The IRS is replacing its First Time Abate (FTA) program with Automatic Exemption from Penalty (AEP), eliminating the need for many compliant taxpayers to request penalty…
What is the Tax Basis of Artwork Transferred by a Museum to an Artist’s Descendants? Before the Civil War, a slave named Dave was a potter…
If a taxpayer has a “substantial understatement” of income tax, the Internal Revenue Service (“IRS”) can assert a penalty. In fact, the IRS’s default procedure is…
Recently, the Tax Court issued a memorandum opinion in Paschall v. Commissioner, T.C. Memo. 2026-46, holding that the cryptocurrency proof-of-stake rewards at issue in that case…
“Blind reliance on AI…may constitute unreasonable reliance” under Circular 230, the standards for tax practice before the Internal Revenue Service. Recently, the IRS Office of Professional…
July 1, 2026 – The distinction between a deductible ordinary and necessary business expense under IRC § 162 and a deductible charitable contribution under IRC §…
How a “Gift Letter” (Contemporaneous Written Acknowledgment or CWA) Failed the Strict Substantiation Requirements in the Tax Code May 15, 2026 – This week, the Tax…
K. Tyson Law is excited to announce that Karin Gross was elected as a Fellow of the American College of Tax Counsel (ACTC) at the meeting…
The IRS can reduce taxes, interest, and penalties (civil or criminal) through an offer-in-compromise (i.e., an “OIC”). An OIC is an offer by a taxpayer to…
Olive Picking is a painting by Vincent van Gogh. In it, he used his signature brush lines to capture women picking olives in an olive grove….