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Understand the complexities and potential tax benefits of converting pass-through entities to gain QSBS eligibility under IRC Sec. 1202 in this comprehensive guide.  

This article features an outline of the New York Limited Liability Company Transparency Act. The new law is intended to tackle tax evasion and financial crimes.

This article outlines a bipartisan tax deal that would extend several taxpayer-friendly provisions while eliminating the ability for businesses to claim the Employee Retention Credit, among other items.

Learn how trusts and estates can strategically shift income to beneficiaries within the 65-day window after year-end. Explore the 663(b) rule, estimated tax payment allocation, and key considerations for tax planning.  

The impact of California Senate Bill 951 on taxable wages includes a flat 1.1% California tax and is prompting organizations to consider alternatives like Voluntary Program State Disability Insurance amidst potential federal tax changes. 

The Washington 7% excise tax on long-term capital gains has faced a tremendous amount of opposition from Washingtonians. This post offers a brief history and discussion of the efforts to overturn the tax, up until January 16, 2024, when the U.S. Supreme Court declined to review the Washington State Supreme Court’s decision that the excise tax on long-term capital gains is constitutional. 

Get insights on the implications of the recent US Tax Court decision in Soroban Capital Partners, L.P. v. Commissioner, revealing the complexities surrounding the IRC Sec. 1402(a)(13) exclusion for limited partners in state law limited partnerships. This article addresses the uncertainties and offers practical steps for taxpayers in asset management.  

To avoid facing difficult audits, taxpayers should adopt practices that enable them to substantiate the positions they take on returns.

This article outlines key criteria for the IRS’s Voluntary Disclosure Program for employers who received erroneous ERC refunds. Under the program, taxpayers will only be required to repay 80% of improperly received ERC payments or credits.

Despite remaining questions and a lack of guidance from the IRS or FinCEN, the requirement to treat digital assets as cash in transactions with a fair market value over $10,000 under IRC Sec. 6050I will still be effective for returns required to be filed after December 31, 2023.

The IRS announced it is providing an estimated $1 billion in automatic penalty relief to approximately 4.7 million taxpayers who failed to pay balances due for tax years 2020 and 2021. The agency also announced that it is restarting normal automatic collection notices in January of 2024, after a nearly two-year pause during the COVID-19 pandemic. 

Users of apps like Venmo and PayPal are breathing a sigh of relief after the IRS announced further delays in the full implementation of a new law that requires reporting at much lower thresholds.

Most returns must be filed electronically beginning January 1, 2024, if the total number of forms to be filed is ten or more.

The IRS has launched a second Employee Retention Credit Voluntary Disclosure Program. Learn how misled taxpayers can find relief from filing dubious ERC claims.  

On October 4, 2023, Massachusetts Governor Maura Healey signed into law Bill H.4104, which provides $1 billion in tax cuts creating savings for businesses, renters, and seniors, among others. Some notable changes impacting business entities and individual taxpayers are summarized herein.  

In a long-awaited decision, the United States Tax Court recently ruled in favor of the IRS, holding that YA Global, a non-U.S. partnership, was engaged in a U.S. trade or business and was therefore liable for federal tax withholding for its non-U.S. partners.  

In a recently issued Private Letter Ruling related to IRC Sec. 1202, the IRS provided new insight into the definition of consulting services under IRC Sec. 1202 -- an important tax determination with the potential of significant federal income tax savings for eligible stockholders.  

In light of recent IRS guidance, taxpayers should be careful when planning – and who they’re planning with -- donations of artwork.

The IRS, which has been ramping up enforcement against potentially erroneous ERC claims, recently announced it has sent over 20,000 letters to taxpayers disallowing their claims. 

In recent years, the IRS has undergone a technological transformation aimed at making the tax-filing and information process more efficient and user-friendly. Taxpayers can take advantage of these enhancements to save an invaluable amount of time, money, and headaches.