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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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Taxpayer Wins Big In Federal Court—Tax Treaty Governs FBAR Reporting
For some time, tax professionals have watched keenly as the case of Aroeste v. United States worked its way through a federal district court in California. In Aroeste, the taxpayer raised a novel argument that certain tax treaty provisions in the United States-Mexico tax treaty should govern whether the taxpayer…
It’s Benefits Season. Can You Use Your HSA Or FSA For Alternative Medicine?
’Tis the season—benefits season, that is. The few weeks from mid-November to mid-December tend to mark benefits season for the federal government and many companies. During that time, you can typically enroll in a new plan, change your existing plan, add or drop beneficiaries, and adjust coverage for your healthcare,…
IRS Programs Offer Relief For Late-Filed International Information Returns
Taxpayers who participate in international transactions potentially subject themselves to a panoply of international information return filing obligations. Take this simple example. John, a U.S. citizen, establishes and funds a foreign grantor trust. After creating the trust, John also travels to the foreign jurisdiction and sets up a foreign bank…
WeWork’s Bankruptcy—Bad Management And Increased Working From Home
WeWork, the company that rents out office space for work-sharing, has filed for bankruptcy. Once hailed as the future of office development, WeWork’s collapse shows how working from home is changing commercial real estate (CRE), and compounding the sector’s economic challenges. WeWork was born and grew after the Great Recession,…
As 2024 Approaches, Are You Ready For The Corporate Transparency Act?
Seven years ago, the legal and financial worlds were rocked by the release of the Panama Papers—11.5 million confidential documents leaked from the former Panamian law firm, Mossack Fonseca. At the time, it was easy to be smug about the lack of well-known American names in the Papers—and conspiracy theories…
IRS Announces More FBAR Examinations In 2024
The IRS received a significant increase in operating funds after Congress passed the Inflation Reduction Act (IRA) in mid-2022. More recently, on September 8, 2023, the IRS announced that it would use at least some of those funds to focus on compliance initiatives associated with high-income and high-wealth taxpayers. Although…
Tax Court Stops Short On Finding Fraud Against IRS Employee
Since the birth of the U.S. tax system more than a century ago, taxpayers have made purposeful attempts to avoid paying taxes that they lawfully owe. In a standard case, a taxpayer may seek to reduce his or her tax liabilities through omitting income or inflating deductions, or both. Taxpayers…
IRS Updates Penalty Amounts For Late Returns, Missed Forms In 2024
The IRS has announced the annual inflation adjustments for the year 2024. That includes not only tax rate schedules, tax tables and cost-of-living adjustments for returns (you can find those here)—but penalties for late returns and missed forms. Here’s a look at what you need to know. Failure To File…
IRS Announces 2024 Tax Brackets, Standard Deductions And Other Inflation Adjustments
The IRS has announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments. These are the official numbers for the tax year 2024—that begins Jan. 1, 2024. They are not the numbers that you’ll use to prepare your 2023 tax returns in…
Kraken To Release Account Data For Certain Crypto Clients To IRS
Cryptocurrency exchange Kraken has notified clients that the company will turn over user information to the IRS. The announcement follows a lengthy legal battle that began in 2021 when Kraken received a John Doe summons from the IRS. A John Doe summons is an order that does not explicitly identify…
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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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