Dig deeper! Find hidden treasure in financial statement footnotes

Numbers tell only part of the story. Comprehensive footnote disclosures, which are found at the end of reviewed and audited financial statements, provide valuable insight into a company’s operations. Unfortunately, most people don’t take the time to read footnotes in full, causing them to overlook key details. Here are some examples of hidden risk factors […]

Bankruptcy discharge of tax debt

The IRS often can’t attempt to collect debt from taxpayers whose debt has been discharged in bankruptcy. A U.S. Bankruptcy Court in West Virginia recently ruled against the IRS after the agency sent multiple collection notices to a debtor who had a discharge order. The IRS excused its actions by saying they were inadvertent and […]

IRS Priority Guidance Plan update

The IRS compiles annual Priority Guidance Plans to identify tax issues that should be addressed through various means, including regulations, revenue rulings, revenue procedures, notices and other administrative guidance. Recently, it released its third quarter update for the 2021-2022 plan (https://bit.ly/3GVliZD). For the full year (which ends June 30, 2022), the plan includes 193 projects. […]

Hang up the gloves with an earnout

IRS increases mileage rate

With gas prices spiking, IRS increases mileage rate for 2022 – JC Post https://bit.ly/3xfSvdY

Support Ukraine Through Our Tax Code Act proposed

A bipartisan group in the U.S. House of Representatives has introduced legislation to disallow foreign tax credits for companies that pay taxes to the governments of Russia or Belarus. The Support Ukraine Through Our Tax Code Act aims to hold accountable corporations, trusts, partnerships, estates and individuals who continue to do business in Russia and […]

Extended Tax Returns

If you’ve requested for a tax filing extension, the IRS is encouraging you to e-file your 2021 return as early as possible. There’s no need to wait until the October deadline. Taxpayers who requested an extension have until October 17 to file their tax returns. However, if you have all the necessary information to file […]

Does Your State Have a Gross Receipts Tax?

Does Your State Have a Gross Receipts Tax? https://bit.ly/3NVSLWe

2022 IRS Dirty Dozen

Taxpayers beware, warned the IRS, as it issued the 2022 “Dirty Dozen” scams list. The list starts with four potentially abusive arrangements to avoid, including: charitable remainder annuity trusts, Maltese individual retirement arrangements, foreign captive insurance and monetized installment sales. If these schemes appear on a tax return, they will likely draw unwanted IRS focus. […]

Improper payments

Is the IRS successfully preventing the issuance of improper payments by adhering to the 2019 Payments Integrity Act? The Treasury Inspector General for Tax Administration (TIGTA) recently took a look and found the IRS to be “generally compliant” with the law. However, TIGTA identified four programs as susceptible to improper payments because risk assessment reports […]