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Tax Preparation
Your CPAs Guide To The New ERC Crisis
IRS Announces Moratorium on the Employee Retention Credit and Provides Guidance for Civil Penalty Amnesty to Withdrawing Improper Claims, Also Known As - Don’t Deposit That Check and Hire Legal Counsel The expansion and strong marketing tactics of good-for-nothing “accounting advisors” who encouraged taxpayers to qualify for the Employee Retention Credit (“ERC”) when they did not technically qualify has caused…
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Taxing Carbon At The Border
Tax Notes chief correspondent Amanda Athanasiou discusses the growing global popularity of carbon border adjustment mechanisms, the EU’s new regime, and how border adjustments can be used to support carbon pricing and environmental policy. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast.…
Supreme Court Is Hearing A Landmark Tax Case Today — Here’s Why It Could Destroy Democrats’ Wealth Tax Plans
Topline The Supreme Court will hear oral arguments Tuesday in a case concerning whether a couple had to pay taxes on an investment they didn’t profit from — potentially calling a significant number of provisions in the tax code into question and thwarting Democrats’ efforts to impose a wealth tax…
Do You Need A Forensic Accountant?
They show up in celebrity divorces (think Kevin Costner), big bankruptcies (think FTX) and financial fraud cases. But you don’t have to be famous to benefit from the help of a deep diving accounting pro. By Kelly Phillips Erb, Forbes Staff As a stay-at-home mother of three involved in a…
Is It Time To Convert Your IRA To A Roth?
If you have a big wad in a pretax IRA, sit down with your accountant now. Taxes are likely headed higher. By William Baldwin, Forbes Staff Tax rates are going up. Do your conversions now. That’s a starting point in the complex game of IRA manipulation. But the general rule…
Tax Court Finds That Silent Settlement Agreement Means Big Tax Bill
Litigation is time-consuming and expensive. It is therefore no surprise that most litigation concludes, not by trial, but rather through the parties agreeing to settle their differences through execution of a settlement agreement. Each settlement agreement is different. In most instances, however, a standard agreement will address payment by one…
Bill In Congress Aims To Stop Kombucha From Being Taxed Like Beer
Senate Finance Chairman Ron Wyden (D-Ore.) and U.S. Representative Earl Blumenauer (D-Ore.) have reintroduced legislation to put a stop to federal alcohol taxes on kombucha companies. If you’re not a regular kombucha drinker, chances are that you’ve seen it for sale in Whole Foods stores—or on tap in your favorite…
Building Housing Lowers Prices But “Supply Skeptics” Don’t Believe It
As housing prices continue rising, even in the face of high interest rates, there are many calls to increase housing construction. But some voices, including on the progressive left, oppose development, wrongly saying it won’t help affordability. What is the source of this “supply skepticism”—a belief that increased housing supply…
California Rakes In $269.3M Taxes From Cannabis For 3rd Quarter 2023
State tax coffers in California keep climbing. The California Department of Tax and Fee Administration (CDTFA) has reported cannabis tax revenue for the third quarter of 2023. As of November 16, 2023, total cannabis tax revenue from third-quarter returns is $269.3 million. This includes California's cannabis excise tax, which generated…
The (Foreign) Gift That Keeps On Giving – IRS Penalties
Gifting sounds nice in theory, but it can be complicated in practice, particularly when it comes to transfers by or to foreign persons. The Internal Revenue Service (“IRS”), suspecting wrongdoers at every turn, has been busy recently applying pressure in the international realm. This has triggered several court decisions, two…
Most Married Couples File Taxes Jointly With IRS, But Should You?
Approximately 95% of married couples file joint tax returns. There is a strong knee-jerk reaction to file jointly, and tax return preparers may assume that's what you want because most people do. Yet that simple step makes each spouse liable for everything on the return–and anything that might not be…
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Creative Ways Startups Can Earn Funding in Tough Economic Times
In a declining economy, startups face an uphill battle when it comes to securing funding.…
I Asked AI to Create a Plan for a Fake Company — The Results Blew Me Away, But Not in the Way You Might Think
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Ideas To Transform You From Good To Better To Best
A while back, I took a couple of my grandchildren on a tour of the…
5 Crucial Challenges Startups Must Overcome
Startups face numerous challenges on their journey to success, and failing to overcome any one…