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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 QLACs May Be a Very Bad Bet
The risk of inflation is important when swapping real for nominal dollars. Rather than ending the fear of outliving your 401(k), QLACs can exacerbate it. The Wall Street Journal of July 23, 2023 included an article on QLACs — Qualified Longevity Annuity Contracts — with this, to me, eye-popping title,…
Mad About Taxes, Maybe Running For President, Definitely On Brand
Sen. Joe Manchin III, D-W.Va., is thinking about running for president — or at least people think he’s thinking about it. And Manchin clearly wants people to think that he’s thinking about it. Last week, Manchin appeared at a town hall organized by No Labels, an independent political organization claiming…
Money, Equity And Taxes Make News Early At The 2023 Women’s World Cup
On July 20, teams representing 32 countries kicked off FIFA Women's World Cup play in Australia and New Zealand. Teams are initially engaged in round-robin style play before heading to the knockouts. The competition is just the 9th time teams will play for the Cup—the first official Women's World Cup…
No Authority For How To Compute Housing Investment Exit Taxes
On June 30, 2023 Judge Peter B. Krupp if the Suffolk County Superior Court in Massachusetts issued a decision that may have far reaching consequences for affordable housing throughout the country. The case was Tenants' Development Corporation v Amtax Holdings 227, LLC and Alden Torch Financial, LLC. There has been…
New York Business Stifled Due To Federal Research Capitalization Rules
Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same. It is every accountant’s nightmare to explain that…
No Labels Talks About Taxpayers
No Labels, the independent political organization making noises about a third-party presidential campaign, has released a policy manifesto. Intended to flesh out the group’s rhetorical commitment to common-sense solutions, the document has a lot to say about “taxpayers.” Indeed, if you search the No Labels booklet for the word “tax,”…
Ticket Wins $1.08B Powerball Jackpot Of $558.1M Cash $351.6M After Tax
Powerball reports that a single lottery ticket purchased in California has won the $1.08 billion Powerball jackpot by matching all the numbers: 7, 10, 11, 13, 24 and red Powerball 24. The lucky winner has a choice between a lump sum payment of $558.1 million or a stream of annuity…
Taxpayers Are Liable For Taxes On $1.2 Million—Even If Their Daughter Stole It
In the tax world, we often say that rules matter. A Florida couple found this out in a most unfortunate way after a judge ruled that they were liable for taxes on $1.2 million in retirement income, much of which was fraudulently taken from them—by their own daughter. U.S. District…
Insider-Trading Horror Stories: The Covid-19 Files
The tentacles of the Covid-19 pandemic left no corner of American life untouched. Now they have even entered the annals of insider trading. Recent insider-trading charges brought by the Securities and Exchange Commission (SEC) and federal criminal prosecutors offer jolting lessons for all employees and executives who learn confidential corporate…
Beneficiaries Of Inherited IRAs Get More RMD Relief — For Now
A few years ago, if you inherited an IRA from a parent, the distribution rules were simple: you could stretch withdrawals over your life expectancy. Since, the rules for non-spouses inheriting retirement accounts have been anything but straightforward. Starting in 2020, most new beneficiaries of retirement accounts were subject to…
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