With careful planning, corporate leaders can often avoid substantial tax liabilities when they make a former captive's assets available to meet the future business needs of related entities.
If companies make disclosures in a big rush, as required, they may end up going public about cybersecurity incidents before they fully understand the situation.
The IRS has already noted 14 federal disasters in 2023—including tornadoes, mudslides, winter storms, severe rains, and flooding. These events have tax consequences for individuals and businesses.
Sometimes, it seems the IRS always prevails over the little guy. But this CIC Services case establishes a new direction for successful lawsuits against the agency.
