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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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How Four Aging Billionaires Are Making Sure Their Money Doesn’t Go To Uncle Sam
Boomers and their elders control $93 trillion, or two-thirds of America’s household wealth. Forbes 400 members Phil Knight, Charles Koch, Barry Diller and Harold Hamm give a master class in how to make sure your money goes to charity and children. By Matt Durot, Forbes Staff “There’s four seasons in…
Revving Up Your Savings About Transferring Your Clean Energy Credit To Your Dealer
Are you considering purchasing an electric vehicle but concerned about the price tag? Don't let sticker shock get you down – if you're eligible, you can take advantage of the clean energy credit to significantly reduce the cost of your purchase. This credit can be transferred directly to the dealer…
After Sen. Feinstein’s Death, Family’s Fight Over Assets Likely To Intensify
In her last days, Feinstein’s daughter and step-daughters battled in court over the Senator’s access to assets left by her very rich late husband, Richard C. Blum. It got nasty, with accusations of elder abuse. There are lessons here for all blended families–even those of more modest means. When Richard…
Electric Vehicle Buyers Can Soon Get Rebates At The Dealer
Starting in January, eligible electric vehicle buyers can receive a federal tax credit as an upfront discount at the dealership, making savings more immediate, the U.S. Treasury Department announced Friday. Prior to the new guidance, buyers – including those who bought electric vehicles this year – have had to claim…
Donate Art, Take Big Tax Deduction? IRS Issues Stern Warning
The IRS has warned taxpayers to watch for promotions involving exaggerated art donation tax deduction deals that target high-income filers. The IRS even offers tips to avoid getting caught in a scheme. There are ways to properly claim donations of art. But some unscrupulous promoters may use direct solicitation to…
IRS Lowers PTIN Fees As Another Court Battle Brews Over Regulating Tax Preparers
If you’re a paid preparer looking to renew your Preparer Tax Identification Number in 2024, it’s going to cost you... less. The IRS has again reduced the cost of PTIN fees, according to an interim final rule published this week. In 2024, the cost to renew or obtain a PTIN…
8 Fabulous Year-End Tax Planning Moves For The Self-Employed
It may feel like you just filed your 2022 taxes, but now is the time for you to lower your 2023 tax bill. Year’s end will be here before you know it, and this is the deadline for several valuable tax-planning strategies available to the self-employed. If you don't want…
Welcome To The Year Of The E-Bike
With a boost from a growing number of cities and states, the souped up two-wheelers are increasingly displacing cars for short trips — and outselling EVs. By Rina Torchinsky, Forbes Staff Last Tuesday, at 11 a.m. local time, the city and county of Denver put the latest batch of applications…
Supreme Court Turns Down Tax Delinquency Takings Case
The Supreme Court will not hear a Michigan foreclosure case related to a tax delinquency. On Oct. 2, 2023, the nation's highest court denied the petition for a writ of certiorari. The focus of the case was whether foreclosing on a home for not timely paying property taxes constituted a…
ERC, EITC, And Government Shutdown Plans
Robert Kerr, formerly with the IRS and now with Kerr Consulting, discusses latest developments from the IRS, including the tax agency’s plans for a government shutdown and its handling of the employee retention credit. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast.…
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