Resources Archive
February 29, 2024
IRS Launches New Effort at High Income Non-Filers: Impacted Taxpayers Should Seek Representation...
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On February 29, 2024, the IRS announced a new effort to target high-income individuals. This time the IRS announced that they have opened 125,000 cases focusing on millionaires who have failed to file income tax returns. The IRS believes that, based on third-party information received, there may be more than $100 billion of unreported financial activity and conservatively hundreds of millions of dollars of unpaid tax.
February 28, 2024
Josh Ungerman was quoted in a Bloomberg Law article published on February 28, 2024... [ read ]
February 27, 2024
The Most Important Elements of a Successful IRS Voluntary Disclosure? Timing and Luck....
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As in comedy, the most important element in an IRS voluntary disclosure is generally timing. However, a couple of U.S. Tax Court memorandum opinions in Whistleblower 14376-16W v. Commissioner, T.C. Memo 2017-181 and T.C. Memo 2024-22, point out that timing and luck are the most important elements of a voluntary disclosure
February 23, 2024
Another Shot Across the ERC Bow by the IRS...
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One of my ERC friends sent me the IRS letter below that was received by one of his ERC clients about their ERC filing. The letter, Notice CP271, says there has been aggressive advertising involving ERC and the employer should confirm they are entitled to the ERC amount they claimed.
February 21, 2024
Return Preparer Fraud Results in Harsh Outcome for Innocent Taxpayer...
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the IRS generally has three years to assess additional tax, pursuant to IRC Section 6501. The three years can be extended by agreement, the taxpayer filing for bankruptcy, the IRS issuing a Notice of Deficiency, or taxpayer involvement in a third party summons enforcement action.
February 21, 2024
IRS Announces New Audit Initiative Focused on Private Jet Usage...
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According to the IRS, private jet usage by certain taxpayers just doesn't fly. Today the IRS announced plans to initiate dozens of audits on business aircraft involving personal use. The audits will focus on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether use of aircrafts is being properly allocated between business and personal reasons.
February 21, 2024
Can the U.S. Tax Court Hear ERC Lawsuits?...
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As more and more taxpayers consider filing lawsuits to receive an ERC refund, it is important to understand where the lawsuits can be filed. Before a taxpayer is legally allowed to file a refund lawsuit in court, taxpayers must first file a claim for refund with the IRS.
February 21, 2024
Replay - 2024 Professional Issues Update... [ read ]
February 16, 2024
No Chocolate/Flowers: IRS Dishes Out the Threat of ERC Penalties as its Valentines Gift to Taxpayers...
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The IRS was not feeling the love this past Valentine's Day, releasing a new FAQ to its Employee Retention Credit Voluntary Disclosure Program that identifies the multitude of criminal and civil penalties that could apply to non-compliant taxpayers that choose not to participate in the program.
February 15, 2024
