If you are really stubborn, you can hold out on paying the IRS for a really long time. With luck, the statute of limitations on collection might bail you out. If the IRS does not collect within ten years of the time that it assesses a tax, you are home free. There are complications and ways in which the ten-year clock can be stopped, so I don’t recommend this sort of course for the faint of heart. Glen Stoll is not faint of heart. He believes that all IRS assessments against him are wrong and looks forward to the day…

Identity theft remains a significant concern for taxpayers and the IRS—and it could get worse in the coming weeks. With summer on the way, identity fraud could peak—in 2024, consumers reported that most identity fraud incidents happened in the summer months, when spending is typically high. According to the Javelin Strategy & Research 2025 Identity Fraud Study, consumers lost a total of $27.2 billion in 2024 due to identity fraud, marking a 19% increase from the previous year. The increase in fraud, which includes new-account fraud, account takeover fraud, and existing card fraud, may be attributed to a rise in…

A Renewed Blow in the SALT Wars and a Wake-Up Call for High-Income Professionals. Congress is once again targeting high-income professionals in the name of tax reform. On May 22, 2025, the House of Representatives passed “The One, Big, Beautiful Bill,” which proposes sweeping changes to the Tax Cuts and Jobs Act (TCJA). While the headlines focus on extensions of the TCJA’s broad tax cuts, buried in the bill are provisions that quietly strike at key benefits for service professionals and investors. The legislation would eliminate the Pass-Through Entity Tax (PTET) deduction for professionals in fields like law, accounting, consulting,…

“I love paying attorneys’ fees” said no one, ever. Taxpayers who are embroiled in disputes with the IRS are no different. Fighting the IRS is expensive, so much so that many taxpayers with valid cases often decide to concede issues they could win because of the cost. Tax cases move very slowly, often taking years to resolve. With the recent cuts to IRS staff and attorneys, resolution will likely take even longer in the future. A settlement tool known as a “qualified offer” is one of my favorite tools to jump-start productive settlement discussions in civil disputes. If a taxpayer…

An Augusta, Georgia, man has pleaded guilty to wire fraud conspiracy related to a “ghost” tax preparation business. As a result, Allen Brown now faces up to 20 years in prison. It’s a good reminder to steer clear of ghost tax preparers. Ghost Tax Preparers A ghost preparer is a tax preparer who isn’t on the IRS’s radar because they do not have a Preparer Tax Identification Number (PTIN). To remain hidden, a ghost preparer will accept payment from a taxpayer to prepare a tax return but will not sign the return, which means the return will appear to be…

Grantor trusts are treated differently from other trusts for federal income tax purposes. Whereas many trusts are respected as separate entities, grantor trusts are disregarded with the grantor (or deemed owner) of the trust required to report the trust’s tax items (e.g., income, deductions, credits, etc.). Generally, a trust is characterized as a grantor trust if the trust meets one or more of the requirements set forth in the grantor-trust rules (i.e., sections 671 through 679). Foreign trusts often qualify as grantor trusts under the grantor-trust rules. Indeed, section 679 of the Code specifically targets foreign trusts for this tax…

President Donald Trump is pardoning reality television stars Julie and Todd Chrisley, who are currently serving federal prison sentences for conspiracy, bank fraud, wire fraud, and tax evasion. In a video that appeared today on X (formerly Twitter), Trump calls the Chrisleys’ daughter, Savannah Chrisley, who spoke at the Republican Convention last July and appeared on Lara Trump’s Fox News show early this month, to share the news. In the video, Trump says he hopes to push the paperwork through by tomorrow. Background The Chrisleys rose to fame as stars of the reality television show “Chrisley Knows Best.” The successful…

In this episode of Tax Notes Talk, Jenny Speck with Vinson & Elkins discusses the clean energy tax credits in the House’s One Big Beautiful Bill Act, including last-minute changes to the House Rules Committee’s version. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: canceling the renewables? Early on May 22, the House passed the One Big Beautiful Bill Act, its version of the budget reconciliation bill. Included in the bill are planned phaseouts and repeals of many of the clean energy credits from the Inflation Reduction Act.…

If your home or property is destroyed or damaged in a wildfire, you are likely to have surprisingly complex tax issues. If you recover money from insurance or a lawsuit – or if you claim a casualty loss on your taxes – you need to know some tax rules. Several key tax issues and benefits hinge on whether your fire was a “Federally declared disaster” for tax purposes. Casualty Loss Tax Deduction and More Claiming a casualty loss on your taxes after a disaster can help you keep funds you would otherwise have to pay to pay in taxes. Casualty…

The budget bill as passed by the House promises an overhaul of the clean energy tax credits introduced and expanded in the Inflation Reduction Act. The contours of the changes are subject to revision — and that process has already begun — as the bill heads into the next phases of its probable passage. But while the bill spells immediate difficulties for many of the credits, the longer-term implications might be even more challenging for the energy industry because the House bill could be a prelude to putting the clean energy credits on the “permanent extenders” treadmill. The Joint Committee…