When the Tax Court issued its decision in Albert S.N. Hee and Wendy R. Hee v. Commissioner; Waimana Enterprises, Inc. v. Commissioner, T.C. Memo. 2026-53, the result was not a close call. The court sustained civil fraud penalties under Section 6663 against both Mr. Hee and his company, Waimana Enterprises, for tax years stretching back […]

A new Tax Court memorandum decision, Aryanpure v. Commissioner (T.C. Memo. 2026-48), should make every business owner, especially one who handles cash, nervous. Think twice if you think your CPA firm can shield you against fraud penalties. The Setup Dr. Mohammad Fawad Aryanpure and his wife, Dr. Malika Aryanpure, were licensed physicians who jointly owned […]

TC Memo. 2026-47 | June 9, 2026 A couple of veterinarians just learned a painful lesson: passion for horses, combined with years of losses and sloppy records, is a recipe for IRS disaster. In Schumacher v. Commissioner, the Tax Court upheld over $191,000 in tax deficiencies — disallowing all losses from Schumacher Quarter Horses (SQH) […]

If you’ve ever worried about losing your retirement nest egg to a scammer—or if it has already happened to you or someone you love—a little-known IRS legal memo could help you recover some of your lost savings in the form of tax relief. The IRS Office of Chief Counsel recently issued guidance on a question […]

On July 22, 2024 the Internal Revenue Service announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. This applies to any area […]

On May 28, 2024 the IRS announced tax relief for individuals and businesses in Texas that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 26, 2024. These taxpayers now have until Nov.1, 2024, to file various federal individual and businesstax returns and make tax payments. Following the disaster declaration […]

In a recent turn of events, an Alabama federal judge has declared the Corporate Transparency Act (CTA) of 2021 unconstitutional, bringing relief to only the plaintiffs in that lawsuit. This includes Isaac Winkles, his businesses, and 65,000 members of the National Small Business Association (NSBA). National Small Business United v. Yellen, 5:22-cv-01448 (N.D. Ala. 2024). […]

In a bid to encourage eco-friendly practices, individuals making energy efficient improvements in their homes starting in 2023 may now reap the benefits of a new energy-efficient home improvement credit up to $1,200. This credit, which replaces the old nonbusiness energy credit, can be a valuable financial incentive for those looking to enhance the energy […]

In a significant stride towards financial transparency, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has initiated the acceptance of beneficial ownership information reports mandated by the bipartisan Corporate Transparency Act, enacted in 2021. This groundbreaking effort aims to compel companies operating within the United States to disclose crucial information about the individuals ultimately […]

On September 1, 2023 the Texas Supreme Court issued its opinion in Duncan House Charitable Corporation v. Harris County Appraisal District (HCAD), reversing the 14th Court of Appeals and ruling against the Harris County Appraisal District on a property tax exemption dispute. The primary issue was whether the property owner (the charity) was required to […]