25 Years Of Positive Results
Historic Gross Receipts Permitted. IRC 165, PLR 202140002: IRS allows for the inclusion/consideration of historic gross receipts of stated foreign sub into account for purposes of computing Code Sec. 165(g)(3)(B)'s “more than 90% gross receipts test” by holding co....
The cost of home testing for COVID-19 and personal protective equipment considered medical expenses within meaning of Code Sec. 213(d) are eligible to be paid or reimbursed under various FSAs, HRAs, and HSAs. This means these costs can be paid or reimbursed by the...
In the United States, employers are required to withhold taxes from their employee's paychecks. The withholding amount is automatically deducted by the employer from each paycheck and is determined by an employee's wages and marital and family status. However, many...
A freshly enacted Washington, D.C. Act A23-0564 will modify the District of Columbia's False Claims Act. The amendment will allow qui tam actions for violations of the tax laws in the district. While the District had previously left the enforcement of its tax laws to...
On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to include DOJ partnership “with agencies across government to enhance efforts to combat and prevent pandemic-related fraud.” The focus is on the investigation and eventual...
Employers are required by law to withhold taxes from their employee's paychecks, keep the funds secure and then report and deposit them with the IRS at the appropriate time. This helps the IRS by gathering the taxes of many individuals into a single purse for which a...
Tax withholding is an obligation for employers to collect taxes from an employee's paycheck before the money is paid out to the IRS. Therefore, it is an essential aspect for any business owner to understand the tax withholding process. Why is tax withholding...
How Much Can Taxpayers Rely on IRS? Acting IRS Chief Counsel William M. Paul said at the NYU conference recently, "IRS is comfortable with the view that if a taxpayer relies in good faith on an FAQ and that reliance is reasonable under all the facts and circumstances,...
They say there are two things you can count on in life — death and taxes. When it comes to taxes, it can feel like once you think you have a good understanding, everything changes and you have to learn it all again. But for employers, there is one thing that will...
The Bank Secrecy Act requires taxpayers to report their foreign financial accounts like brokerage accounts, mutual funds and bank accounts to the Treasury Department. The reporting of these accounts is done by filing FBAR on FinCEN Form 114. Individuals must file the...
