IRC §61: Fringe Benefits & Noncommercial Flight Valuation IRS provides Standard Industry Fare Level cents-per-mile rates and terminal charge in effect for 2nd half of 2023 to determine value of non-commercial flights on employer-provided aircraft under Reg. §...
IRS Issue Number: 2023-38 The IRS’ focus continues on high-income compliance issues, with its plans to hire 3,700 more people and use AI to create a special area focusing on large or complex pass-through entities. While the new Unit will be housed in the IRS Large...
Here is what you have the right to know: When the IRS has finished an audit. The maximum amount of time you have to challenge the IRS' position. How long the IRS can audit a particular tax year How long the IRS can collect on a tax debt. The IRS generally has 3...
Beneficial Owners Must be Disclosed. In accordance with the Corporate Transparency Act (CTA), on January 1, 2024, many corporations, limited liability companies, and other entities created or registered to do business in the United States must report information about...
Non-US citizens can face tax obligations if they own a US business and are “engaged in a trade or business in the United States.” This means the Internal Revenue Service (IRS) will likely expect tax filings if your business sells products or services in the United...
The U.S. Tax Code is a complex beast. Navigating the rules for reporting assets and filing the appropriate forms is no easy task. Add additional factors like business interests and foreign assets, and the process can quickly become unmanageable. What happens when you...
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...
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:
