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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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Australia TikTok Tax Fraud Illustrates Misinformation Escalation
Australia is reeling from a billion-dollar TikTok tax fraud scheme. Apparently, social media influencers helped entice nearly 60,000 people to claim fraudulent refunds on goods and services taxes that they never actually paid. The social media posts reportedly promised that the refunds were like a temporary loan from the government,…
Justice Department Lauds Criminal Charges Tied To Over $836 Million In Alleged Fraud
It’s been just over three and a half years since Alex M. Azar II, Secretary of Health and Human Services, declared that Covid-19 constituted a public health emergency. In the months that followed, government officials scrambled to find a way to ease economic shortfalls related to the pandemic through a…
Fraud Victims Owe Taxes On IRA Withdrawals
A recent tax case is one of the saddest ever and shows how the tax law often has intended consequences. The taxpayers were a married couple who inherited a business from the husband’s brother. After a couple of years, the husband discovered the business manager was stealing. He fired the…
IRS Tips On Employee Retention Credit Refunds, ERC Audits & Fraud
The ERC is a refundable tax credit designed for businesses who continued paying employees while shut down due to the COVID-19 pandemic or who had significant declines in gross receipts from March 13, 2020, to Dec. 31, 2021. That’s a limited period, but businesses can typically file claims for the…
Lawsuits Against Google And Meta Allege Websites Are Spying On Taxpayers
Users of tax prep websites in seven states have filed a class action lawsuit against Google GOOG , LLC, claiming the company engaged in wiretapping. According to court documents, the company's actions allegedly resulted in the involuntary transmission of sensitive personal information including income, refund amounts, filing status, and scholarship…
What To Look For In Tomorrow’s Republican Presidential Debate
This segment of What’s Ahead lays out the telltale signs for a possible Reaganesque candidate emerging from tomorrow’s Republican debate. Reagan projected an exciting, optimistic view of the future, while effectively eviscerating the destructive policies and principles of his opponents. He never came across as acerbic or angry. In Reagan’s…
Tax Regs Address Overwithholding With Qualified Derivatives Dealers Exemption
Section 871(m) treats payments under equity derivative contracts that reference U.S.-source dividends as if they are equivalent to U.S.-source dividends, potentially triggering a U.S. withholding tax. Reg. section 1.871-15(q) interprets section 871(m) to exempt qualified derivatives dealers (QDDs) from tax and withholding requirements if overwithholding would occur. Published September 12,…
IRS Delays Hawaii Wildfire Victims Tax Filing & Payments To Feb. 15
The IRS has announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency…
IRS Criminal Investigation Identifies Special Agent Killed In Training Incident
IRS Criminal Investigation officials have identified the individual killed on Aug. 17 in a training incident at the Federal Correctional Institution, Phoenix, firing range. The deceased is Special Agent Patrick Bauer, 47, a long-time resident of Arizona. Bauer is survived by his wife and four children. In addition to being…
Tax Court Judge Suggests Glue Factory For Retired Thoroughbred Horses
Mark Holmes is noted as being one of the better writers among Tax Court judges. His work on the Estate of Michael Jackson read like a novel. This month he may have gone off the beam a bit in a bench opinion. There is something rather tasteless in bringing up…
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