Your #1 guide to start a business and grow it the right way…
Search
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…
Wake up with our popular morning roundup of the day's top military and defense stories
Stay Updated
Get the latest headlines, discounts for the military community, and guides to maximizing your benefits
More Stories
IRS Gives Taxpayers Impacted By Hurricane Lee In Maine And Massachusetts More Time
Hurricane Lee made a dramatic impact in the northeastern part of the United States earlier this year, the third major hurricane of the 2023 Atlantic hurricane season. Now, the IRS has announced tax relief for individuals and businesses affected by the storm in Maine and Massachusetts. Impacted Taxpayers The IRS…
Treasury Promised A 20-1 Return On Tax Enforcement, But Congress Slashed Funding Anyway
What’s the return on new money spent for tax enforcement? Over the years, the IRS has answered that question with a range of estimates: 7 to 1, 9 to 1, 11 to 1. During a particularly bitter 1947 debate, the Truman administration insisted on a 20-1 ratio. But Congress was…
ERC Moratorium – What Does That Mean?
The IRS announced on September 14, 2023 a processing moratorium on new employee retention credit (ERC) claims. This means that it will not process any newly filed ERC claims until it works through its backlog of more than 600,000 claims, which it estimates will not occur until next year. The…
IRS Announces Game-Changer Group To Catch The 1%
The Internal Revenue Service (IRS) recently announced a major policy shift that could have a huge impact on the wealthiest individuals in the US. On September 20, 2023, the IRS announced the creation of a new pass-through group with the sole purpose of targeting the top 1% of income earners.…
IRS Criminal Investigation Warns Illegal Gambling Isn’t A Safe Bet For Taxpayers
My fantasy football season is not off to a good start. In week two, I lost by 50 points—to my daughter, who does not watch football. Fortunately, we don't play for cash in our league, we only play for bragging rights. It is not, however, unusual for adults to gamble,…
Former Russian CFO Sentenced To 86 Months In Prison For Hiding Millions From IRS
Unrepentant. That's how federal prosecutors described Mark Anthony Gyetvay at his sentencing just before District Judge Joan N. Ericksen sentenced him to 86 months in prison for his efforts to conceal assets and income from tax authorities. Gyetvay was convicted of failing to file a Report of Foreign Bank and…
How Instacart’s IPO Delivers Payday For Employees’ Equity Compensation
Instacart is the highest-profile venture-backed company to go public since December 2021. As with many later-stage startup companies, Instacart’s initial public offering (IPO) is as much about its human capital as its financial capital. Grants of restricted stock units (RSUs) and stock options are important forms of compensation for Instacart…
How Budget Commissions Can Make It Harder To Cut The Deficit
Congressional commissions generally serve one of two purposes. They either 1) provide political cover for lawmakers who want to achieve a goal but are afraid to act without an external push. Or 2) they are exactly the opposite—an excuse for politicians to duck crucial policy decisions. This week, we saw…
IRS Announces Next Steps In Plans To Focus On Pass-Throughs, Including Complex Partnerships
For weeks, the IRS has been teasing new compliance initiatives—including increased hiring—to focus on expanded enforcement work on complex partnerships, large corporations, and high-income and high-wealth individuals. Today, the IRS announced plans to establish a special pass-through organization to focus on large or complex pass-through entities. According to the IRS,…
Why A House Bill To ‘Prevent’ A Shutdown May Increase The Odds Of One
Congress is in chaos with just 10 days remaining to avert a partial government shutdown. Over the weekend, negotiators for the center-right Mainstreet Caucus and far-right Freedom Caucus agreed on a bill that would continue government funding at reduced spending levels after the fiscal year ends on September 30th. But…
Most Popular
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
With all of the recent news about artificial intelligence (AI), it got me thinking about…
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…