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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 Court Stops Short On Finding Fraud Against IRS Employee
Since the birth of the U.S. tax system more than a century ago, taxpayers have made purposeful attempts to avoid paying taxes that they lawfully owe. In a standard case, a taxpayer may seek to reduce his or her tax liabilities through omitting income or inflating deductions, or both. Taxpayers…
IRS Updates Penalty Amounts For Late Returns, Missed Forms In 2024
The IRS has announced the annual inflation adjustments for the year 2024. That includes not only tax rate schedules, tax tables and cost-of-living adjustments for returns (you can find those here)—but penalties for late returns and missed forms. Here’s a look at what you need to know. Failure To File…
IRS Announces 2024 Tax Brackets, Standard Deductions And Other Inflation Adjustments
The IRS has announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments. These are the official numbers for the tax year 2024—that begins Jan. 1, 2024. They are not the numbers that you’ll use to prepare your 2023 tax returns in…
Kraken To Release Account Data For Certain Crypto Clients To IRS
Cryptocurrency exchange Kraken has notified clients that the company will turn over user information to the IRS. The announcement follows a lengthy legal battle that began in 2021 when Kraken received a John Doe summons from the IRS. A John Doe summons is an order that does not explicitly identify…
Long Road To Current Battles
Introduction Most compensation earned by taxpayers is subject to employment taxes. When it comes to sole proprietors, independent contractors, and partners, employment taxes include those imposed by the Self-Employment Contributions Act (“SECA”). Rates in recent years have reached 15.3 percent of an individual’s “net earnings from self-employment,” a category which…
Navigating New Guidance On The Corporate Alternative Minimum Tax
Mike Resnick of Eversheds Sutherland discusses the effects on taxpayers of the corporate alternative minimum tax and its recently released guidance. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International. This week:…
Reducing Some Risks While Creating Others?
Introduction Taxpayers, like all people, are risk averse for the most part; they want to avoid financial uncertainty to the greatest extent possible. This is difficult to accomplish when the Internal Revenue Service (“IRS”) regularly attacks certain issues, often concluding that taxpayers owe additional taxes, penalties, and interest for several…
A Look At Tax Proposals On State And Local Ballots This Election Season
All across America, voters will be headed to the polls on Tuesday, Nov. 7, 2023. It's an off-year for elections—the presidential elections aren't until next year—but there are state and local races, as well as ballot initiatives, to decide. Voters will be pulling the lever to make choices on tax…
What Is Nikki Haley’s Tax And Budget Platform?
Former South Carolina Governor Nikki Haley, who appears to be winning increasing support among Republicans in the race for her party’s 2024 presidential nomination, is running on a fairly standard GOP tax and budget platform. But it includes important twists and some inconsistencies with her record as governor. She backs…
Tax Opinions Prevent IRS Penalties, And Seven Other Things To Know
Do tax opinions protect you from the IRS? Usually yes, provided that you get one early enough. That generally means having the tax opinion in hand before you file your tax return. Many clients and tax advisers have trouble saying exactly why one should get a tax opinion or how…
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I Asked AI to Create a Plan for a Fake Company — The Results Blew Me Away, But Not in the Way You Might Think
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