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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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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…
Taxes, Tea And Why We Celebrate American Independence Day On July 4
My son came downstairs this morning to wish me very happy on George Washington's birthday. He knows, of course, that's not today—Washington was born on February 22, and we celebrate on the third Monday of February—but the joke was still funny. Many people don't know why we celebrate on July…
IRS Issues Warning On New Tax Refund Scam
The IRS is warning taxpayers about a new scam involving tax refunds. Here's how the scam works. Fraudsters are mailing taxpayers what looks like a cardboard envelope from a delivery service. The accompanying letter—complete with a fake IRS masthead—suggests that the notice is "in relation to your unclaimed refund." The…
A Fan Is Leaving His Estate To Neymar—Here’s Why It’s Not A Bad Idea
A fan of Neymar Jr. made headlines last week when he declared that he was leaving his estate to the football phenom. The anonymous fan told the online newspaper Metrópoles that, in addition to his love for the Brazilian national team, he identified with the Paris Saint-Germain striker. He said,…
By Scoring A Lucrative Deal At Inter Miami, Lionel Messi Is Playing A New Financial Game
The greatest soccer player in the world made a smart move choosing Florida, a state with no income tax. But his first goal is to clear U.S. immigration with a Spanish tax fraud conviction on his resume. On June 24, Philadelphia Union will take on Inter Miami at Subaru Park.…
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