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.
with 18 months of water under the bridge, we’re three-fourths of the way through the employee retention program, the irs changed their mind on an extremely important issue that changes many, many tax situations.
the question is: who’s eligible? and who’s not? read more →
with 18 months of water under the bridge, we’re three-fourths of the way through the employee retention program, the irs changed their mind on an extremely important issue that changes many, many tax situations. read more →
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.
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.