Taxes

In the News On July 3 the Internal Revenue Service warned taxpayers about a mailing that misleads them into believing they are owed a tax refund and includes contact information that does not belong to the IRS. The fraudulent letter requests cellphone numbers, bank account type and routing information, and Social Security numbers. These threats

The IRS today announced a withdrawal process for business owners/tax-exempt managers from their Employee Retention Credit (ERC) claims. The IRS has been taking a hard eye at ERC filings given the significant number of pop-up shop promoters that have been out there ringing the bell and engaged in aggressive marketing. In response to concerns about

Earlier today, the IRS announced that various tax filing and payment deadlines for most taxpayers in California were being further postponed to Nov. 16, 2023. State Tax Relief Now, the California Franchise Tax Board confirmed that most Californians have until November 16, 2023, to file and pay their tax year 2022 state taxes to avoid

Technology projects often end in disappointment, and in some cases, they lead to significant financial losses for the companies that undertake them. The statistics are grim: according to Gartner, between 55% and 75% of ERP projects end in failure, and McKinsey reports that 70% of digital transformation initiatives fall short of their intended goals. Tax

Tax season can be a stressful time for many individuals, especially high-income taxpayers. With complex tax laws and ever-changing regulations, it can be tempting to seek out shortcuts or schemes to minimize tax liability. One such scheme that has been gaining attention in recent years is the promotion of art donation deductions by certain promoters.

Earlier this year, the IRS got folks talking when it announced it was launching a pilot program for a free direct online tax filing service. Today, the IRS has confirmed that the program is moving forward for the 2024 filing season. Background As part of the Inflation Reduction Act, Congress tasked the IRS with delivering

Tax Notes reporter Elodie Lamer discusses the Business for Europe: Framework for Income Taxation (BEFIT) initiative, the European Commission’s latest plan to harmonize and streamline certain aspects of corporate taxation. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes

Online sports betting in New York added $727.4 million in tax revenues in the state’s fiscal 2022-2023 year—and it looks like the trend will continue into the first quarter of the current fiscal year, according to a report by State Comptroller Thomas P. DiNapoli. But not all news is good news. The New York State

The California Franchise Tax Board announced that most Californians have until November 16, 2023, to file and pay their tax year 2022 taxes to avoid penalties. The FTB made the announcement October 16, on the heels of an IRS announcement, the same day. The IRS announced that taxpayers affected by winter natural disasters in 55

With hours to go before the filing deadline, the IRS has further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. “Further” is a key word—due to the winter storms that hit the Golden State earlier this year, the normal spring due dates had previously been postponed to Oct. 16, 2023. Impacted Taxpayers

We tend to think that police officers are busily enforcing our laws, but prosecutors in the Southern District of Florida allege that more than a dozen officers did just the opposite. Seventeen deputies in the Broward County Sheriff’s Office are accused of Covid-19 fraud-related charges totaling nearly half a million dollars. According to Broward County

An IRS contractor, Charles Littlejohn, 38, of Washington, D.C., has pleaded guilty to disclosing tax return information without authorization. Littlejohn was initially charged on information on Sept. 29, 2023, with one count of disclosing tax return information without authorization. Generally, being charged on information means that a defendant has pleaded guilty and waived the right

The IRS has announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. In Notice 2023-71, the IRS provided relief to certain taxpayers who, due to

I had a hard time figuring out how to respond to a piece by the Editorial Board of the Wall Street Journal – A Case of Tax Fraud – at the IRS (Agent backdated documents to punish legal deductions). They were referring to an IRS screwup that has gotten a good bit of coverage in

The IRS has announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments, and perform other time-sensitive tax-related actions. Affected Taxpayers The relief is extended to any individual whose principal residence or

The IRS has appealed the Tax Court’s second decision in Medtronic Inc. v. Commissioner, and the Eighth Circuit’s ruling will have major reverberations for a particularly high-stakes and litigation-prone area of tax law. In early September, the IRS wisely decided to appeal the Tax Court’s decision in Medtronic II, T.C. Memo. 2022-84. The appeal is

The good news: Most taxpayers pay what they owe in full and on time. A report released by the IRS indicates that the nation’s tax compliance rate is holding at 85%, more or less the same as in prior years. The not so good news: New tax gap projections for tax years 2020 and 2021

The IRS has released its annual update of special per diem rates for taxpayers to use in substantiating business expenses while traveling away from home. The new numbers are effective as of October 1, 2023, and are to be used for per diem allowances paid to any employee on or after October 1, 2023, for

Corrected, Oct. 11: An earlier version of this post reported that Juror 26 remained on the jury. This was an error. The judge initially ruled that all jurors were to remain, but subsequently dismissed Juror 26. ——————————————————————————————————————————- The most important recent development in the government’s long battle against abusive syndicated conservation easements. what I call

The Department of Justice continues to focus on pandemic-related fraud. This week, a federal grand jury in the Western District of Tennessee returned an indictment charging ten individuals for their roles in schemes to defraud the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). Grand Juries And Indictments When it comes