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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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New York Business Stifled Due To Federal Research Capitalization Rules
Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same. It is every accountant’s nightmare to explain that…
No Labels Talks About Taxpayers
No Labels, the independent political organization making noises about a third-party presidential campaign, has released a policy manifesto. Intended to flesh out the group’s rhetorical commitment to common-sense solutions, the document has a lot to say about “taxpayers.” Indeed, if you search the No Labels booklet for the word “tax,”…
Ticket Wins $1.08B Powerball Jackpot Of $558.1M Cash $351.6M After Tax
Powerball reports that a single lottery ticket purchased in California has won the $1.08 billion Powerball jackpot by matching all the numbers: 7, 10, 11, 13, 24 and red Powerball 24. The lucky winner has a choice between a lump sum payment of $558.1 million or a stream of annuity…
Taxpayers Are Liable For Taxes On $1.2 Million—Even If Their Daughter Stole It
In the tax world, we often say that rules matter. A Florida couple found this out in a most unfortunate way after a judge ruled that they were liable for taxes on $1.2 million in retirement income, much of which was fraudulently taken from them—by their own daughter. U.S. District…
Insider-Trading Horror Stories: The Covid-19 Files
The tentacles of the Covid-19 pandemic left no corner of American life untouched. Now they have even entered the annals of insider trading. Recent insider-trading charges brought by the Securities and Exchange Commission (SEC) and federal criminal prosecutors offer jolting lessons for all employees and executives who learn confidential corporate…
Beneficiaries Of Inherited IRAs Get More RMD Relief — For Now
A few years ago, if you inherited an IRA from a parent, the distribution rules were simple: you could stretch withdrawals over your life expectancy. Since, the rules for non-spouses inheriting retirement accounts have been anything but straightforward. Starting in 2020, most new beneficiaries of retirement accounts were subject to…
Understanding The IRS Whistleblower Program
The Recent Supreme Court Ruling Regarding Whistleblowers On June 16, 2023, the U.S. Supreme Court ruled in United States, ex rel. Polansky v. Executive Health Resources, Inc. The Supreme Court decided that the Department of Justice has broad authority to dismiss whistleblower lawsuits filed under the False Claims Act (“FCA”)…
The Evolution Of International Corporate Taxation
Marna Ricker, EY’s global vice chair of tax, discusses how international tax advisers and corporate tax clients have handled recent tax reforms and what to expect next. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of…
States Get Creative In Efforts To Fund Schools While Not Raising Taxes
School funding is back in the news as states struggle to reverse trends suggesting that students are performing at lower levels than before. Specifically, the country’s 13-year-olds showed the most significant declines ever recorded on the National Assessment of Educational Progress trend assessment in mathematics. The average math score for…
Remember You Are Mortal – Make Your Annual Exclusion Gifts In January
One of the most basic estate planning technique for someone likely to have a taxable estate is regular annual exclusion gifts. That's the amount you can give to each person without it counting against your unified credit. In 2023 the amount is $17,000. You can give $17,000 to each of…
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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…