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Irs Breaks With Tax Court On Deduction Limits, Kimberly Stanley
Irs Breaks With Tax Court On Deduction Limits, Kimberly Stanley
Publications
The deduction of home mortgage interest is one of the most valuable and hotly debated benefits provided in the tax code to individuals. Since 1987, the code has restricted the interest deduction based on the amount of home mortgage debt the taxpayer has incurred, and the reasons for the debt. In a recent ruling, however, the Internal Revenue Service announced it would not follow a court ruling that limited the amount of deductible home mortgage interest — noteworthy because this time the IRS ruled in the taxpayer's favor.
Tax Evasion Confusion In The Ninth Circuit, Kimberly Stanley
Tax Evasion Confusion In The Ninth Circuit, Kimberly Stanley
Publications
It is well settled that the crime of tax evasion under IRC §7201 has three fundamental elements. The statute requires the government to prove (1) the existence of a tax deficiency, (2) willfulness in the attempted evasion of taxes, and (3) an affirmative act constituting an evasion or attempted evasion. However, two recent Ninth Circuit tax evasion cases have muddied the waters – resulting in opposite outcomes – and have tax practitioners questioning the court’s reasoning.