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...
Expansion of Membership Permissible: IRC 501: The IRS accepts the Voluntary Employees’ Beneficiary Association Plan (“VEBA”)'s proposal to expand its eligible membership to include all former employees. It does not matter if said former employees was a member of VEBA...
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...
No one wants to find themselves in arrears with the government, let alone for a significant amount. Thankfully, those who find themselves owing a large sum to the Internal Revenue Service (IRS) may find that they have more options to pay their bill than those who owe...
Our tax system is based on the expectation that taxpayers pay their tax bills. A failure to voluntarily comply with tax obligations can result in fines, penalties, and even potential imprisonment. Those who have failed to comply in the past and want to come into...
When Your Client is Closing its Doors for Good & the IRS: File a final tax return and related forms are Required for the year everything is closed. Employees Must be paid their final wages/compensation and federal tax deposits must be made in the year of last...
Maryland Comptroller Peter Franchot reminds taxpayers that this year's sales tax holiday for back-to-school items occurs from Sunday, August 14, 2022 through Saturday, August 20, 2022. Any single qualifying article of clothing or footwear priced $100 or less,...
The Internal Revenue Service (IRS) reports that millions of Americans fall behind on their tax obligations. According to recent data, as of 2020 taxpayers currently owe the feds over $114 billion in back taxes, penalties and interest payments. So, what’s a taxpayer to...
Attorney Chaya Kundra will present at Tax Webinar on Thursday, July 7, 2022. The webinar is titled 'Mastering Form 5472: Filing Requirements for Foreign Individuals, LLCs, and Companies.' This course will provide tax advisers with a thorough and practical guide to...
If you are confused about your sales tax obligations, know that you are not alone. The Small Business Administration notes that questions about sales tax are some of the most frequent inquiries it receives from business owners throughout the country. These questions...
