Businesses must meet federal, state, and local tax obligations. These rules and laws are not always easy to navigate. Violations are common and can quickly lead to harsh financial penalties. In some cases, particularly if the taxing authority can establish that there...
From the IRS’ Notice IR-2023-71, published on April 5, 2023, the IRS provides its annual list of Dirty Dozen tax scams for 2023. The biggest takeaway is again being wary of sharing sensitive personal data over the phone, email or social media and “a tax deal that...
Here is a brief explainer directly from the IRS on how to settle your own debts:
Click here to access the document.
Join me for an upcoming Strafford live webinar, "Forms 5471 and 5472: Meeting the Substantially Complete Standards" on Tuesday, July 18, 1:00pm-2:50pm EDT. Click this link for more information: https://www.sp-04.com/r.php?products/tpjtnhhpra. Description Forms 5471...
Law360 (March 24, 2023, 8:25 PM EDT) -- The Internal Revenue Service would likely impose more civil penalties on taxpayers than it does now if the Biden administration's recently revived proposal to change requirements for supervisory approval of penalties at the...
The Tax Code and additional Congressional action have given the Internal Revenue Service (IRS) many different tools to come after employers as well as those they consider responsible parties who fail to withhold and remit employment taxes. One such example is the...
Allocation of Income Regs Valid Under Chevron, State Farm Says USTC. See, 3M Company and Subsidiaries, (2/9/2023) 160 T.C. No. 3, where the Tax Court upheld the proposition that various regulations under Code Sec. 482 are valid under the two Supreme Court tests for...
Tax attorney Chaya Kundra will co-chair and speaker at the following upcoming events on employment tax updates. Name of event: Employment Tax Update Date: February 10, 2023 Time: 3pm to 4pm Name of event: Employment Tax Issues & Opportunities Impacting M&A...
Supreme Court Hears Arguments on Alternative Attorney-Client Privilege Test. Oral arguments before US Supreme Court on 1/9/23 involving subpoenas of recorded communications comprised of both of tax and legal advice. In re Grand Jury, concerned unnamed law firm...