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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. 

This article focuses on Chief Counsel Advice memoranda on the reporting of cryptocurrency transactions, including whether taxpayers may claim a loss deduction for decreases in the value of cryptocurrency and the requirements for claiming a deduction for charitable contributions of cryptocurrency.

This article offers a review or recent significant developments in the area of penalties handed out by the IRS.

Taxpayers who seek the tax benefits of nonpassive income/loss characterization should keep complete, accurate and contemporaneous records of the hours worked in each activity.

Unlike the Paycheck Protection Program and Economic Injury Disaster Loan programs, the ERC was extremely complex. The United States Department of Justice and the IRS Criminal Investigation Unit have been focusing on ERC fraud with the funding from the Inflation Reduction Act.

U.S. citizens who owe delinquent taxes not only face the risk of enforcement actions such as liens and levies, but they can also be prevented from traveling internationally. This article discusses who the passport restriction applies to, as well as the different options for reversing it.

This article features a summary of the major (and soon to be much-debated) tax proposals (and soon to be much-debated) in the Biden Administration’s just released $6.8 trillion budget proposal for fiscal year 2024.

Washington state residents and nonresidents should prepare for a new 7% excise tax on long-term capital gains for individuals.

On September 13, 2021, Richard Neal, chairman of the House Ways & Means Committee, released far-reaching tax proposals. EisnerAmper has summarized the highlights of these tax proposals, and will continue to keep you informed on this important tax legislation as developments warrant.

This content features a summary of the highlights of tax provisions of the Build Back Better Act legislation.

This article examines IRS and Treasury efforts to inform taxpayers and tax practitioners about their concern whether the structure and form of certain syndicated conservation easement transactions constitute bona fide charitable contribution deductions for federal income tax purposes or whether they are in reality abusive tax shelters – as well as enforcement efforts.

The prospect of a tax reform package being enacted in the fourth quarter is becoming more likely. Here’s a look at some of the provisions of which companies should begin to consider the impact on their financial statements.

Significant tax law changes are coming for qualified Small Business Stock (QSBS). Discover how venture capital investors can navigate new rules around the Sec. 1202 capital gains exclusion, adjusted gross income limits, and other revenue proposals to optimize their investments and tax planning.

The House of Representatives approved its version of the Biden Administration’s “Build Back Better” social infrastructure initiative. This roughly $2 trillion reconciliation legislation will now be considered by the Senate, where significant changes are likely to be made, including to the tax provisions.

This paper is intended to be a general overview of the various types of equity arrangements that can be offered by C corporations. There are, in general, six types of equity compensation plans that can be offered to employees.

Online Merchants Guild v. Department of Revenue addresses whether a non-Pennsylvania businesses selling merchandise through Amazon, and whose only contact with the state was inventory storage in one of Amazon’s Pennsylvania warehouses, were not subject to Pennsylvania’s sales/use tax laws or its personal income tax laws.

This article offers a view of the Accelerating Charitable Efforts Act, introduced into Congress, which proposes several changes to the tax consequences of donor-advised funds.

The Tax Court’s ruling in Treece Financial Services gives taxpayers more leverage in negotiating with the IRS about the application of these programs, as well as offering due process to taxpayers who are denied participation in the programs by the IRS.

This article offers insight into IRS and California pronouncements that taxpayers who reside or have businesses within designated counties will be able to defer complying with various deadlines falling on or after January 8, 2023, and before May 15, 2023.

The estate of Aretha Franklin has settled its long-standing debt with the IRS following negotiations.