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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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Don’t Cry For Argentina
Some encouraging news for economic freedom and sanity is coming from, of all places, Argentina. That country has long been notorious for rotten economic policies—mainly high taxes, crushing regulations and, most infamously, chronic bouts of hyperinflation. A century ago, Argentina was one of the richest, fastest-growing countries in the world;…
Guilty Pleas In Multimillion-Dollar Paycheck Protection Program Fraud Conspiracy
Five Texas men have pleaded guilty in a scheme to fraudulently obtain and launder millions of dollars in forgivable Paycheck Protection Program (PPP) loans. PPP Loans PPP loans were designed to help small businesses keep their workers on payroll during the Covid-19 pandemic. While loans were obtained from various lenders,…
Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements
The Internal Revenue Service (“IRS”) released Notice 2023-63 on Friday, September 8th, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year. While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal. The guidance was…
What’s Going On With Digital Link Taxes?
Who killed local and print journalism? The industry will tell you that Google and Meta are at fault because of their massive transformation of information sharing — and tight control over digital advertising. Google and Meta will tell you that they’re not to blame; rather, the internet fundamentally changed how…
IRS Continues To Expand Online Services Available To Tax Professionals
The IRS is continuing to expand online services available to tax professionals who use ta Tax Pro Account. A Tax Pro Account allows tax professionals to access a digital self-service portal to view and manage certain taxpayer information. Tax Pro Account If you aren’t familiar with the Tax Pro Account,…
Congress Votes To Avoid A Government Shutdown—For Now
There is no government shutdown—for now. On Sept. 30, 2023, with a few hours to go before midnight, the House passed a bipartisan bill to fund the government for 45 days. The bill then moved to the Senate, where it was approved. President Biden signed the bill into law on…
IRS Leaker Of IRS Tax Data To The Press Is Charged With Tax Crimes
An Internal Revenue Service consultant has been charged with disclosing a cache of tax return information without authorization. You can read about the charges here. The charges are not proven, but according to court documents, Charles Littlejohn, 38, of Washington, D.C., while working at the IRS as a government contractor,…
Taxpayer Advocate Warns Office Won’t Be Able To Help Taxpayers During A Shutdown
With a government shutdown on the way, federal agencies are taking steps to get ready—including the IRS. The IRS released its contingency plans on Thursday, Sept. 29 (you can read more about it here). Today, the National Taxpayer Advocate, Erin M. Collins, detailed the Taxpayer Advocate Service plans, noting, “today…
What A Government Shutdown Means For The IRS
With only days to go until a potential government shutdown, the Internal Revenue Service (IRS) has announced that it would furlough 60,000 of its employees if the government shuts down on Sunday. This drastic move has worrying implications for both the IRS and taxpayers. Not only will the IRS face…
Tax Governance- Large Business- Tax Strategy Requirements
This article focuses on another tax governance obligation for large businesses in the UK; the requirement to publish their tax strategy. It is a follow-up to a previous article about Senior Accounting Officer (SAO) requirements. As well as businesses that fall within the SAO regime, it is a legal requirement…
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