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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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Are The EU’s State Aid Tax Challenges Of Flimsy APAs Doomed?
The European Commission’s ability to ensure that advance pricing agreements granted by member states comply with state aid rules is already under threat, but a recent advocate general opinion proposal would restrict it even further. In her June 8 opinion in Commission v. Luxembourg, C-457/21 P, concerning state aid allegedly…
Tips For Taxpayers On National Get Out Of The Doghouse Day
Are tax troubles on your mind? It's National Get Out Of the Doghouse Day. Why not take advantage of the opportunity to clean up your finances and resolve your tax issue? Getting started now will help get you out of the doghouse with Uncle Sam (and potentially, your spouse, business…
Tax Advisor Accused Of Helping U.S. Taxpayers Hide More Than $100 Million
An international tax advisor has been re-arrested and charged for his role in a conspiracy to engage in tax fraud for over seven years. Frank Butselaar, a citizen of the Netherlands, was charged with one count of conspiracy to defraud the U.S. and five counts of aiding and abetting the…
IRS To Reopen Taxpayer Assistance Centers
The IRS announced today that it is reopening previously closed taxpayer assistance centers (TACs), adding additional TACs, and starting a series of Community Assistance Visits to assist taxpayers in areas where the closest TAC is prohibitively far away. Funding from the Inflation Reduction Act provided the means for the IRS…
The IRA’s Green Energy Subsidies May Cost More Than Expected. Is That Good Or Bad?
It appears that the green energy tax breaks included in last year’s Inflation Reduction Act (IRA) are more popular among businesses than Congress imagined when it passed the bill. That likely will further increase the federal deficit but also reduce carbon emissions more than first forecast. Which raises the question:…
Tax Court Leaning Harder On The Little Guys In Hobby Loss Cases
Two Tax Court decisions last month emphasize the wisdom of keeping separate accounts for your losing side gig. Donald Swanson had a charter fishing business. Susan & James Mercier played slots. In neither case were they able to establish that their activities were businesslike enough to avoid the curse of…
IRS Gives Tax Relief, Extensions To Vermont Flood Victims
Flooding victims anywhere in Vermont now have until Nov. 15, 2023, to file various individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA), including postponing various tax-filing and tax-payment deadlines for any taxpayer with…
IRS Gives Tax Relief To Vermont Flood Victims
Victims of flooding in Vermont now have until November 15, 2023 to file individual and business tax returns and to pay any taxes that were originally due between July 9, 2023 and November 15, 2023. The specific relief postpones the filing deadline for any returns with deadlines starting on July…
Hunter Biden & Wesley Snipes Both Have Misdemeanor Tax Convictions
Most high profile and widely reported tax charges involve felonies, but not all of them. And sometimes prosecutors go for felony convictions but fall short. As has been widely reported, Hunter Biden only ended up with misdemeanor charges, to which he plead guilty. These days, few people talk about or…
Is Your Online Tax Preparation Firm Sharing Your Personal Information?
Millions of taxpayers’ personal information was shared by popular online tax filing services to Meta, Google, and other Big Tech firms, according to the results of a recent congressional investigation. The probe was opened by Senators Elizabeth Warren (D-MA), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Tammy Duckworth (D-IL), Bernie Sanders…
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