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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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IRS Slams The Brakes On ERC Claims Over Suspicious Activities
Intro In a surprising move, the IRS recently announced an immediate stop to new Employee Retention Credit (ERC) processing, citing suspicions of fraudulent activity. The ERC was established as part of the 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act and was designed to provide financial support to employers…
Pennsylvania Man Sentenced To Prison After His Mega-Mansion Attracted Notice From Feds
Joseph Nocito, age 81, of Sewickley, Pennsylvania, has been sentenced to one year and one day in prison for conspiring to defraud the U.S.. Nocito, former CEO and President of Pittsburgh-based Automated Health Systems, will also serve three years of supervised release, which includes six months on home detention, and…
FTC Issues Warning To Five Tax Preparation Companies About Sharing Taxpayer Data
The Federal Trade Commission (FTC) has warned five tax preparation companies that they could face civil penalties if they use or disclose confidential taxpayer data for other unrelated purposes, such as advertising, without first obtaining consumers’ consent. According to information posted on the FTC website, the five tax preparation companies…
Fraudulent Tax Refund Grab Involving Identity Theft Nets Man 34 Years In Prison
Ayodele Arasokun was sentenced today in West Virginia to 34 years in federal prison for orchestrating an international tax scheme. According to the court documents, from January 2016 to November 2017, Arasokun devised a scheme to unlawfully obtain tax refund money by filing fraudulent federal income tax returns. Arasokun collected…
An Update On The Foreign Tax Credit Rules And IRS Relief
Tax Notes reporter Andrew Velarde discusses the latest developments on the final regulations for claiming foreign tax credits, including the IRS’s decision to delay implementation and the tax community’s response. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor…
Rapper Tyga Buried Under $8 Million In Tax Debt Keeps Going Deeper
Michael R. Stevenson is better known by his stage name of Tyga. Tyga is a successful rapper, who like many celebrities has found his way to Tax Court. His attorneys were pushing back against an IRS levy notice on a balance due of over $2 million for just 2019. It…
IRS Says Disability Pay Is Taxable Or Tax Free, Here’s How To Tell
What is taxed and what isn’t can be confusing. In the case of disability pay, whether it is taxed or not usually depends on who paid for the disability insurance coverage. Perhaps your employer paid for your disability coverage, and you were covered as a fringe benefit. In that case,…
For U.S. Territories, IRA Tax Credits Remain A Complicated Question
The Inflation Reduction Act includes U.S. territories in the expansion of clean energy tax benefits, but only partially. The proposed elective payment regulations (REG-101607-23) define when territories and entities within them can benefit from the new regime. The proposed rules provide that applicable entities include U.S. territories and their political…
IRS Is Hiring Thousands Of New Workers To Ramp Up Focus On Millionaires And Large Corporations
The IRS is hiring thousands of new workers. Just weeks after the tax agency announced plans to ramp up its focus on millionaires, complex partnerships, and large corporations, details about related new positions have been made public. The IRS is hiring 3,700 new employees nationwide in more than 250 locations.…
Can You Keep Working From Home? Not Every Employee Has Access
As companies continue to struggle with managing remote work for their employees, many workers want at least some flexibility. But although working from home has become a semi-permanent feature of the economy, not everyone can get it. Can you? The biggest factor determining remote work is the industry you’re in;…
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