Resources Archive
April 11, 2024
IRS Caps Off its 2024 Dirty Dozen List with an "Everything Else" Approach...
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In grand finale style, the IRS released its last entry to its 2024 Dirty Dozen List with a catch-all listing of transactions and invitation to taxpayers to be a whistleblower.
April 8, 2024
IRS Proposes Adding Certain CRATs to the Naughty List...
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After a period of relative inactivity, over the last 18 months the IRS has increased the number of potential listed transactions including syndicated conservation easements, micro-captives, Malta pension plans and monetized installment plans. Most of these were already on the IRS Dirty Dozen list, but, so far, none of the proposed regulations regarding making these listed transactions have been finalized.
April 5, 2024
Hobby Loss and Ranches – An Overview of Section 183...
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If a taxpayer undertakes an activity with the objective of making a profit, the expenses related to the activity are generally deductible and any excess losses related to the activity can be utilized in future tax years (subject to applicable net operating loss limitations). If the activity is deemed to be subject to the "hobby loss rules" of Internal Revenue Code Section 183, however, the expenses and losses related to the activity are generally disallowed. Much to the chagrin of taxpayers in farm and ranching businesses, the IRS often comes in after the fact in an examination and makes a determination that the farm and ranching activity is not engaged in for profit and, thus, subject to the punitive hobby loss limitations. A well thought out and thorough challenge to an IRS examination is imperative.
April 4, 2024
Damon Rowe was quoted in an article in the International Consortium of Investigative Journalists on April 3, 2024... [ read ]
March 29, 2024
Josh Ungerman was quoted in a Wall Street Journal Tax Report article published on March 29, 2024... [ read ]
March 25, 2024
The ERC Voluntary Disclosure Window has Closed: Will It Reopen?...
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Last Friday, March 22, the IRS ERC Voluntary Disclosure program ended. So technically, there can be no more ERC Voluntary Disclosures. Interestingly the IRS announced that the program could potentially open at a later date.
March 20, 2024
The Clock is Ticking: IRS Identifies Seven (7) ERC Warning Signs in Advance of March 22nd deadline for IRS' Voluntary Disclosure Program...
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For those procrastinating, or just discerning, taxpayers that are still considering the IRS' disclosure program for employee retention credit (ERC) claims, the IRS released today seven potential red flags to help taxpayers make a decision before the program closes on March 22, 2024.
March 12, 2024
Meadows Collier March 2024 Monthly Webinar... [ read ]
March 11, 2024
Deadline for ERC Voluntary Disclosure is Around the Corner...
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Blog readers are well aware of the IRS continuing enforcement efforts regarding the Employer Retention Credit (ERC). One tool in that enforcement effort is the ERC voluntary disclosure program for employers who received questionable ERC refunds. Introduced on December 22, 2024, the deadline for applying, March 22, 2024, is fast approaching. Any employer who has concerns about an ERC refund should consult with a competent tax advisor as soon as possible about whether they should be considering a voluntary disclosure.
March 9, 2024
