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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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Here’s Why I Don’t Collect A Candy Tax From My Kids At Halloween
If you're a regular reader, you know that I love Halloween. I bake treats. I play Halloween music. I buy tons of candy (no age limit for trick-or-treat at my house). And I decorate almost every room in the house—our family finds fake spiderwebs throughout the year like most people…
Will Industrial Policy Help Economically Distressed Places?
Spurring economic growth in America’s declining cities and regions has been a hard-to-achieve goal of public policy. There’s now hope that the Biden Administration’s new industrial policies, might boost growth where other efforts have failed. But the jury is still out. Industrial policy—supporting specific industries and sectors of the economy—has…
New House Speaker Mike Johnson Ties Funding For Israel To IRS Budget Cuts
It didn't take long for the newly minted House Speaker to make headlines. In his first major proposal as House Speaker, Mike Johnson (R-La.) introduced a supplemental appropriations package that would provide $14.3 billion in military assistance to Israel in exchange for slashing an equal amount of IRS funding. Inflation…
Boosting Israel Funding And Cutting IRS Spending: GOP Bill’s Impact Explained
The House GOP has made a bold move in their latest bill announcement, proposing an increase in funding to Israel while simultaneously decreasing spending to the Internal Revenue Service (IRS). This move, set to take place on October 30, 2023, has sparked a lot of discussion and debate. The bill's…
IRS Extends Use Of Some Pandemic-Era Technology Provisions
Sometimes, good things can come from adversity. During the pandemic, the IRS had no choice but to begin to move towards new technologies—including accepting digital signatures. Now, the IRS has announced that it is extending "certain temporary flexibilities." Specifically, they will accept digital signatures "indefinitely until more robust technical solutions…
The IRS Claims It Can Reopen Closed Assessment Periods
They say that relationships are all about timing. Putting aside the accuracy of that cliché generally, timing is certainly a key for taxpayers facing challenges by the Internal Revenue Service (“IRS”). Why? The law ordinarily provides that the IRS only has three years from the time taxpayers file particular returns…
Amending Taxes Isn’t A True Do Over—Unless You Use This Rule
When should you amend your tax return and when is it required? You need to file a tax return with the IRS each year if your income is over the requisite level. In fact, you can be prosecuted for failure to file (a misdemeanor) or for filing falsely (a felony).…
House Republicans Are Ready To Break Things — Including The IRS
The Republican struggle to choose a speaker for the House has looked a lot like an ideological battle, pitting archconservatives against relative moderates in the GOP caucus. But in fact, it’s also a fight about governance, and especially the return to intransigence. “What’s also going on is a split over…
Are You Really Sure Your Electronic Form 1040 Was Filed?
Considering how soon Halloween comes after October 15 (October 16 in 2023), the extended due date for individual returns, having a tax horror story now seems really appropriate. The horror story came out on October 24 with the Eleventh Circuit decision in the case of Lee v US. Dr. Wayne…
Best And Worst States To Buy An Electric Vehicle
The Biden administration is shooting for 50% of all new car sales to be electric vehicles by 2030. Thanks to generous state and federal on-the-spot rebates, local dealers are gearing up for a sales boom. By Rina Torchinsky, Forbes Staff The banner across the the top of the website for…
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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
With all of the recent news about artificial intelligence (AI), it got me thinking about…
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…