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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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Year-End Tax Trouble—And How To Avoid It
Some mutual funds inflict great damage on your 1040. Defend yourself. By William Baldwin, Senior Contributor Winter: the season in which fund owners incur self-inflicted wounds. Investors who make the mistake of holding stock mutual funds in taxable accounts are at risk of having unwanted distributions dumped in their laps.…
The New $50,000 QCD For IRAs
The SECURE Act 2.0, enacted at the end of 2022, created a new type of qualified charitable distribution (QCD) that generally is being called the Legacy IRA. As I’ve said before, QCDs are the best way for most people age 70½ or older to make charitable contributions. When you’re 70½…
Alert Issued To Financial Institutions Related To ERC Fraud Schemes
The Financial Crimes Enforcement Network—more commonly known as FinCEN—in close coordination with the Internal Revenue Service Criminal Investigation—sometimes referred to as CI or IRS-CI—issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of some indicators associated with…
12 Days Of Christmas Are More Expensive In 2023, Mirroring The Economy
For 40 years, PNC has calculated the prices of the 12 gifts from the classic holiday song, "The Twelve Days of Christmas." This year, increases in the annual Christmas Price Index® (PNC CPI) are primarily driven by labor costs, mirroring the U.S. economy. CPI The PNC CPI is a light-hearted…
Taxpayer Wins Big In Federal Court—Tax Treaty Governs FBAR Reporting
For some time, tax professionals have watched keenly as the case of Aroeste v. United States worked its way through a federal district court in California. In Aroeste, the taxpayer raised a novel argument that certain tax treaty provisions in the United States-Mexico tax treaty should govern whether the taxpayer…
It’s Benefits Season. Can You Use Your HSA Or FSA For Alternative Medicine?
’Tis the season—benefits season, that is. The few weeks from mid-November to mid-December tend to mark benefits season for the federal government and many companies. During that time, you can typically enroll in a new plan, change your existing plan, add or drop beneficiaries, and adjust coverage for your healthcare,…
IRS Programs Offer Relief For Late-Filed International Information Returns
Taxpayers who participate in international transactions potentially subject themselves to a panoply of international information return filing obligations. Take this simple example. John, a U.S. citizen, establishes and funds a foreign grantor trust. After creating the trust, John also travels to the foreign jurisdiction and sets up a foreign bank…
WeWork’s Bankruptcy—Bad Management And Increased Working From Home
WeWork, the company that rents out office space for work-sharing, has filed for bankruptcy. Once hailed as the future of office development, WeWork’s collapse shows how working from home is changing commercial real estate (CRE), and compounding the sector’s economic challenges. WeWork was born and grew after the Great Recession,…
As 2024 Approaches, Are You Ready For The Corporate Transparency Act?
Seven years ago, the legal and financial worlds were rocked by the release of the Panama Papers—11.5 million confidential documents leaked from the former Panamian law firm, Mossack Fonseca. At the time, it was easy to be smug about the lack of well-known American names in the Papers—and conspiracy theories…
IRS Announces More FBAR Examinations In 2024
The IRS received a significant increase in operating funds after Congress passed the Inflation Reduction Act (IRA) in mid-2022. More recently, on September 8, 2023, the IRS announced that it would use at least some of those funds to focus on compliance initiatives associated with high-income and high-wealth taxpayers. Although…
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