Understanding the Employee Retention Tax Credit
The IRS has recently updated its checklist with respect to the Employee Retention Tax Credit. This is a nice publication explaining eligibility requirements with respect to the credit. p5887
IRS Adds Requirements for Conservation Easement
The IRS has released guidance on conservation easements and has provided specific language to use in any contracts or deeds relating to these easements. The safe harbor in IRS Notice 2023-30 involves extinguishment and boundary [...]
IRS Targets Low Income Taxpayers with Audits
According to a report from Syracuse University, the IRS managed to actually audit 7,710 "millionaires" in 2022, down from 40,965 just a decade ago. If you claimed the earned income tax credit (for lower-income taxpayers), [...]
New Businesses and Choice of Entity
Episode 5: Win the Tax Game. On this episode, Attorney Peter McFarland joins me for a discussion on choice of business entity- very valuable information for any new business- LLC, corporation or something else? https://www.youtube.com/watch?v=e9Ct6KnVF3M
IRS Announces 2020 “Dirty Dozen” Tax Scams
The IRS has announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. Here they are for 2020 [...]
What is an Independent Contractor after California’s new Rules?
What is an Independent Contractor after California’s new Rules? What is an independent contractor? Traditionally, the difference between an “independent contractor” and “employee” has been a function of the amount of control the business exercises [...]
When Disaster Strikes: Tax Help with Records
When Disaster Strikes: Tax Help with Records It may be a natural disaster (hurricane, fire, tornado, flood, etc.) or man-made (criminal activity, lost or misplaced, etc.), but records have a way of disappearing. This issue [...]
Want to Deduct Business Clothing?
Want to deduct business clothing? Well, it ain't easy. The Tax Court has decided another case in an unfavorable fashion concerning a tax deduction for clothing for a Ralph Lauren salesman. In Barnes v. Commissioner, [...]
The 2019 Taxpayer Roadmap
Ready for your 2019 Taxpayer Roadmap? You filed your tax return and paid the amount due (or received your refund). You are now done with the IRS. Maybe. Maybe not. If the IRS decides to [...]
Beware the 2019 Tax Scams!
Yes- beware the 2019 tax scams! Every year the IRS publishes its list of the "dirty dozen" tax scams. While many of these are familiar (as they have appeared in the past), it is important [...]