The US Supreme Court is slated to hear a case Wednesday that will test the reach of privacy protections against the IRS’s power to demand bank account records without ever notifying account holders.
The IRS recently announced that scams from promoters pitching the Employee Retention Credit (ERC) to unwary business owners is the top of the “dirty dozen” list of tax cons this year. As I’ve written about previously, business owners need to be eyes open about the ERC – and work closely with their CPA/trusted tax advisor about whether they may qualify for the ERC.
Laura Lynn Gonzalez expected a tax refund this year, after her two-employee data-visualization company experienced a $30,000 loss. Instead, she said, she is facing a $100,000 federal tax bill that is about as large as her 2022 salary.
Recent legislation and litigation involving the property deduction for energy efficient building projects should be seen as two major victories for taxpayers, particularly designers and contractors, according to a tax professional at a consulting firm specializing in the benefit.
Former IRS chief, Mark Everson, believes new IRS chief Daniel Werfel is the right person to lead the agency during its $80 billion transformation.
Dr. Robert Ambrose, Chairman of Robotics & Artificial Intelligence, alliantgroup & Former NASA Software, Robotics and Simulation Division Chief & Deirdre Ricketts, Lead Science Teacher & STEAM Lab Facilitator
Without Senate-confirmed leaders, the DOJ’s Tax Division and the IRS Office of Chief Counsel are reluctant about taking up significant tax projects.
The Senate Finance Committee this week voted to advance Daniel Werfel’s nomination to become IRS commissioner amid fierce debate over the agency’s $80 billion in funding.
There has recently been a fair amount of activity in the world of Section 179D – an important tax incentive for energy efficient building design. As background, in 2005, Congress enacted Section 179D of the Internal Revenue Code, – the energy efficient commercial building deduction – in an effort to impact the country’s largest consumer of energy, our buildings, and to encourage and incentivize the construction (including rehab) of greener buildings.
President Joe Biden’s nominee to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle.