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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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Staffers Find $352 Million Mistake In Minnesota’s New Tax Law
Mistakes happen. But when they happen in tax legislation, it can result in millions of dollars of unexpected taxes. That’s what happened in Minnesota—to the tune of $352 million. One Minnesota Budget The legislature’s $3 billion tax bill made headlines when it passed earlier this year. Included in the new…
Structured Installment Sale Can Be A Great Solution
When that ship of yours that is coming in is visible on the horizon - a business that you have built or some assets that you shrewdly purchased long ago now ripe for sale- you need to think about how to deal with the associated tax on your gain. Just…
To Leave California Over Taxes, Avoid These 10 Costly Mistakes
If you live in California, leaving the Golden State and skipping California’s 13.3% rate can be alluring. It’s especially true if you are about to sell appreciated stock, crypto or your company. After all, California taxes ordinary income and capital gain at the same rates. Not long ago, a tax…
Examining The Chile-U.S. Tax Treaty
Tax Notes reporters Cady Stanton and Michael Smith discuss the recently passed Chile-U.S. tax treaty and the importance of tax treaties on both a national and international scale. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief…
Be Like America, Except For This Bad Tax Policy
Celebrating America’s birthday in the company of foreigners can be great fun. I recently spent the Fourth of July with some British expats who live in Washington, D.C., and love it here. While awaiting the fireworks, we joked about the many ways our countries’ cultures differ. My guests remarked that…
VAT AND The E-Mobility Industry
The adoption of electric vehicles is on the rise among businesses and consumers, driven by the goal of reducing carbon emissions. According to the European Green Deal, the European Commission aims to have at least 30 million zero-emissions cars on European roads by 2030. To support this transition, new business…
Defamation Plaintiffs Regularly Caught By Double Taxation
Defamation verdicts and settlements regularly make the news. But we rarely learn what plaintiffs keep from their victories. After fees and taxes, it can be shockingly little. This may be true of what Alex Jones eventually pays the Sandy Hook families. And of defamation winnings E. Jean Carroll receives from…
Committee Urges Congress And IRS To Improve Taxpayer Experience And Upgrade Technology
The IRS Electronic Tax Administration Advisory Committee (ETAAC) has released its 2023 Annual Report to Congress. The report looks at e-filing practices and data security and makes recommendations to both Congress and the IRS that focus on electronic tax administration and cybersecurity. Background ETAAC was formed and authorized under the…
IRS Targets Schemes To Claim ERC Employee Retention Credits
IRS audits of businesses claiming the Employee Retention Credit (ERC) are in full swing. The IRS is looking at companies who may be unfairly claiming it, and also at firms promoting assistance to them who the IRS thinks may be bending the rules. Congress provided vast pandemic tax relief in…
Transfer And Elective Payment Tax Rules
Treasury and the IRS promised to release guidance on direct pay and transferability “before summer,” and with proposed regs (REG-101610-23) issued June 14, they met their deadline admirably. Announcing a precise time frame for when proposed rules will be released is less important than their substance, but it’s still a…
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