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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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Don’t Judge The TCJA’s Anti-Profit-Shifting Measures Yet
Despite U.S. lawmakers’ eagerness to pass final judgment on the 2017 Tax Cuts and Jobs Act’s signature anti-base-eroding measures, it will be some time before the law’s legacy becomes clear. The Senate Finance Committee’s May 11 hearing, which the majority had planned to devote to the aggressive tax planning practices…
Hunter Biden Failed To Pay Taxes—Here’s Why He’s Likely Not Going To Jail
After months of speculation, Hunter Biden, the son of President Joe Biden, has been charged with tax and gun charges. According to court documents, he is expected to plead guilty to two misdemeanor tax charges as part of a plea deal. In a letter filed in federal court, the charges…
Heirs Can Be Personally Liable For Estate’s Taxes
The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate. A recent court case involved the estate of the founder of Gulfstream, the aircraft manufacturer. The founder, Allen Paulson, died in 2000 with an estate valued at about…
Continuing Complexity In State Taxes
Scott Peterson of Avalara discusses the South Dakota v. Wayfair decision, including how companies and states are faring five years later and what could be next with sales tax nexus. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor…
The Bipartisan Road To A U.S. Carbon Border Tax
The United States does not have a carbon border tax. But legislation recently introduced by a bipartisan group of senators could very well put the country on track to implement one. If the United States were to implement a carbon border tax, it would need to know which kinds of…
Taxpayer Advocate Says IRS Improved Taxpayer Experience In 2023, Still Work To Be Done
"What a difference a year makes!" That's how National Taxpayer Advocate (NTA) Erin M. Collins kicked off the preface to her midyear report to Congress. That difference, Collins reported, was positive. She noted, "In submitting this report, I'm finally able to deliver some good news: The taxpayer experience vastly improved…
GOP House Bill Would Hobble IRS, Bar Funding For Free Direct-File Tax Return System
(Note: This story was updated on June 26, 2023, with a correction.) IRS funding is back in the news. Less than a month after a debt ceiling agreement that would claw back some of the IRS funding previously authorized by the Inflation Reduction Act of 2022 (IRA), a bill is…
IRS Taxes Personal Injury Settlements, Here’s How
The tax treatment of legal settlements and judgments depends on the claims, whether the case settles or goes to judgment, how checks and IRS Forms 1099 are issued and more. The same tax rules apply to settlements and judgments, but you have more flexibility to reduce taxes when a case…
A Deliciously Cheesy Tax Story—How French Farmers Outwitted The Tax Man
Every Friday night, my family celebrates cheese night. Okay, celebrate might be a strong word. But for the last few years, we've designated Fridays as cheese nights. At the end of a long week, it's nice to put out a spread of fruits and vegetables, olives and pickles, bread, and,…
Cash Infusion For Clean Energy Initiatives
As part of the Inflation Reduction Act (“IRA”) passed in August of 2022, $391 billion of governmental funding was allocated to energy and climate initiatives. The ability to transfer (i.e. sell) clean energy credits was part of the new legislation and covered under IRC Section 6418. The intent of IRC…
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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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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…