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IRS Updates

IRS’s Dirty Dozen Tax Scams 2023

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...

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CCM and PPP forgiveness

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...

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2021 Tax Season Updates

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...

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December 2021 Tax Updates

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...

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October IRS Updates

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....

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