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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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Tax Regs Address Overwithholding With Qualified Derivatives Dealers Exemption
Section 871(m) treats payments under equity derivative contracts that reference U.S.-source dividends as if they are equivalent to U.S.-source dividends, potentially triggering a U.S. withholding tax. Reg. section 1.871-15(q) interprets section 871(m) to exempt qualified derivatives dealers (QDDs) from tax and withholding requirements if overwithholding would occur. Published September 12,…
IRS Delays Hawaii Wildfire Victims Tax Filing & Payments To Feb. 15
The IRS has announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency…
IRS Criminal Investigation Identifies Special Agent Killed In Training Incident
IRS Criminal Investigation officials have identified the individual killed on Aug. 17 in a training incident at the Federal Correctional Institution, Phoenix, firing range. The deceased is Special Agent Patrick Bauer, 47, a long-time resident of Arizona. Bauer is survived by his wife and four children. In addition to being…
Tax Court Judge Suggests Glue Factory For Retired Thoroughbred Horses
Mark Holmes is noted as being one of the better writers among Tax Court judges. His work on the Estate of Michael Jackson read like a novel. This month he may have gone off the beam a bit in a bench opinion. There is something rather tasteless in bringing up…
ERC And The Dangers Of an IRS Examination
The Basics of ERC A recurring concept in the media is the Employee Retention Credit. The ERC is a refundable payroll tax credit that can be as high as $5,000 per employee in 2020, and even as high as $21,000 per employee in 2021. Employers qualify as an eligible employer…
Missing Billions? Potential Problems Of Omitting Tax Expenditures
Robert Goulder of Tax Notes and Don Susswein, Tony Coughlan, and Kyle Brown of RSM US LLP discuss the exclusion of deferred capital gains as tax expenditures and why it could be a problem. This transcript has been edited for length and clarity. Robert Goulder: Hello, I'm Bob Goulder, a…
IRS Commissioner Says Extra Funding Resulted In Dramatically Improved Service To Taxpayers
"What a difference the past 12 months has made." That was how IRS Commissioner Danny Werfel kicked off remarks focused on the first anniversary of the Inflation Reduction Act. The Act significantly boosted funding for the IRS, guaranteeing tens of millions of dollars over its operating budget for improvements and…
Tax Court Case Shows What TikTok Isn’t Telling Taxpayers About Business Expenses
Tax tips on TikTok and other social media can be helpful. But when a tax strategy sounds too good to be true, it should give you pause even if—or perhaps especially if—a post, reel, or clip is circulated widely. Going viral doesn't mean it's any more valuable. In some instances,…
The Employee Retention Credit: Scams And Successes
Tom Cullinan, a former IRS official now with Chamberlain Hrdlicka, discusses the basics of the employee retention credit, the recent rise in misleading promotions and fraudulent ERC claims, and the IRS’s response. This transcript has been edited for length and clarity. David Stewart: Welcome to the podcast. I'm David Stewart,…
Trusts To Avoid California Tax Are Outlawed, Moving Away Still Works
It is no secret that many people seek to avoid California taxes by moving right before a major income event. They might be selling a company or settling a big lawsuit. Done carefully and with the right kind of income, leaving California can cut the sting of California's high 13.3%…
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