mid-year tax update with bradley burnett

mid-year tax update
colleague, what did you miss?

with bradley burnett, j.d., ll.m.

thursday, june 15, 2023

8am pt, 9am mt, 10am ct, 11am et
3 hours, 3 cpe, 3 irs ce

register here

while you were taking tax season head-on and recovering from it, guess what happened? over 500 court cases, 200 irs irb developments (including regs), 2,500 irs rulings and other goodies came down.

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pop quiz: can you find $330,000 for your clients?

but hurry, time is running out.

by bradley burnett, jd llm

the employee retention credit could be worth more than $330,000 to a small-business client.

but our polling shows that 75 percent of tax and accounting professionals have filed no (that’s zero) forms to claim the credit for clients. and now it’s ending early, due to a congressional compromise on the big infrastructure bill.

https://www.research.net/r/erc0802
launch the pop-quiz survey here

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there’s a new sheriff in town… at the irs

rettig

can he turn the gaming tables upside down?

by bradley burnett

for the longest time, saving employment taxes by means of skimming cash from either a partnership or an s corp seemed a bit like the lawless wild west with no sheriff, no posse and no hanging tree. oh, don’t get me wrong. there were laws on the books. it’s just that the odds of getting caught were slim to none, save for the stray example irs or an occasional court made of some renegade that got caught.

but, there’s a new sheriff in town. charles rettig, the newly minted irs commissioner, is at the helm. under his watch, irs this spring launched a new partnership reasonable-compensation audit guide. irs also convinced the tax court it does not any longer have jurisdiction to hear s corp reasonable comp employment tax cases (8th circuit agrees). evidence is on the horizon irs plans to exact a mighty pound of flesh in response.

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