Jun 28, 2024
In this episode we discuss:
- Qualified Business Income Tax Deduction for rental activity.
- Tax liens may result in the revocation or denial of a passport.
- AI tax programs are reported to be incorrect approximately 50% of the time.
- The "reasonable cause" defense can be made for abatement of penalties if a filing mistake is made with the IRS.
We also tell the story of Jeff Carpoff's rise from a small-town mechanic to the head of a massive Ponzi scheme is a tale of ambition, deception, and excess. Carpoff's DC Solar manufactured mobile solar generators, touting them as environmentally friendly alternatives to diesel generators. Despite securing deals with big corporations and raising over $2.5 billion, the company was a sham. The generators often malfunctioned, and the revenue primarily came from new investors, not leases. Eventually, the scheme unraveled, leading to significant legal repercussions for Carpoff and his associates.