IRS addresses whether paid student-athletes serve a tax exempt purpose

Two years ago, the National Collegiate Athletic Association adopted the interim name, image, and likeness (NIL) Policy. It enables student-athletes to personally be compensated for their sports ability and fame. In a new legal Advice Memorandum (2023-004), the IRS addressed whether developing NIL opportunities for college student-athletes serves a tax-exempt purpose. NIL “collectives” have been […]

Don’t Fall for Employee Retention Credit Scams

Don’t Fall for Employee Retention Credit Scams https://bit.ly/3Jgqzh1

Despite inflation, Americans are going on vacation

How Hard Do Distilled Spirits Taxes Bite in Your State?

How Hard Do Distilled Spirits Taxes Bite in Your State? https://bit.ly/468LXi4

Tax Cuts Proposed

Republican members of the U.S. House Ways and Means Committee have introduced multiple bills that total around $237 billion in tax cuts. One would extend and retroactively restore three expired business tax breaks from the Tax Cuts and Jobs Act that involve research spending, interest expenses and equipment purchases. The package would also introduce a […]

State Tax Reform and Relief Trend Continues in 2023

State Tax Reform and Relief Trend Continues in 2023 https://bit.ly/3Cy6Sxu

Department of Treasury releases compliance framework

The U.S. Dept. of the Treasury has announced a framework designed to promote fair and transparent compliance in tax administration and enforcement. Four core principles make up the framework. The government should: 1) make it easier for taxpayers who want to comply with the law to fulfill their obligations; 2) prioritize enforcement efforts based on […]

The new Corporate Alternative Minumum Tax

The Inflation Reduction Act created the new corporate alternative minimum tax (CAMT). It imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after Dec. 31, 2022. CAMT generally applies to large corporations with average annual adjusted financial statement income exceeding $1 billion. The IRS, in Notice […]

IRS issues scam alert

The IRS is cautioning taxpayers with outstanding tax bills to avoid a scam that claims they can resolve tax debt for pennies on the dollar. They’re called offer in compromise (OIC) “mills,” and are run by unscrupulous companies that lead taxpayers to believe they can “magically get rid of tax debt,” the IRS warns. In […]

Traveling for business this summer? Here’s what you can deduct

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: […]