News Category: Tax Advisory: U.S. Federal

Image of the exterior building of the Internal Revenue Service
September 11, 2024

IRS Releases Second ERC Voluntary Disclosure Program

As questions continue to linger regarding the status of Employer Retention Credit refunds and IRS correspondence, the IRS announced a limited second voluntary disclosure program for taxpayers to resolve refunds or credits for erroneous employee retention credit (ERC) claims. As … Read more…

Image of glittering corporate buildings in the sunrise
December 14, 2023

Businesses: Do you have to comply with the new corporate transparency reporting rules?

Please Note: It is the sole responsibility of business owners to comply with the Corporate Transparency Act (CTA), including meeting Beneficial Ownership Information (BOI) reporting requirements, the collection of relevant ownership information, and the filing of BOI reports to FinCEN. … Read more…

Image of hands holding phones with 'payment sent' and 'payment selected' on their screens
November 29, 2023

IRS delays new reporting rule for online payment processors

For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should … Read more…

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November 3, 2023

Beneficial Ownership Information Reporting Requirement under the Corporate Transparency Act

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires … Read more…

Image of the exterior building of the Internal Revenue Service
September 15, 2023

IRS immediately halts the processing of new ERC claims

The IRS announced on September 14, 2023 that it would immediately halt the processing of new Employee Retention Credit claims to add more safeguards to protect businesses from scams and prevent future abuse. The moratorium will run through at least … Read more…

Image of a nest with a golden egg that says 'ROTH' placed in it, with money in the background
September 8, 2023

IRS issues guidance on new retirement catch-up contribution rules

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new … Read more…

Image of a cloudy sky and a full mailbox
July 7, 2023

IRS Warns Taxpayers of New ‘Cardboard Envelope’ Scam

The Internal Revenue Service warned taxpayers earlier this week to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing coming in a … Read more…

Image of an electric vehicle outline made of green leaves
April 14, 2023

IRS guidance coming regarding the IRA’s Clean Vehicle Credit

The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the … Read more…

Image of a hand stacking quarters, over a piece of paper with financial charts
March 15, 2023

President Biden’s proposed budget includes notable tax provisions

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills … Read more…

Image of stacked coins
October 28, 2022

What do the 2023 cost-of-living adjustment numbers mean for you?

The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these … Read more…

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