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The CARES Act, enacted in response to the COVID-19 pandemic, allowed employers to defer the payment and deposit of the employer’s share of Social Security tax. Those payments are coming due.

A thorough overview of the IRS Criminal Investigation Division’s (“IRS-CI’s”) current voluntary disclosure practice, designed for taxpayers to potentially avoid or mitigate prosecution for violating IRS and information reporting laws.

The passage of the Inflation Reduction Act of 2022 gives $80B of additional funding to the IRS, with more than half of the funds allocated to enforcement efforts.

On August 7, the Senate passed the Inflation Reduction Act of 2022. A significantly slimmed-down version of the Build Back Better Act, the Inflation Reduction Act is intended to address climate change, health care, inflation, and taxes. Highlights include a new corporate alternative minimum tax, excise tax on stock buybacks, changes to research and clean energy tax credits, and limits on deductibility of excess business loans.

IRS Notice 2022-36 provides penalty relief for taxpayers who have failure-to-file penalties and certain information return penalties for tax years 2019 and 2020—but you need to be aware of the requirements.

To promote innovation and entrepreneurship within NJ, The Evergreen Program established the New Jersey Innovation Evergreen Fund, which will secure funding from the auctioning of state corporate tax credits and then partner with VC firms to invest in eligible start-up companies.

A discussion of some of the tax law changes that may have potential financial statement accounting impact.

Seeking to bolster the U.S. semiconductor supply chain and promote research and development of advanced technologies in the U.S., President Biden signed the CHIPS and Science Act. Included in the Act is IRC Sec. 48D, which creates a new “advanced manufacturing investment credit.”

It has been reported that the U.S. Treasury sent a notice to Hungary of its intention to terminate the U.S.-Hungary Tax Treaty.

This article features a look at key proposals contained in the Biden Administration’s 2023 “Green Book,” General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals.

The Supreme Court has been asked to weigh-in regarding the amount of penalties that can be assessed by the IRS per year for a non-willful failure to report offshore accounts, following a split between the Fifth and Ninth Circuit Courts of Appeal.

This article discusses numerous tax changes, effective for the first time beginning in Q1, that executives responsible for the tax provision should be aware of. Companies should consider the impact these changes will have on their income tax provision, and whether they should be accounted for discretely or through the annual estimated effective tax rate.

Foreign investment in U.S. real estate can be complicated from a tax perspective, including potential U.S. estate tax exposure as well as income and information reporting obligations.

Taxpayers are entitled to income tax deductions equal to the fair market value of their charitable contributions – however, reporting noncash contributions can be difficult.

The IRS recently released a favorable private letter ruling (PLR) with respect to IRC Sec. 1202. The PLR provided welcome insight into the treatment of qualified small business stock (QSBS) and the potential to save eligible taxpayers millions in federal income tax.

This article takes a look at R&E capitalization expenses, and what new rules may mean for businesses.

New York State recently extended the deadline to make the PTET (pass-through entity tax) election for the 2022 tax year. This content examines the extension, as well as determining factors to help eligible organizations decide if they should make the election.

This article discusses the legal authority the IRS has to request any books, papers, records, or other data, including electronic accounting records and software.

The IRS has stepped up examinations of micro-captive insurance arrangements in recent years, claiming that such arrangements are often abusive. This content focuses on specific cases and IRS response.

This article focuses on Streamlined Foreign Offshore Procedures that allow qualifying U.S. citizens or lawful permanent residents, or estates of U.S. citizens or lawful permanent residents, with undisclosed foreign income, investments, or accounts, to come into compliance with U.S. tax reporting obligations.