“I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants,” Elvis Presley once said. Julie Welch was named to the Forbes America's Top 200 CPAs. Read more about the candidates here.
March 15, 2024: This date may be the expiration of the statute of limitations for 2020 income tax returns if returns were filed without extension. Consider filing a protective claim for refund if you claimed the ERC and reduced the ERC-related wage deduction on your 2020 return (whether originally or an amended return). This proactive step [...]
A March 1, 2024 ruling by the Federal District Court (United States District Court Northern District of Alabama Northeastern Division) declared the Corporate Transparency Act (CTA) as unconstitutional because it cannot be justified as an exercise of Congress’ enumerated powers. The case, National Small Bus. United v. Yellen, was initiated by the National Small Business [...]
Bipartisan tax legislation is currently under consideration, known as the Wyden-Smith Tax Deal and the Tax Relief for American Families and Workers Act of 2024. While this is still only PROPOSED legislation, many of the provisions could be RETROACTIVE. Introduced on January 17, 2024 and quickly approved by the House Way and Means Committee on [...]
The IRS has concerns about scams regarding employee retention credit (ERC) claims based on false and misleading public advertisements and scams targeting businesses. In early December, the IRS sent letters to 20,000 taxpayers advising them that their ERC claims were disallowed because the business either did not exist or did not have paid employees for [...]
An estimated 32 million existing entities will need to report information about their beneficial owners - the individuals who ultimately own or control the company - to the Financial Crimes Enforcement Network (“FinCEN”) before December 31, 2024. Most small and medium-size businesses created in or registered to do business in the United States will be [...]
The Inflation Reduction Act (a scaled-down version of the Build Back Better Act that was introduced in the House in September of 2021), a $430 billion climate, health care, and tax package, was signed by the President this afternoon (August 16, 2022). The bill also allows the Health Secretary to negotiate prices for prescription drugs [...]
The IRS has sent reminder notices for the upcoming due date for payments of deferred self-employment from 2020 tax returns. Payments of the deferred tax are due half by the end of 2021 and the remaining half by the end of 2022. Background: The CARES Act created a provision allowing employers, including household employers and [...]
Attention Attorneys who work on a contingency fee basis. ACTION ITEM – For cash-basis contingency-fee attorneys, consider delaying payment of case expenses until January 1, 2022. One of the provisions in the proposed Build Back Better legislation would allow case expenses to be deducted currently (rather than treating such amounts as loans for tax purposes). [...]
After several stalls in the House, the $1.2 trillion infrastructure bill was passed by Congress very late Friday night (November 5, 2021) and now awaits the President’s signature. While there are relatively few tax-related provisions in this legislation, more extensive changes are included in the Build Back Better Act (the Reconciliation Bill). One tax provision [...]