Requesting Transcripts from The IRS Will Not Increase Your Risk of Being Audited:

Lisa M. Piehl, a member of the Internal Revenue Service (“IRS”) Small Business/Self-Employed Division, stated on October 14 that tax professionals should not fear getting audited when they request a transcript of an estate or gift tax return. Piehl said her job is simply to make sure the IRS’ processes and procedures are transparent and […]
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The Treasury Will Release Guidance Clarifying the AMT Aggregation Rules:

The new corporate alternative minimum tax has been causing uncertainty for partnerships. The Treasury is intending to clarify the issue soon.   When determining if a corporation is subject to the new alternative minimum tax, the aggregation rules for controlled partnerships and other entities might not always apply. According to the Treasury tax legislative counsel, […]
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Americans Will See Lower Premiums and More Affordable Coverage This Open Enrollment Season:

In final regulations issued on October 11, the Internal Revenue Service (“IRS”) and Treasury announced that employees and their families will have more access to Affordable Care Act (“ACA”) premium tax credits under new regulations. According to President Biden, this is the most significant administrative action to implement the ACA since the law was enacted. […]
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S Corps No Longer Need Private Letter Rulings in Certain Situations

The Internal Revenue Service (“IRS”) has issued guidance to assist S corporations with resolving frequently encountered issues. With this guidance, S corporations will no longer need to request private letter rulings in certain situations. The purpose of the guidance is to aid S corporations in reducing burdens and costs and facilitating increased compliance. There are […]
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How Employers Can Help Combat America’s Mental Health Crisis:

One in five Americans experiences mental health issues. Mental health issues do not just affect people’s personal lives, they also affect their professional lives and can affect the businesses they work at.   According to the National Alliance on Mental Illness, employers lose $300 billion annually due to mental health issues their employees are experiencing. […]
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Tax Avoiding Life Insurance Is Not Likely to Be Considered Unlawful by the IRS:

Private Placement Life Insurance (“PPLI”) is a niche solution for wealthy individuals. They allow individuals to use their life insurance, and the tax benefits that come with it, to invest in hedge funds or other diversification and investment needs.   However, PPLIs are not meant to be for everyone. A suitable candidate for PPLIs is […]
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The Work Opportunity Tax Credit:

On September 19, the Internal Revenue Service (“IRS”) updated the information on the Work Opportunity Tax Credit (“WOTC”). The WOTC is available to employers that hire workers from pre-designated categories who face significant barriers to employment. Through the WOTC employers can earn a federal tax credit between $1,200 and $9,600 per employee.   The update […]
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What Is Tax Insurance And How Can It Help You?

Tax insurance has been on the rise recently. It’s a unique solution for companies to protect themselves from unexpected tax payments. Due to the uncertainty of how the Inflation Reduction Act will affect tax filings in the coming years, tax insurance policies are appearing much more appealing.  Tax insurance offers companies many benefits. It allows […]
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The IRS Is Still Trying to Deal with The Paycheck Protection Program:

The Paycheck Protection Program (“PPP”) loans gave businesses more than $800 billion. The PPP loans were created specifically to help small businesses affected by the pandemic, but many people tried taking advantage of them. Ultimately, they led to a lot of fraud.   Some individuals lied about qualifying businesses to qualify for the PPP loan […]
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