When dealing with the Internal Revenue Service during the initial stages of a tax case, whether it involves an audit, collection issue, request for penalty relief, or a proposed plan of resolution such as an Offer In Compromise,...
Read MoreRecent taxpayer experiences suggest that IRS agents are becoming more aggressive in denying taxpayer claims of research and development tax credits through narrow construction of the so-called “substantially all” test of Code §...
Read MoreAt the beginning of, 2021, Congress slipped the so-called Corporate Transparency Act “CTA”), a new business reporting obligation, into the National Defense Authorization Act of 2021. Among other things, the CTA requires every...
Read MoreThe IRS announced late Wednesday, March 17, 2021 that it is moving the federal income tax filing deadline for individuals to May 17, rather than April 15. In its statement, the IRS said that the extended deadline applies to...
Read MoreRecently released final regulations under section 162(f) of the Internal Revenue Code of 1986, as amended (the “Code”), make it a necessity to properly draft settlement agreements and court orders between a taxpayer and the...
Read MoreTwo recent private letter rulings highlight the need to carefully consider an organization’s stated purposes and the provision under Code Section 501(c) that best fits those purposes before applying for exempt status. In Private...
Read MoreAs the year winds down, the fundraising efforts of many charitable organizations ramp up. This is for good reason as, on average, charitable organizations raise around 40% of their annual revenues during the holiday season. As...
Read MoreThe IRS announced cost of living adjustments affecting dollar limitations for employer plans for tax year 2021. Most IRS limits impacting employer retirement plans have remained the same because the increase in the...
Read MoreOn the ballot in Arizona this November is Proposition 208 (the “Proposition”). Proponents assert it will benefit students in public schools. Critics warn it sends most of the increased income tax revenue it generates into the...
Read MoreUnder the Paycheck Protection Program (“PPP”) established by the CARES Act, a borrower is eligible for forgiveness of all or a portion of the principal amount of a loan made in accordance with the PPP if certain conditions are...
Read MoreThe Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) established a new in-service distribution known as a qualified birth or adoption distribution (“QBOAD”). Generally, a QBOAD is any distribution...
Read MoreThe IRS this week issued Information Release 2020-187 to remind IRA owners and beneficiaries, as well as participants in workplace retirement arrangements, that they have until August 31 to return required minimum distributions...
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