Are you playing online poker? Well be careful because you may end up paying a lot of tax penalty. Recently there was a case which cost a lot of tax penalty to the online poker player. The Ninth Circuit partially reversed the penalty but still the balance of penalty were hefty. […]
A bankruptcy court held that a taxpayer was not liable for $40 million in penalties, assessed by the IRS for the taxpayer’s failure to register tax shelters he allegedly sold, because what the taxpayer sold was an “idea” and not a “tax shelter.” In re Canada, 2016 PTC 203 (Bankr. N.D. […]
Texas Tycoon Liable for Over $1 Billion to IRS for Using Offshore Entities to Avoid Taxes A Texas bankruptcy court found a former billionaire liable for back taxes, interest, and penalties totaling more than $1 billion. While the court held that the billionaire and his late brother were guilty of tax […]
