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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 Criminal Investigation Warns Illegal Gambling Isn’t A Safe Bet For Taxpayers
My fantasy football season is not off to a good start. In week two, I lost by 50 points—to my daughter, who does not watch football. Fortunately, we don't play for cash in our league, we only play for bragging rights. It is not, however, unusual for adults to gamble,…
Former Russian CFO Sentenced To 86 Months In Prison For Hiding Millions From IRS
Unrepentant. That's how federal prosecutors described Mark Anthony Gyetvay at his sentencing just before District Judge Joan N. Ericksen sentenced him to 86 months in prison for his efforts to conceal assets and income from tax authorities. Gyetvay was convicted of failing to file a Report of Foreign Bank and…
How Instacart’s IPO Delivers Payday For Employees’ Equity Compensation
Instacart is the highest-profile venture-backed company to go public since December 2021. As with many later-stage startup companies, Instacart’s initial public offering (IPO) is as much about its human capital as its financial capital. Grants of restricted stock units (RSUs) and stock options are important forms of compensation for Instacart…
How Budget Commissions Can Make It Harder To Cut The Deficit
Congressional commissions generally serve one of two purposes. They either 1) provide political cover for lawmakers who want to achieve a goal but are afraid to act without an external push. Or 2) they are exactly the opposite—an excuse for politicians to duck crucial policy decisions. This week, we saw…
IRS Announces Next Steps In Plans To Focus On Pass-Throughs, Including Complex Partnerships
For weeks, the IRS has been teasing new compliance initiatives—including increased hiring—to focus on expanded enforcement work on complex partnerships, large corporations, and high-income and high-wealth individuals. Today, the IRS announced plans to establish a special pass-through organization to focus on large or complex pass-through entities. According to the IRS,…
Why A House Bill To ‘Prevent’ A Shutdown May Increase The Odds Of One
Congress is in chaos with just 10 days remaining to avert a partial government shutdown. Over the weekend, negotiators for the center-right Mainstreet Caucus and far-right Freedom Caucus agreed on a bill that would continue government funding at reduced spending levels after the fiscal year ends on September 30th. But…
IRS Slams The Brakes On ERC Claims Over Suspicious Activities
Intro In a surprising move, the IRS recently announced an immediate stop to new Employee Retention Credit (ERC) processing, citing suspicions of fraudulent activity. The ERC was established as part of the 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act and was designed to provide financial support to employers…
Pennsylvania Man Sentenced To Prison After His Mega-Mansion Attracted Notice From Feds
Joseph Nocito, age 81, of Sewickley, Pennsylvania, has been sentenced to one year and one day in prison for conspiring to defraud the U.S.. Nocito, former CEO and President of Pittsburgh-based Automated Health Systems, will also serve three years of supervised release, which includes six months on home detention, and…
FTC Issues Warning To Five Tax Preparation Companies About Sharing Taxpayer Data
The Federal Trade Commission (FTC) has warned five tax preparation companies that they could face civil penalties if they use or disclose confidential taxpayer data for other unrelated purposes, such as advertising, without first obtaining consumers’ consent. According to information posted on the FTC website, the five tax preparation companies…
Fraudulent Tax Refund Grab Involving Identity Theft Nets Man 34 Years In Prison
Ayodele Arasokun was sentenced today in West Virginia to 34 years in federal prison for orchestrating an international tax scheme. According to the court documents, from January 2016 to November 2017, Arasokun devised a scheme to unlawfully obtain tax refund money by filing fraudulent federal income tax returns. Arasokun collected…
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