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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 Continues To Focus On Fraudulent Employee Retention Credit Claims
A pandemic-related tax credit continues to be in the news—and the focus of IRS scrutiny. The Employee Retention Credit—or ERC—is a refundable tax credit for businesses intended to provide relief for companies that kept employees on the payroll during Covid-19. Unfortunately, it has also become a magnet for fraud. ERC…
Stone Company’s Donation Deduction For Land Sold To Town Disallowed
Patrick Urda of the United States Tax Court dives into the technicalities of charitable contributions of property in Janet R. Braen et.al. It is about deduction for a bargain sale of land to a municipal government. As is usual, the story behind the story is probably more interesting than the…
“VAT In The Digital Age”
Small and medium-sized enterprises (SMEs) play a vital role in the European Union (EU) economy, driving innovation, employment, and economic growth. These enterprises form the backbone of the EU's business landscape, comprising 99% of all businesses in the region and accounting for more than half of Europe’s GDP. SMEs employ…
Afraid Of IRS Knocking? — What To Do
I have written recently that taxpayers need to beware of “too-good-to-be-true” pitches for the Employee Retention Credit (ERC) and that business owners need to be "eyes open" about whether they qualify for the ERC. The IRS just recently put forward a new announcement outlining warning signs for business owners and…
Moore Money, More Tax Problems? Analyzing Moore V. United States
Professor Hank Adler of Chapman University discusses the income realization requirement dispute in the transition tax case Moore v. United States before the Supreme Court, and its implications on the U.S. tax system. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm…
Tax Refund And Return Processing Times Shorten As IRS Works Through Backlog
The IRS continues to make progress on its inventory of tax returns, payments, refunds, and correspondence. However, some sectors are still experiencing delays. Here's where things stand. The IRS says it has processed all paper and electronic individual returns received before April 2023, and they are opening mail within normal…
Why QLACs May Be a Very Bad Bet
The risk of inflation is important when swapping real for nominal dollars. Rather than ending the fear of outliving your 401(k), QLACs can exacerbate it. The Wall Street Journal of July 23, 2023 included an article on QLACs — Qualified Longevity Annuity Contracts — with this, to me, eye-popping title,…
Mad About Taxes, Maybe Running For President, Definitely On Brand
Sen. Joe Manchin III, D-W.Va., is thinking about running for president — or at least people think he’s thinking about it. And Manchin clearly wants people to think that he’s thinking about it. Last week, Manchin appeared at a town hall organized by No Labels, an independent political organization claiming…
Money, Equity And Taxes Make News Early At The 2023 Women’s World Cup
On July 20, teams representing 32 countries kicked off FIFA Women's World Cup play in Australia and New Zealand. Teams are initially engaged in round-robin style play before heading to the knockouts. The competition is just the 9th time teams will play for the Cup—the first official Women's World Cup…
No Authority For How To Compute Housing Investment Exit Taxes
On June 30, 2023 Judge Peter B. Krupp if the Suffolk County Superior Court in Massachusetts issued a decision that may have far reaching consequences for affordable housing throughout the country. The case was Tenants' Development Corporation v Amtax Holdings 227, LLC and Alden Torch Financial, LLC. There has been…
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