Church-controlled Organizations may Disaggregate from the Church for Employee Retention Tax Credit Purposes.

Churches & Church-related Organizations can Receive Large Refund Checks from the IRS The Employee Retention Tax Credit (ERTC) presents an opportunity for employers to receive a stimulus-like incentive in the form of a refundable tax credit for every employee that they employed from the second quarter of 2020 to the 3rd quarter of 2021.  Specifically, […]
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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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The IRS Trying to Promote Awareness of Cybercrime and Fraudulent Charities Again:

On October 17, the Internal Revenue Service (“IRS”) announced it will join international efforts to fight fraud. This announcement came because of the beginning of Charity Fraud Awareness Week, which lasts from October 17 to October 21.   In the announcement, the IRS stated that according to estimates charitable organizations lose five percent of their […]
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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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Changes to the IRS’ Tax-Exempt Organization Enforcement Are Coming:

The Treasury Inspector General for Tax Administration (“TIGTA”) has recommended that the IRS should improve its enforcement program for tax-exempt groups. The steps the TIGTA is advising would assist the IRS in finding tax-exempt groups that participate in illegal or unallowed activities that violate their exempt status.   The TIGTA recommended that the IRS ensure […]
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