IRS Updates

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...