As the IRS continues its efforts to combat fraud and streamline processing, businesses that have legitimately qualified for the ERC should stay informed about developments and take appropriate actions to secure their refunds. The landscape of ERC claims is evolving, and staying proactive will be key to successfully navigating the remaining challenges.
The proposed regulations would disallow basis adjustments in many non-abusive scenarios where those basis adjustments are necessary to achieve tax results that correspond to economic reality.
Business owners, among their numerous tasks, should seek to minimize income taxes as they would any other expense, of course accommodating to the extent necessary the needs of their business. In this regard, building a documentary record to support the various tax positions being taken may preserve an income tax deduction that otherwise would be lost
While the IRS has new ERC claims on pause and works to investigate possible fraud, business owners still have the opportunity to protect themselves from potential civil and criminal penalties.
Whether acquiring, constructing, or remodeling a real estate property, cost segregation remains one of the most powerful strategies to simultaneously optimize cash flow and taxes.
Litigation pending in the Suffolk County Supreme Court is challenging fees charged for tax map verifications on real estate instruments filed with the county clerk as unauthorized taxes.
Local governments have significant leeway to charge fees for services they provide their residents. But fee revenue sources can be attractive options for those local governments needing to fill budget gaps without raising taxes.
Law firms have traditionally been large consumers of contract labor for a variety of purposes. These workers are traditionally classified as independent contractors, issued a 1099 and treated as ineligible for employee benefits. In recent years, many states have started to adopt the "ABC" test to determine whether a worker should be classified as an independent contractor or an employee.
Structuring finances for independent film productions isn't for the faint of heart, especially where there are multiple entities formed in different states involved in the productions; loans involving different entity members; and efforts on tax returns to deduct net operating losses (NOLs).
In Polselli v. Internal Revenue Service, the U.S. Supreme Court unanimously refused to limit the IRS's ability to issue summonses without notice to situations in which it seeks records of accounts in which a delinquent taxpayer has an interest. This article discusses the court's decision, Justice Jackson's concurring opinion, and the potential for future challenges to the IRS's issuance of summonses without notice.
