Arizona Sues IRS Over Federal Tax on State Refund
The Arizona Attorney General filed a complaint against the IRS after the agency did not budge on its stance that …
Many Accounting Firms Will Be Required to Comply With New Beneficial Ownership Reporting Rules
By PPC Staff In January, we gave you a heads up on the beneficial ownership reporting requirements under the Corporate Transparency Act. …
Energy Sector Pushes Back Against Investment Tax Credit ’80/20 Rule’
Representatives from the energy industry asked the IRS to further clarify or outright eliminate an eligibility test included in proposed energy …
IRS Crackdown on Personal Use of Corporate Aircraft Takes Off
he IRS announced it will use enforcement funds from the Inflation Reduction Act (PL 117-169) to initiate dozens of new …
Tax Court Rejects IRS Clawback of Low-Income Housing Credit
The Tax Court rejected the IRS’ attempt to recapture low-income housing credits from a real estate developer and determined that …
House Blocks SALT Marriage Penalty Relief Bill
A bill that would allow married joint filers with incomes up to $500,000 to have their own $10,000 state and …
Tax Professionals Warned About Increase In ‘New Client’ Scams
The IRS has issued a warning to tax professionals to watch out for a “new client” scam that usually “peaks …
IRS: Warning Signs of Incorrect ERC Claims; Resolve Issue Now
The IRS shared warning signs that an Employee Retention Credit (ERC) claim may have issues. Small businesses are urged to …
Reminder: IRS Information Return Error Notices
The IRS is reminding payers such as banks, credit unions, and businesses that file information returns to check their returns for mismatch …
Recent IRS Webinar Provides Tips for ERC Voluntary Disclosure Program
By Debbie Tam On February 8, 2024, the IRS presented a webinar to provide information on the Employee Retention Voluntary Disclosure …