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The Employee Retention Credit (ERTC/ERC) is a fully refundable Internal Revenue Service (IRS) payroll tax credit. The IRS urges employers to take advantage of this credit to help keep employees on the payroll as they try to keep their doors open during the pandemic....
The Coronavirus Aid, Relief, and Economic Securities (CARES) Act permitted Congress to create the Paycheck Protection Program (PPP). This federal program then allowed the government to send out billions of dollars of funds to qualifying entities. Congress was very...
Courts throughout the country have provided holdings that further complicate the issue of how courts will address penalties for non-willful FBAR violations. Opposite opinions highlight need for clarity The Ninth Circuit recently held in United States v. Boyle that the...
Tax crimes may seem relatively minor in the grand scheme of things. After all, those who fail to pay their tax bill do not actually hurt anyone. It may seem reasonable to expect that a bill to cover missed payments should suffice. However, as a recent case where the...
The COVID-19 pandemic was difficult for individuals and businesses alike. Even state government authorities took a financial hit during the pandemic. As a result, tax experts predict states will take action to recoup lost revenue, most likely through the use of...
The Paycheck Protection Program (PPP) is a federal program that offers small businesses loans to help them survive due to government forced shutdowns or reduced operations as a result of attempts to reduce the spread of the coronavirus. It is touted by financial...
The Internal Revenue Service (IRS) has repeatedly stated that it will focus its efforts on high-income non-filers. Uncle Sam states taxpayers who have significant income but fail to contribute their “fair share” in income tax returns are one of the biggest reasons for...
The Internal Revenue Service (IRS) is evolving. This federal agency is shifting from a reliance on agents and manpower to increased use of technology. The agency is using data analytics and software to dig into tax returns (or the lack thereof) to find potential tax...
President Joseph Biden’s 2022 Budget Proposal includes two plans that will directly impact taxpayers throughout the country: the American Jobs Plan and American Families Plan. The following will discuss some of the basics of these plans and how they would impact both...
The pandemic changed the way we work. Many people who commute into big cities like New York were forced to work from home, often in other states and often for the majority of the year. This led to a lot of frustrations, like trying to find space for a home office and...