Search results
Results from the WOW.Com Content Network
Leon Haynes has been charged with filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits, said U.S. Attorney Phillip R. Sellinger ...
Many of the tax deductions Americans were able to take advantage of during the height of the pandemic in 2020 and 2021 have now expired for 2022 tax returns, such as the Expanded Child Tax Credit ...
The company prepared about 90,000 federal income tax returns between 2010 and 2020. False information provided to the government included bogus itemized tax deductions, made-up capital losses ...
A person with income from selling a Schedule I substance is allowed to take a tax deduction for the cost of goods sold but not any other tax deductions. [19] [21] Unlike for other business activities, tax deductions are not allowed for ordinary and necessary business expenses such as rent, utilities, and advertising. [22]
From 2012-2016, when he worked for the IRS, Garvin prepared and filed with the IRS personal income tax returns on which he claimed false deductions and expenses associated with rental properties ...
For example, § 162(c)(1) disallows a deduction for illegal bribes or kickbacks to a domestic government official or agency, and § 162(f) disallows a deduction for fines paid to the government for violating the law. Furthermore, § 280E prevents a taxpayer from taking a deduction related to the business of selling illegal controlled substances.
In 2020, due to the economic effects of the coronavirus pandemic filing for returns was extended to July 15. [ 1 ] [ 31 ] The tax deadline was again moved in 2021 due to tax code changes from the COVID-19 relief package from April 15 to May 17, 2021.
Under the recent tax law, the deductibility of state and local tax payments for federal income tax purposes is now limited to $10,000 — or $5,000 for married taxpayers filing separately — in a ...