Advice for Practitioners on Unused Digital Asset Basis Safe Harbor
A digital asset tax expert and an IRS official advised practitioners to consider their options presented in recent guidance that …
Tax Advantages of Single-member LLCs Making an S Corp Election
Practitioner’s Tax Action Bulletin® Advisory Fall is the time for tax planning and advisory services. Tax practitioners should have a …
Resolve Improper Employee Retention Credit Claims Now, IRS Says
The IRS is urging businesses to resolve improper Employee Retention Credit (ERC) issues now. The employer deadline for the second …
Bipartisan Pressure to Examine Nonprofit Hospitals Continues
Senators Elizabeth Warren (D-MA) and Chuck Grassley (R-IA) urged the IRS to take a closer look at hospitals claiming a …
Final Regs Allow Certain Co-Owned Elective Pay Entities to Opt Out of Partnership Treatment
The IRS finalized regs providing guidance on how clean energy projects with multiple owners can elect to not be treated …
Experts Discuss the ‘Bottom Line’ for Tax Reform
Republicans secured the trifecta of the presidency, House, and Senate, and many experts predict that tax reform — including extension …
Wary of Their Role in Corporate Transparency Act Filings, CPAs Push for Delayed Implementation
With the Corporate Transparency Act’s beneficial ownership information (BOI) reporting deadline fast approaching, some CPAs are hesitant to advise their …
SCOTUS Declines to Settle Circuit Split Over Meaning of ‘Return’
On November 4, the U.S. Supreme Court denied certiorari to a taxpayer who asked it to settle a multi-circuit split over the …
Proposed Third Party Contact Advance Notice Regs Punish Taxpayers, NTA Says
Pending rules that would shorten third-party notice requirements by allowing the IRS broader discretion in excepting the 45-day window under …
House Takes Up Social Security, Terrorism Bills
Returning from a six-week district work period, the House considered two measures on Social Security that would impact public service …