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SECURE 2.0: What You Need to Know
By on December 29, 2022
Just three short years after the passage of some of the most significant changes to the U.S. retirement saving and funding system in the form of the SECURE Act, Congress has passed "SECURE 2.0" as part of the recent spending package, the 2023 Consolidated Appropriations Act, with Division T covering SECURE 2.0, a Senate Finance Committee summary. The Omnibus Bill is expected to be signed into law by President Biden ahead of the December 30th government funding deadline.
The Hidden Dangers of Filing a Tax Court Petition, Part III
By on December 19, 2022
I've previously written two blog posts regarding the "hidden" dangers of filing a Tax Court petition. In both blog posts, I discussed taxpayers who received Notices of Deficiency, filed Tax Court petitions and were surprised by the IRS answer, wherein the IRS increased the stakes by proposing a 75% fraud penalty for the first time.
IRS Exam Training Materials on Employee Retention Credit
By on December 5, 2022
In a prior blog post, I discussed the IRS warnings about Employee Retention Credit (ERC) abuse and the IRS training more than 300 auditors and criminal investigators to examine claims involving the ERC. According to IRS officials, the auditors and criminal investigators have now all completed a 56-hour training course on ERCs.
