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Is a Form 1099-C Always Required When Settling Disputed Debts?

The potential tax consequences to a debtor and tax reporting obligations of a creditor can become a contentious issue when settling disputed debts, although the issue often arises as an afterthought once the primary...more

The Reach of an IRS Levy on Beneficiaries of Corporate Trustees

The IRS’s reach in collecting unpaid and assessed taxes is broad, pervasive, and aimed “to reach every interest in property that a taxpayer may have” United States v. National Bank of Commerce, 472 U.S. 713, 719–720 (1985)...more

Prognostications on Federal Tax Legislation in 2021

The results of the 2020 elections are final and official. The 117th Congress is underway and Joe Biden and Kamala Harris will be inaugurated on January 20, 2021. Democrats narrowly control both chambers of Congress and a...more

2020 Presidential Candidates' Tax Proposals [Video]

Election Day is just under a month away. Will there be a “blue wave”? Will Republicans maintain control of the Presidency and the Senate? Who knows? But, at a high level, we can compare what tax policies may be implemented in...more

2020 Presidential Candidates' Tax Proposals

Election Day is just over a month away. Will there be a “blue wave”? Will Republicans maintain control of the Presidency and the Senate? Who knows? But, at a high level, we can compare what tax policies may be implemented in...more

Letters and Notices from the IRS are Coming – What You Need to Know

Given the recent expiration of the IRS’s People First Initiative on July 15, the return of IRS employees to offices and service centers, and this news release reminding taxpayers that collection activities would start...more

The IRS’s 2020 “Dirty Dozen” List is Out. Future List of Enforcement and Compliance Priorities Forthcoming

Every year the IRS compiles a “Dirty Dozen” list of scams and abusive schemes that may impact taxpayers. On July 16, 2020, the IRS released it 2020 Dirty Dozen List, which almost exclusively focuses on the schemes and tactics...more

Notice 2020-54 – Employer Reporting Requirements for Qualified Sick Leave Wages and Qualified Family Leave Wages paid-out under...

The Families First Coronavirus Response Act (FFCRA) Pub. L. No. 116-127, requires employers with fewer than 500 employees to provide paid leave under certain COVID-19-related circumstances via the Emergency Paid Sick Leave...more

North Carolina Opts-Out of Many of the Taxpayer Favorable Provisions of the CARES Act

In an effort to prevent further drain and strain on North Carolina’s revenues Governor Roy Cooper signed H.B. 1080 (Sess. Law 2020-58) into law on June 30, 2020. The widely-supported bill allows North Carolina to opt-out or...more

Continuing COVID-19 Impacts on Federal Taxation - UPDATED

This is an update to an article originally released on March 31, 2020. The updates account for most of the administrative guidance released by the IRS and the descriptions in the JCT’s Bluebook. After some tense...more

PPP Loan Forgiveness and the Deductibility of PPP Loan Expenses

The Paycheck Protection Program (PPP) created as part of the CARES Act and expanded via the Paycheck Protection Program and Health Care Expansion Act has generated a lot of press, a plethora of guidance from the Small...more

If You Haven’t Filed Your Prior Tax Returns; This Might Be the Best Time To Do So!

At various points in time, the IRS offers “initiatives” to assist businesses and individuals with various tax issues. Most often these initiatives offer favorable terms or inducements to a class of taxpayers with respect to...more

The Agility Continues – Another Batch of COVID-19 Inspired IRS Guidance

Less than 48 hours after we gave a hat-tip to the agility displayed by the IRS since the onset of the COVID-19 pandemic and its ability to create new procedures and policies in real time, the IRS had already released at least...more

A More Agile (Even Forgiving) IRS? More COVID-19 Guidance and Releases…

Despite significant prior resource constraints (people and technology), the IRS continues to be remarkably agile and quick to issue pertinent guidance and notifications of policy changes during this global COVID-19 pandemic....more

COVID-19 Impacts - The CARES Act and the Construction Industry

After some tense negotiations, near-misses, and threatened hold-outs, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) H.R. 748, into law on March 27, 2020. This third stimulus bill...more

Continuing COVID-19 Impacts On Federal Taxation - The CARES Act

After some tense negotiations, near-misses, and threatened hold-outs, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) H.R. 748, into law on March 27, 2020. This third stimulus bill...more

As with Everything, COVID-19 is Impacting Federal Taxation

Updated 3/22/2020 As expected, the IRS issued Notice 2020-18 late Friday night formally extended the filing due date for income tax returns normally due on April 15, 2020 to July 15, 2020 to match the 90-day postponement of...more

Is Your Partnership Ready for the IRS's New Centralized Audit Regime?

The new centralized audit regime for partnerships established by the Bipartisan Budget Act of 2015 (“BBA”) has been in effect since January 1, 2018, but is your partnership or LLC treated as a partnership for tax purposes...more

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