IRS Wins 40% Penalties For Failed Microcaptive In Patel

Examines the U.S. Tax Court case involving microcaptive in Patel v. CIR, 165 T.C. 10 (Nov. 12, 2025) where the 40% penalties were assessed.
The Tax Adviser

Preparer’s intent to evade tax extends taxpayer’s limitation period

Stephanie Murrin underpaid her taxes from 1993 to 1999 because her tax preparer, Duane Howell, placed false or fraudulent entries on her tax returns with an intent to evade tax. Murrin did not intend ...

I have a job and run a small business. Using ChatGPT to do my taxes would save me $6K on tax prep fees. But is trusting AI a safe idea?

Imagine this hypothetical scenario: Lorin, a 42-year-old market researcher at a firm who also started his own business, hates ...
The Tax Adviser

Tax Court applies limited partner functional test for self-employment income

In Soroban Capital Partners, the Tax Court analyzed the roles, responsibilities, and capital contributions of three limited partners in a limited partnership and determined that they were limited ...

The ‘worst test in medicine’ is driving America’s high C-section rate

Round-the-clock fetal monitoring leads to unnecessary C-sections. But it’s used in nearly every birth because of business and ...
Tampa Free Press on MSN

Florida Rep. Greg Steube’s New Bill Threatens Jail Time and Heavy Fines For Crooked Tax Preparers

If you pay someone to file your taxes, you expect them to follow the law and protect your data. A new bipartisan bill ...