100+ Years of Combined Tax Resolution Experience.
On April 25, the IRS received a message from the Supreme Court that the department isn’t used to hearing: “no, you can’t do that!”
Specifically, the Supreme Court ruled that the IRS could not extend the statute of limitations related to a certain “tax shelter” that many businesses and individuals pursued.
The statute of limitations is three years for most tax returns. This means that, once three years have passed, the IRS can no longer audit and penalize a given return. But the IRS saw fit to extend this statute of limitations to six years in order to collect more money from taxpayers. As Reuters reports:
Ruling in favor of Home Concrete & Supply LLC, the business the IRS had been pursuing in a crackdown on “Son of Boss” tax shelters, the high court said the agency could not use an extended, six-year statute of limitations period.
The IRS had said the extended period, an exception from the normal three-year limit, was justified in the case.
But the court disagreed with the tax-collecting agency in a 5-4 decision in United States v. Home Concrete & Supply LLC.
The ruling puts in question up to $1 billion in tax revenues that the IRS was hoping to collect from about 30 related cases involving “Son of Boss” tax shelters.
Some would argue that many of the “tax shelters” that exist in our complicated tax code are unfair. But whether you agree with this idea or not, we can all agree that seeing the IRS’ powers checked is very rare indeed.
And unfortunately, most taxpayers cannot spend the time or the resources necessary to challenge the IRS and their brutal collection efforts through the court system. We speak to taxpayers every day who feel helpless in the face of IRS penalties and collections efforts. But we have good news for them, and for you: you don’t have to fight the IRS alone!
Polston Tax can help. If you’d like to explore your options regarding IRS disputes, call us confidentially or fill out our confidential contact form to schedule your FREE initial consultation. Don’t let the IRS make your life miserable—call us today and take the first steps towards freedom from your IRS dispute!
The world of tax laws is a complex maze, and the IRS statute of limitations is your guide. It tells you how long the IRS has to audit your tax returns and collect any money you might owe. Knowing this timeframe is essential. It’s your protection against the IRS coming after you years down the...
If you and the Internal Revenue Service (IRS) disagree on an outcome or decision involving your tax matter, you can legally appeal their decision. IRS tax appeals allow you to state your case to the IRS appeal division for another evaluation. Whether you need to dispute a tax penalty, assessment or other decision from the...
One of the keys to business success is understanding the tax rules and how they apply to or affect your company. In states where marijuana is legal for medical or recreational use, there are usually special taxes that apply to the sale of the drug. If you’re considering opening a dispensary or own one already,...
The landscape of cannabis taxation is as dynamic as the changing tides of its legal status across various jurisdictions. Entrepreneurs and consumers alike must navigate a complex maze of federal and state tax regulations that often clash or overlap, especially as more states join the roster of cannabis-legal states. Businesses entrenched in the burgeoning industry...
As the fiscal year draws to a close, taxpayers might observe a shift in their strategies by assessing the updated landscape of tax brackets for 2023. With the guidance of Polston Tax’s experienced advisors, individuals, and businesses can navigate the system’s complexities, ensuring a path to financial efficiency and potential savings. Tailored tactics can cater...
Sales tax can be a daunting topic for any business owner, especially if your organization sells across state lines. Knowing the ins and outs of sales tax law is essential for staying compliant and avoiding fines, and it can help you set up your business to meet the requirements of different states, including sunny Florida....