and non-tax forms it receives digitally in the next two years in an effort to reduce the amount of time-consuming paper it receives in the mail. The IRS launched what it’s calling a “paperless processing” initiative
Having been called the most important tax case in decades, Moore v. United States is poised to leave a lasting legacy regarding the ability of Congress to levy taxes. The case, on appeal to the Supreme Court from the Ninth Circuit, involves the Mandatory Repatriation Tax, a provision in the
If a cash-method taxpayer stakes crypto native to a proof-of-stake blockchain and receives additional units of cryptocurrency as rewards when validation occurs, does that taxpayer include the value of the rewards in their gross income? And in which taxable year? That’s the question addressed in Revenue Ruling 2023-14, which says