Resources Archive
March 7 2023
Estate Income Tax Review... [ read ]
March 7, 2023
Mike Villa and Damon Rowe are guest speakers on the Tax Rep Network... [ read ]
March 3, 2023
Josh Ungerman was quoted in an article by Andrew Velarde in Tax Notes on March 1, 2023...
[ read ]
Josh Ungerman was quoted in an article, "Supreme Court Hands Huge Victory to Non-Willful FBAR Violators," by Andrew Velarde in Tax Notes on March 1, 2023.
February 28, 2023
BREAKING NEWS: Supreme Court Rejects the Government's Aggressive FBAR Argument; FBAR Nonwillful Penalties Apply Per Form....
[ read ]
When a taxpayer omits a foreign account from an FBAR form and that omission is nonwillful, federal law can still impose a steep monetary penalty. Originally that penalty was capped at $10,000, but the law requires that the maximum penalty be inflation-adjusted each year. Currently, the maximum nonwillful penalty is $15,611.
February 22, 2023
TXCPA Professional Issues Update Webcast... [ read ]
February 21, 2023
The IRS Gets Serious About ERC Abuse...
[ read ]
In a prior blog post, I discussed how both the IRS Examination Division and the IRS Criminal Investigation Division were starting to focus on Employee Retention Credits (ERC) and ERC promoters. In a recent interview, an IRS CID official said that there have already been 10 or 11 ERC indictments.
February 10, 2023
Can BBA Partners Make Deposits Under IRC Section 6603?...
[ read ]
If you owe the IRS money in 2023, the interest accruals are far more costly than they have been in recent history. That is because Congress requires the IRS to charge a mark-up on the federal short-term rate, which has skyrocketed. Congress also has mandated that interest be compounded daily. Under these rules, most taxpayers are currently facing a 7% interest rate that compounds daily. Given these staggering interest rates, more and more of my clients are considering making what is known as a "deposit" to the IRS. Deposits stop interest from accruing to the extent of the amount of the deposit.
February 9 2023
IRS Proposes A New Acronym and a New Tip Reporting Program...
[ read ]
The government loves a good acronym for a program, institution or act, like FATCA (Foreign Account Tax Compliance Act), TEFRA (Tax Equality and Fiscal Responsibility Act), NASA or IRS. There must be a branch of the government solely dedicated to creating acronyms and making sure the acronym is not offensive, like Seattle's South Lake Union Trolley which I understand was quickly changed to South Lake Union Streetcar.
February 9, 2023
2023 Financial Planning Association DFW Conference... [ read ]
February 7, 2023
Texas Budgetary Surplus & Tax Legislation Considerations... [ read ]
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