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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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IRS Opens Portal For Car Dealers To Dole Out EV Tax Credits At Point-Of-Sale
The Internal Revenue Service on Wednesday opened the portal for car sellers to register with Energy Credits Online – a site that will allow dealers to dole out the federal electric vehicle tax credit of up to $7,500 to buyers as a discount. The move marks the latest step in…
Conservation Easements – New Regulations, New Law, New Questions
Many people are baffled about the status of conservation easement donations, which is logical given all that has happened recently. Among other things, courts ruled that the IRS violated the law when calling certain things as “listed transactions,” the IRS tried to salvage the situation by issuing Proposed Regulations, and…
Proposed Regs And What’s Next
In the second of a two-episode series, Tim Jacobs of Hunton Andrews Kurth continues his discussion of the energy credits enacted in the Inflation Reduction Act and the proposed regulations. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor…
Who Gives A CRAT About Certain Tax-Planning Strategies? The IRS.
There is nothing inherently wrong with forming and utilizing a charitable remainder annuity trust (“CRAT”) for tax-planning purposes; people do it all the time. Issues arise, though, when taxpayers claim positions generating benefits that arguably exceed those contemplated by Congress and the Internal Revenue Service (“IRS”). When this occurs, enforcement…
Here’s Why I Don’t Collect A Candy Tax From My Kids At Halloween
If you're a regular reader, you know that I love Halloween. I bake treats. I play Halloween music. I buy tons of candy (no age limit for trick-or-treat at my house). And I decorate almost every room in the house—our family finds fake spiderwebs throughout the year like most people…
Will Industrial Policy Help Economically Distressed Places?
Spurring economic growth in America’s declining cities and regions has been a hard-to-achieve goal of public policy. There’s now hope that the Biden Administration’s new industrial policies, might boost growth where other efforts have failed. But the jury is still out. Industrial policy—supporting specific industries and sectors of the economy—has…
New House Speaker Mike Johnson Ties Funding For Israel To IRS Budget Cuts
It didn't take long for the newly minted House Speaker to make headlines. In his first major proposal as House Speaker, Mike Johnson (R-La.) introduced a supplemental appropriations package that would provide $14.3 billion in military assistance to Israel in exchange for slashing an equal amount of IRS funding. Inflation…
Boosting Israel Funding And Cutting IRS Spending: GOP Bill’s Impact Explained
The House GOP has made a bold move in their latest bill announcement, proposing an increase in funding to Israel while simultaneously decreasing spending to the Internal Revenue Service (IRS). This move, set to take place on October 30, 2023, has sparked a lot of discussion and debate. The bill's…
IRS Extends Use Of Some Pandemic-Era Technology Provisions
Sometimes, good things can come from adversity. During the pandemic, the IRS had no choice but to begin to move towards new technologies—including accepting digital signatures. Now, the IRS has announced that it is extending "certain temporary flexibilities." Specifically, they will accept digital signatures "indefinitely until more robust technical solutions…
The IRS Claims It Can Reopen Closed Assessment Periods
They say that relationships are all about timing. Putting aside the accuracy of that cliché generally, timing is certainly a key for taxpayers facing challenges by the Internal Revenue Service (“IRS”). Why? The law ordinarily provides that the IRS only has three years from the time taxpayers file particular returns…
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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
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