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Lippes Mathias LLP

Know Your Rights: Managing Exposure During Audits Through Legal Representation

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The 2022 Inflation Reduction Act (the “IRA”) allocated $80 billion in funding to the Internal Revenue Service (“IRS”), much of which was earmarked for increased enforcement efforts. After some starts and stops, that funding...more

Adler Pollock & Sheehan P.C.

Make Your Estate Plan “Letter” Perfect

Are you creating or updating your estate plan? Primarily, you need a will that divides up your assets among beneficiaries. Then you can complement it with other documents, such as financial and health care powers of attorney...more

Foodman CPAs & Advisors

Model 1 FFI’s Obtain Extension of Relief

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IRS issued Notice 2024-78 on 10/28/24 providing the extension of temporary relief for FATCA Model 1 Financial Institutions (FFI’s) regarding the reporting of U.S. Taxpayer Identification Numbers. This means that the temporary...more

Rivkin Radler LLP

Challenge to Collection Due Process? Will Supreme Court Affirm IRS’s Offset of Valid Refund With Disputed Tax Liability?

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Earlier this year the IRS announced that, as part of its larger compliance efforts begun last fall under the Inflation Reduction Act, the agency’s stepped-up enforcement activity with respect to high wealth, high income...more

Tarter Krinsky & Drogin LLP

USCIS Updates Policy Regarding Expedite Requests

U.S. Citizenship and Immigration Services (USCIS) updated its guidance on October 11, 2024 regarding expedited requests for travel when a requestor in the United States has ‘a pressing or critical need to leave the United...more

Fleurinord Law PLLC

Beyoncé vs. the IRS: The Surprising Details About Queen Bey’s $2.9 Million Tax Dispute

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Even global icons like Beyoncé, among the wealthiest entertainers on the planet, are not immune to IRS scrutiny. Recently, Queen Bey found herself entangled in a dispute with the Internal Revenue Service (IRS) over an alleged...more

Crunched Credit

The Administrative Illuminati in Pursuit of Command and Control (Or the Unmentionable in Hot Pursuit of the Inedible with...

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The way we regulate rarely works terribly well for the regulator or the regulated.  Yet, we keep doing it the same way…a subspecies of insanity to be sure.   As an example, has anyone out there in CRE land taken a gander at...more

Adams & Reese

Post-Hurricane Francine Checklist for Individuals and Businesses

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Hurricane Francine proved to be a true reminder that hurricane preparedness is critically important. With this unique weather event, Hurricane Francine formed in the southern Gulf and within 48 hours was knocking on the...more

Allen Barron, Inc.

Tax and Estate Planning for Small Business Owners and S Corporations with No Employees

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Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is simply a myth which does not reflect the nature of business or home ownership....more

Foodman CPAs & Advisors

Auditoría Comercial Del IRS

El IRS se centra en las empresas desde la aprobación de la Ley de Reducción de la Inflación. Según el Plan Operativo Estratégico (financiado por la Ley de Reducción de la Inflación), el IRS está aumentando las tasas de...more

Foodman CPAs & Advisors

IRS Business Audit

IRS is focused on Businesses since the passage of the Inflation Reduction Act. Under the Strategic Operating Plan (funded by the Inflation Reduction Act), the IRS is increasing audit rates, expanding enforcement and targeting...more

Fox Rothschild LLP

Why Some Taxpayers With Unprocessed ERC Claims Should Consider Filing a Refund Lawsuit

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With the IRS showing no sign of lifting its moratorium on processing Employee Retention Tax Credit (ERC) claims filed after September 14, 2023, businesses whose unpaid, legitimate ERC claims are older than six months should...more

Davis Wright Tremaine LLP

How SECURE 2.0 Options Impact Form W-2 and Form 1099-R Reporting

IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 - The IRS recently issued Fact Sheet 2024‑18 to highlight how...more

Allen Barron, Inc.

IRS Recommends Planning to Protect Important Documents in the Event of a Natural Disaster

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In a recent notice the IRS is reminding all of us to undertake planning to protect important documents in the event of a natural disaster. This is National Wildfire Awareness Month, and we are in the midst of National...more

Allen Barron, Inc.

Estate and Tax Planning for US Expatriates

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What are the most important elements of estate and tax planning for US expatriates?  Are you planning to move out of the United States?  Are you a US taxpayer who lives and works outside of the country?  What are some of the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Transferability of Clean Energy Tax Credits/Inflation Reduction Act: American Clean Power Association Comments Addressing Proposed...

The Inflation Reduction Act (“IRA”) included provisions addressing the transferability of clean energy tax credits. Prior to the enactment of these IRA provisions, it was not possible to monetize federal tax credits...more

Kohrman Jackson & Krantz LLP

Artificial Intelligence Allows IRS to Increase Scrutiny of High-Earners & Partnerships

The Internal Revenue Service (IRS) recently announced a renewed effort to ensure compliance with federal tax law, specifically focusing on high-income earners, partnerships, and large corporations. This additional scrutiny...more

Harris Beach Murtha PLLC

IRS Reiterates Substantiation Requirements for Health and Dependent Care FSAs

The IRS’s Office of Chief Counsel recently released Chief Counsel Advice Memorandum Number 202317020, which reiterates the longstanding substantiation requirements that apply to claims for payment or reimbursement of expenses...more

Rivkin Radler LLP

New York Examines Federal Income Tax Issues –Conformity and . . . Disclosure?

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Many years ago, New York revised its personal income tax law to achieve close conformity with the Federal system of income taxation. The stated purpose for the revision was to simplify tax return preparation, improve...more

Kohrman Jackson & Krantz LLP

Maximizing What You Already Do: The Value of the Research and Development Tax Credit for Startups and Small Businesses

The Research and Development Tax Credit, formally known as the Credit for Increasing Research Activities under Section 41 of the Internal Revenue Code, has been in existence for many years to encourage companies to conduct...more

Kerr Russell

IRS Pilot Program Provides 401(K) Plans Rare Pre-Audit Notice And Correction Window

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It is often too late to correct 401(k) plan document or operation errors once an audit letter is received without incurring significant penalties from the IRS....more

Fox Rothschild LLP

Next Steps for Nonprofits: Checking All the Boxes in Your ‘Start of the Year' Review

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This is the second of a two-part Alert to guide nonprofit organizations in preparing for upcoming filing deadlines and implementing best practices for the onset of a fiscal year. ...more

McDermott Will & Emery

Special Report - A Primer on Charitable Contributions of Virtual Currency

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The explosive growth in virtual currency (also referred to as cryptocurrency, digital assets, tokens and digital currency) is evidence of increasing popularity and acceptance of it as a new investment asset class. With the...more

Bradley Arant Boult Cummings LLP

Medical Marijuana Money in Mississippi: Navigating the Tax Consequences of a Green Enterprise

Mississippi is on the precipice of implementing a medical marijuana regime, as Mississippians voted overwhelmingly to approve Initiative 65 last November. Those awaiting the green light should take advantage of the additional...more

Fenwick & West LLP

IRS Filing and Reporting Requirements for ISO Exercises and ESPP Stock Transfers for 2021

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This client alert is intended to remind you of certain year-end reporting requirements under Section 6039 of the Internal Revenue Code of 1986, as amended (the Code), with respect to stock issued to employees (or former...more

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