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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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Can CPAs Prepare Your Taxes For A Percent Of Your Tax Savings?
Contingent legal fees are customary in personal injury cases. Increasingly, they are the norm in employment lawsuits too. Indeed, the variety of cases in which contingent legal fees are common is still expanding. These days, even large law firms may handle some cases on contingency. So, how about paying your…
New Tax Aimed At Paying Long-Term Costs For Older Adults Faces Criticism
Workers in Washington state saw a new deduction in their paychecks last month: a tax on wages meant to help pay for the cost of long-term care. The first-of-its-kind tax in the U.S. was created in 2019. However, under the program’s timeline, workers began making payroll contributions in July of…
IRS Rules Staking Rewards Are Taxable When Received
Rewards earned from staking cryptocurrency are to be included in a taxpayer’s gross income when received. For those who follow the taxation of digital assets the position taken in IRS Revenue Ruling 2023-14 comes as no surprise. The ruling formalizes the position the IRS has taken at least since the…
Navigating IRS Collection And Payment
A large portion of my client base involves small business owners with financial troubles due to a failure of paying taxes. As a result, I find that often taxpayers hope that if they ignore IRS Notices the debt will disappear. Unfortunately, this does not occur and results in the taxpayer…
50 Years Ago This Week, Tax Analysts Called Nixon A Tax Cheat
On July 30, 1973, Tax Analysts accused President Richard Nixon of playing fast and loose with the tax laws. In a 16-page study released to the public and submitted directly to the IRS, the fledgling nonprofit questioned the deductions that Nixon had taken for donating his official papers to the…
IRS Taps Padrino For New Role Focused On Improving Taxpayer Experience
The IRS is clearly serious about moving its Strategic Operating Plan forward. The plan, which was released in April, has been described by the agency as an "ambitious effort to transform the tax agency and dramatically improve service to taxpayers and the nation during the next decade." This week, the…
FinCEN Reporting Requirements May Prove Problematic For Small Business
The provisions of the Corporate Transparency Act affect virtually every LLC in the United States. Yet many small- to medium-sized businesses remain unaware of the CTA or its new reporting requirements. The CTA is administered by the Financial Crimes Enforcement Network and it is through FinCEN that businesses will report…
Two New Bills Would Target The PGA Tour And Its Tax-Exempt Status
Golf season is in full swing in parts of the U.S. — but a U.S. Senator is making golf news this week. Senator Ron Wyden (D-OR), the chair of the Senate's finance committee, has introduced two bills targeting The PGA Tour and its tax-exempt status. The bills are called the…
OECD Agreement on Amount B Tax Deal Remains Elusive
Establishing a streamlined transfer pricing approach for baseline distribution — originally seen as the least controversial aspect of the OECD-brokered two-pillar global tax reform — has hit a roadblock that will be difficult to resolve. First proposed in a 2019 OECD consultation document, a project awkwardly dubbed amount B was…
College Affordability Requires Cutting Costs, Not Canceling More Debt
The past two months have made clear that President Biden’s approach to making higher education more affordable isn’t working. First, bipartisan majorities of both the U.S. House and Senate voted to block his debt cancellation policies. Then, shortly after Biden thwarted that effort with his veto pen, the Supreme Court…
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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…