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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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7 Strategies That Can Help You Avoid Year End Tax Bracket Creep
Wage increases are generally a great thing, but the added benefit of an income increase can be offset by the higher prices of goods in times of high inflation and the possibility of being nudged into a higher tax bracket. This phenomenon is known as tax bracket creep. The result?…
Lawmakers Should Stay Out Of Microsoft Tax Dispute
Even legislators with a keen interest in protecting the U.S. corporate tax base from profit shifting should probably resist the urge to jump into the middle of Microsoft’s high-profile transfer pricing dispute with the IRS. Microsoft’s recent disclosure that the IRS believes the company paid $28.9 billion less in corporate…
IRS Releases Legal Memo Focused On ERC And Workplace Safety Guidelines
Weeks after the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims, the IRS has issued more guidance on the program. Specifically, the IRS has issued an opinion about whether an employer can rely on communications from the Occupational Safety and Health Administration (OSHA) to determine whether…
Social Security Admits Its Website Has Been Providing Crazy Estimates
In this October 20th Forbes column, I claimed that Social Security’s website was projecting lower benefits for worker than it had just a few months back. This was confirmed today in an email that Social Security sent to recent visitors. One of my company’s Maximize My Social Security software users…
2024 IRS Limits On 401(k) Plans Affect Nonqualified Plans
The IRS just released the 2024 contribution limits on qualified retirement plans, such as your 401(k). That’s crucial info for employees and executives who can participate in company nonqualified deferred compensation (NQDC) plans. Here’s why. For most NQDC plan participants, year-end is the time to be like an autumn squirrel…
Which Corporations Pay The Most Federal Income Tax?
Corporations report their total cash payments of income tax — federal, state, and foreign combined — but they don't identify, nor does the IRS reveal, how much federal income tax they pay. We believe, however, that we can make reasonable estimates from information reported by publicly traded companies in their…
Here’s More Evidence That Low Tax Rates Are Good For Business And The Prosperity Of Everyone
This episode of What’s Ahead discusses the newly released State Business Tax Climate Index from the renowned, nonpartisan Tax Foundation. It’s no surprise that almost all the states with the most benign business tax regimes are run by Republicans, while those with the worst are governed by Democrats. No wonder…
Tax Court Exposes Financial Engineering Of Conservation Easements
Judge David Gustafson injected a good dose of common sense into the ongoing struggle between the IRS and the syndicators of conservation easements. His opinion in Mill Road 36 Henry LLC lays bare the nonsense that has created the syndicated conservation easement industry. The story starts with undeveloped suburban land…
New Laws Threaten To Limit Foreign Ownership Of Land Across The Nation
The United States has long seen itself as an open-for-investment free-market bastion. But concerns about national security–and some political grandstanding– could close the doors to foreign buyers, particularly when it comes to farmland. By Kelly Phillips Erb, Forbes Staff The action last week by Arkansas Attorney General Tim Griffin affected…
IRS Announces Retirement Contribution Limits Will Increase In 2024
The IRS says that the amount you can sock away for retirement is going up. In 2024, individuals can contribute up to $23,000 to their 401(k) plans in 2024—up from $22,500 for 2023. And those playing catch-up get a boost, too: the catch-up contribution limit for employees aged 50 and…
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