IRC §41 & Research Credits: Certain research activities undertaken by apparel retailer/taxpayer with respect to development of business component may be for qualified purpose under Code Sec. 41(d)(3). Also, research activities with respect to development of...
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:
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...
In (IR 2022-162, 9/21/2022; Chief Counsel Advice 202237010) the IRS noted that many PPP loan recipients who received loan forgiveness were qualified and used the loan proceeds properly to pay eligible expenses. However, the IRS has discovered that some recipients who...
The Internal Revenue Service (IRS) recently announced that it will provide penalty relief to qualifying taxpayers who filed late taxes for the 2019 and 2020 tax years. The agency explained that the move is part of the agency’s broader plan to use recent funding to...
2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...
No doubt, the pandemic had an unfortunate economic impact on individuals and businesses alike, causing them to struggle to pay taxes owed to the The People First Initiative did provide relief for about 3 ½ months as the IRS paused enforcement pursuits, such as filing...
Tax Professionals & Data Safeguards. It is part of Circular 230 and in a Tax Tip, the IRS restates that data security measures should be reviewed before year end and provides a data security check list with basic steps they to be taken for their and their client’s...
According to the U.S. Government Accountability Office, the IRS shut down most office activities between March and July 2020 to protect its employees from COVID19. It also halted all in-person enforcement activities, including the mail service. Over several months,...
