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Learn MoreIt was my pleasure to serve as editor of this year’s AICPA Tax Adviser August Tax Clinic, a special section our firm has been honored to oversee and contribute to for decades under my colleague Tony Bakale. With the passing of this torch, I was excited to be entrusted with delivering insightful...
Read MoreOne of the most dreaded replies coming from a professional services provider is, “it depends.” Unfortunately, that’s truly the case when the issue involves the most optimal tax structure for your transaction. This is because, like most things in life, there are many variables — tax and non-tax —...
Read MoreOn January 12, 2024, the U.S. Department of the Treasury released a new fact sheet that in part reiterates, and revamps, the IRS’ commitment to their initiative of auditing limited partnerships. The release comes after five years of scrutiny in this area and an important court case, resulting in...
Read MoreOn December 21, 2023, the IRS introduced a voluntary disclosure program that allows employers to pay back the majority of ERC funds they received under claims that may not have complied with legal requirements. The IRS recognizes many employers filed ERC claims with the assistance of third-party...
Read MoreOn Thursday, October 19, 2023, the IRS released the process for certain taxpayers who wish to withdraw previously filed ERC claims. This comes on the heels of the IRS announcement last month that they were halting the processing of future claims until at least the end of 2023. If you no longer...
Read MoreAs of September 14, 2023, the IRS has stopped processing newly filed Employee Retention Credit (ERC) claims, at least until the end of 2023. This means the IRS will not take action at the present time on any claims filed on or after this date. While they will continue to process previously filed ERC...
Read MoreThe Employee Retention Credit (ERC) introduced in March 2020 was a key tool in helping employers keep their teams intact while the worst of the COVID-19 pandemic played out. While the ERC ended on September 30, 2021, eligible employers can still amend their payroll tax returns to take advantage of...
Read MoreFor the 2022 tax year, the IRS has released updated instructions for schedules K-2 and K-3, which include the domestic filing exception.
Read MoreA few impactful business tax provisions, many introduced by the Tax Cuts and Jobs Act (TCJA) of 2017, are on the verge of expiring or just about to take effect — if they haven’t already. Below outlines those provisions and what you should be doing now to prepare. Changes to the Treatment of...
Read MoreOn August 16, 2022, President Biden signed the Inflation Reduction Act (IRA), which is a scaled back version of the Build Back Better Bill in play last fall. The IRA contains a handful of federal revenue raising provisions — to the tune of more than $700 billion — as well as prescription drug...
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