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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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Why You Should Know What You Paid For An Investment
I have a weird habit of remembering what I paid for things. Yes, I am the person that can tell you the approximate date I bought an item and how much I paid for it. This is particularly the case if I got something for a bargain. It took a…
IRS Takes Aim At “Copyrighted” Trust Scheme
I hate having the first thing I hear about a fantastic scheme to be that the IRS is onto it. That is what happened with the "copyrighted non-grantor irrevocable complex discretionary spendthrift trust" which sprinkled tax fairy dust on your assets so that no taxes need be paid on capital…
The OECD Tax Plan’s Pillar 1 Amount B: Disagreements And Divides
Tax Notes contributing editor Ryan Finley provides an overview of amount B from pillar 1 of the OECD’s two-pillar corporate tax reform plan and discusses the fundamental dispute over it. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor…
As Rumors Fly About Mar-A-Lago, What You Should Know About Taxes And Family Property Transfers
Tongues were wagging this morning after a Zillow update reportedly indicated that former President Donald J. Trump sold Mar-a-Lago for $422 million. As of this writing, the listing on Zillow's website shows that a 5,061-square-foot residence at 1100 S. Ocean Boulevard in Palm Beach, Florida, was sold on Friday, August…
Australia TikTok Tax Fraud Illustrates Misinformation Escalation
Australia is reeling from a billion-dollar TikTok tax fraud scheme. Apparently, social media influencers helped entice nearly 60,000 people to claim fraudulent refunds on goods and services taxes that they never actually paid. The social media posts reportedly promised that the refunds were like a temporary loan from the government,…
Justice Department Lauds Criminal Charges Tied To Over $836 Million In Alleged Fraud
It’s been just over three and a half years since Alex M. Azar II, Secretary of Health and Human Services, declared that Covid-19 constituted a public health emergency. In the months that followed, government officials scrambled to find a way to ease economic shortfalls related to the pandemic through a…
Fraud Victims Owe Taxes On IRA Withdrawals
A recent tax case is one of the saddest ever and shows how the tax law often has intended consequences. The taxpayers were a married couple who inherited a business from the husband’s brother. After a couple of years, the husband discovered the business manager was stealing. He fired the…
IRS Tips On Employee Retention Credit Refunds, ERC Audits & Fraud
The ERC is a refundable tax credit designed for businesses who continued paying employees while shut down due to the COVID-19 pandemic or who had significant declines in gross receipts from March 13, 2020, to Dec. 31, 2021. That’s a limited period, but businesses can typically file claims for the…
Lawsuits Against Google And Meta Allege Websites Are Spying On Taxpayers
Users of tax prep websites in seven states have filed a class action lawsuit against Google GOOG , LLC, claiming the company engaged in wiretapping. According to court documents, the company's actions allegedly resulted in the involuntary transmission of sensitive personal information including income, refund amounts, filing status, and scholarship…
What To Look For In Tomorrow’s Republican Presidential Debate
This segment of What’s Ahead lays out the telltale signs for a possible Reaganesque candidate emerging from tomorrow’s Republican debate. Reagan projected an exciting, optimistic view of the future, while effectively eviscerating the destructive policies and principles of his opponents. He never came across as acerbic or angry. In Reagan’s…
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