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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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FinCEN Reporting Requirements May Prove Problematic For Small Business
The provisions of the Corporate Transparency Act affect virtually every LLC in the United States. Yet many small- to medium-sized businesses remain unaware of the CTA or its new reporting requirements. The CTA is administered by the Financial Crimes Enforcement Network and it is through FinCEN that businesses will report…
Two New Bills Would Target The PGA Tour And Its Tax-Exempt Status
Golf season is in full swing in parts of the U.S. — but a U.S. Senator is making golf news this week. Senator Ron Wyden (D-OR), the chair of the Senate's finance committee, has introduced two bills targeting The PGA Tour and its tax-exempt status. The bills are called the…
OECD Agreement on Amount B Tax Deal Remains Elusive
Establishing a streamlined transfer pricing approach for baseline distribution — originally seen as the least controversial aspect of the OECD-brokered two-pillar global tax reform — has hit a roadblock that will be difficult to resolve. First proposed in a 2019 OECD consultation document, a project awkwardly dubbed amount B was…
College Affordability Requires Cutting Costs, Not Canceling More Debt
The past two months have made clear that President Biden’s approach to making higher education more affordable isn’t working. First, bipartisan majorities of both the U.S. House and Senate voted to block his debt cancellation policies. Then, shortly after Biden thwarted that effort with his veto pen, the Supreme Court…
IRS Continues To Focus On Fraudulent Employee Retention Credit Claims
A pandemic-related tax credit continues to be in the news—and the focus of IRS scrutiny. The Employee Retention Credit—or ERC—is a refundable tax credit for businesses intended to provide relief for companies that kept employees on the payroll during Covid-19. Unfortunately, it has also become a magnet for fraud. ERC…
Stone Company’s Donation Deduction For Land Sold To Town Disallowed
Patrick Urda of the United States Tax Court dives into the technicalities of charitable contributions of property in Janet R. Braen et.al. It is about deduction for a bargain sale of land to a municipal government. As is usual, the story behind the story is probably more interesting than the…
“VAT In The Digital Age”
Small and medium-sized enterprises (SMEs) play a vital role in the European Union (EU) economy, driving innovation, employment, and economic growth. These enterprises form the backbone of the EU's business landscape, comprising 99% of all businesses in the region and accounting for more than half of Europe’s GDP. SMEs employ…
Afraid Of IRS Knocking? — What To Do
I have written recently that taxpayers need to beware of “too-good-to-be-true” pitches for the Employee Retention Credit (ERC) and that business owners need to be "eyes open" about whether they qualify for the ERC. The IRS just recently put forward a new announcement outlining warning signs for business owners and…
Moore Money, More Tax Problems? Analyzing Moore V. United States
Professor Hank Adler of Chapman University discusses the income realization requirement dispute in the transition tax case Moore v. United States before the Supreme Court, and its implications on the U.S. tax system. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm…
Tax Refund And Return Processing Times Shorten As IRS Works Through Backlog
The IRS continues to make progress on its inventory of tax returns, payments, refunds, and correspondence. However, some sectors are still experiencing delays. Here's where things stand. The IRS says it has processed all paper and electronic individual returns received before April 2023, and they are opening mail within normal…
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