Charitable Deductions for Defective Inventory

Manufacturers and retailers frequently face the challenge of handling defective or obsolete inventory that cannot be sold. This situation often results in waste. The inventory has some utility or value, but the benefit of repurposing or rehabilitating the inventory is often outweighed by the cost of handling or repurposing the inventory. Examples are easy to……

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Can Small Businesses Challenge Unfair Tax Regulations in Court?

Small business owners often struggle to keep up with the ever-changing labyrinth of IRS regulations. Deciphering these complex rules can be time-consuming and costly, diverting resources from core business operations. This leads to the question of what happens when the IRS fails to properly consider the unique burdens its rules place on small entities? The……

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No Collection Rights for IRS-Assessed FBAR Penalties

The IRS’s historical abuses led Congress to create specific taxpayer rights, including rights stemming from collection due process (“CDP”) hearings. These administrative hearings are intended to pause IRS collection actions while the IRS Office of Appeals considers whether the collection is both lawful and warranted. One might assume these rights extend to any liability assessed……

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