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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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Understanding The IRS Whistleblower Program
The Recent Supreme Court Ruling Regarding Whistleblowers On June 16, 2023, the U.S. Supreme Court ruled in United States, ex rel. Polansky v. Executive Health Resources, Inc. The Supreme Court decided that the Department of Justice has broad authority to dismiss whistleblower lawsuits filed under the False Claims Act (“FCA”)…
The Evolution Of International Corporate Taxation
Marna Ricker, EY’s global vice chair of tax, discusses how international tax advisers and corporate tax clients have handled recent tax reforms and what to expect next. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of…
States Get Creative In Efforts To Fund Schools While Not Raising Taxes
School funding is back in the news as states struggle to reverse trends suggesting that students are performing at lower levels than before. Specifically, the country’s 13-year-olds showed the most significant declines ever recorded on the National Assessment of Educational Progress trend assessment in mathematics. The average math score for…
Remember You Are Mortal – Make Your Annual Exclusion Gifts In January
One of the most basic estate planning technique for someone likely to have a taxable estate is regular annual exclusion gifts. That's the amount you can give to each person without it counting against your unified credit. In 2023 the amount is $17,000. You can give $17,000 to each of…
Are The EU’s State Aid Tax Challenges Of Flimsy APAs Doomed?
The European Commission’s ability to ensure that advance pricing agreements granted by member states comply with state aid rules is already under threat, but a recent advocate general opinion proposal would restrict it even further. In her June 8 opinion in Commission v. Luxembourg, C-457/21 P, concerning state aid allegedly…
Tips For Taxpayers On National Get Out Of The Doghouse Day
Are tax troubles on your mind? It's National Get Out Of the Doghouse Day. Why not take advantage of the opportunity to clean up your finances and resolve your tax issue? Getting started now will help get you out of the doghouse with Uncle Sam (and potentially, your spouse, business…
Tax Advisor Accused Of Helping U.S. Taxpayers Hide More Than $100 Million
An international tax advisor has been re-arrested and charged for his role in a conspiracy to engage in tax fraud for over seven years. Frank Butselaar, a citizen of the Netherlands, was charged with one count of conspiracy to defraud the U.S. and five counts of aiding and abetting the…
IRS To Reopen Taxpayer Assistance Centers
The IRS announced today that it is reopening previously closed taxpayer assistance centers (TACs), adding additional TACs, and starting a series of Community Assistance Visits to assist taxpayers in areas where the closest TAC is prohibitively far away. Funding from the Inflation Reduction Act provided the means for the IRS…
The IRA’s Green Energy Subsidies May Cost More Than Expected. Is That Good Or Bad?
It appears that the green energy tax breaks included in last year’s Inflation Reduction Act (IRA) are more popular among businesses than Congress imagined when it passed the bill. That likely will further increase the federal deficit but also reduce carbon emissions more than first forecast. Which raises the question:…
Tax Court Leaning Harder On The Little Guys In Hobby Loss Cases
Two Tax Court decisions last month emphasize the wisdom of keeping separate accounts for your losing side gig. Donald Swanson had a charter fishing business. Susan & James Mercier played slots. In neither case were they able to establish that their activities were businesslike enough to avoid the curse of…
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Creative Ways Startups Can Earn Funding in Tough Economic Times
In a declining economy, startups face an uphill battle when it comes to securing funding.…
I Asked AI to Create a Plan for a Fake Company — The Results Blew Me Away, But Not in the Way You Might Think
With all of the recent news about artificial intelligence (AI), it got me thinking about…
Ideas To Transform You From Good To Better To Best
A while back, I took a couple of my grandchildren on a tour of the…
5 Crucial Challenges Startups Must Overcome
Startups face numerous challenges on their journey to success, and failing to overcome any one…