IRS Issues Alerts and Begins Audit Activity Related to the Employee Retention Tax Credit

IRS Issues Alerts and Begins Audit Activity Related to the Employee Retention Tax Credit … – JD Supra https://bit.ly/3OfBfzo

Electronic Filing regulations for W-2s highlighted

Attention: employers! The IRS has issued a reminder that highlights the electronic filing regulations implemented earlier this year for Form W-2, Wage and Tax Statement. Indeed, beginning calendar year 2024, most Forms W-2 are required to be filed electronically if employers are filing 10 or more such forms. Previously, for calendar years 2022 and 2023 […]

Penalties updated for TIN reporting

Employers and businesses that must obtain taxpayer identification numbers (TINs): The IRS just updated some relevant information. Publication 1586, “Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs on Information Returns” has several objectives. The publication provides general information needed to avoid penalties for information returns that are filed with missing or incorrect TINs, […]

Missouri Becomes Second State To Enact Law Regulating Earned Wage Access Services

Missouri Becomes Second State To Enact Law Regulating Earned Wage Access Services … – JD Supra https://bit.ly/3PXxHTx

Need a payment plan? What’s your income?

IRS Form 433-A is used to obtain financial information to determine how a wage earner or self-employed person can pay an outstanding tax liability. Individuals are required to truthfully report income on this form. In one case, a doctor worked as a contractor and had no tax withheld and didn’t pay taxes or file tax […]

Credits can help reduce the cost of raising Children

Raising kids is costly. That’s true of biological kids, kids you may adopt and the children of relatives that you may be raising, such as your grandkids. Thankfully, there are several tax breaks that may help. Here’s what you need to know: to qualify for tax breaks for your dependent kids, each will need their […]

Indiana Jones’s Guide to Taxing Treasures

The Short Form: From Temples to Tax Forms—Indiana Jones’s Guide to Taxing Treasures https://bit.ly/44CMyXq

Cryptocurrency Exchange ordered to release customer information

A cryptocurrency exchange was ordered by a U.S. District Court to provide the IRS with customer names and information about certain transactions. Specifically, it must disclose any transaction that equaled at least $20,000 in a year between Jan. 1, 2016 and Dec. 31, 2020. Among other details, the company must turn over user birth dates, […]

US Tax Court denies Tax Credit

In a recent case, the U.S. Tax Court found that multiple shareholders in an S corporation weren’t entitled to a flowthrough of the research credit on their personal tax returns. The $501,531 tax credit was claimed by the air pollution control systems business in connection with 19 projects. The court ruled that the research expenses […]

Is your “Home Office” deductible?

With so many people now working from home, they may refer to their workspaces as “home offices.” But does that space qualify them for home office tax deductions? Indeed, there are specific requirements workspaces must meet to qualify for deductions. For example, a portion of the home must be available for the exclusive use of […]