Taxes

Instacart is the highest-profile venture-backed company to go public since December 2021. As with many later-stage startup companies, Instacart’s initial public offering (IPO) is as much about its human capital as its financial capital. Grants of restricted stock units (RSUs) and stock options are important forms of compensation for Instacart employees—but to cash in, they
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For weeks, the IRS has been teasing new compliance initiatives—including increased hiring—to focus on expanded enforcement work on complex partnerships, large corporations, and high-income and high-wealth individuals. Today, the IRS announced plans to establish a special pass-through organization to focus on large or complex pass-through entities. According to the IRS, the new group will be
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Intro In a surprising move, the IRS recently announced an immediate stop to new Employee Retention Credit (ERC) processing, citing suspicions of fraudulent activity. The ERC was established as part of the 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act and was designed to provide financial support to employers during the pandemic. However, the
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Joseph Nocito, age 81, of Sewickley, Pennsylvania, has been sentenced to one year and one day in prison for conspiring to defraud the U.S.. Nocito, former CEO and President of Pittsburgh-based Automated Health Systems, will also serve three years of supervised release, which includes six months on home detention, and pay approximately $15,824,056 in restitution.
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The Federal Trade Commission (FTC) has warned five tax preparation companies that they could face civil penalties if they use or disclose confidential taxpayer data for other unrelated purposes, such as advertising, without first obtaining consumers’ consent. According to information posted on the FTC website, the five tax preparation companies are H&R Block SQ ,
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The Inflation Reduction Act includes U.S. territories in the expansion of clean energy tax benefits, but only partially. The proposed elective payment regulations (REG-101607-23) define when territories and entities within them can benefit from the new regime. The proposed rules provide that applicable entities include U.S. territories and their political subdivisions, instrumentalities, and agencies, similar
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A few years ago, a neighbor of mine was having a serious problem with the Social Security Administration. The agency inexplicably denied her the retirement benefits she was entitled to — all because of a name change. Something so basic as reverting to her maiden name (after being widowed for a decade) was enough to
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Professor Clint Wallace of the University of South Carolina School of Law discusses his argument for using tax policy to reinforce democracy. 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 Today International. This week: tax and democracy. An
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A federal jury in Detroit has found Ryan Richmond of Bloomfield, Michigan, guilty on charges including evading federal income taxes and obstructing the IRS. According to the original indictment, Richmond owned and operated Relief Choices LLC, a medical marijuana dispensary in Warren, Michigan. Warren is a short drive north from Detroit. Legality Of Cannabis Under
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The Covid pandemic-induced growth in working from home (WFH) continues rippling through the economy, highlighting tensions for both employees and employers. If you work from home at least part of time, you’re part of a major shift in the professional labor market, but don’t get too comfortable—things will keep changing. Last week, Meta started requiring
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As the mass proliferation of digital services taxes becomes increasingly certain, the United States may be wise to reassess its categorical opposition to them and rededicate its resources to developing multilateral DST standards. DSTs are still relatively novel tax policy instruments that have yet to win consensus acceptance and, therefore, are not subject to the
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