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Defending IRS Collection Actions

Our Recommended Reading List on Tax Policy

COVID-19 Capital Costs Tax Credit Program: Its Aims, Pitfalls, and Implementation
Sales Tax and Buying a Business – Bulk Sale Filing
Expatriation from the United States Part 1: The Exit Tax

Latest Articles

  • Defending IRS Collection Actions

    By:
    Erika Colangelo, JD and Scott Ahroni, JD, LLM (taxation)
    |
    Feb 2, 2023
    During the early days of the COVID-19 pandemic, the IRS halted collection activities. Enforcement activities such as levies on bank accounts and wages as well as federal lien filings had paused. However, as we enter the 2022 filing season, the IRS is now fully back in action. 

  • COVID-19 Capital Costs Tax Credit Program: Its Aims, Pitfalls, and Implementation

    By:
    Marquise Riley, CPA, MPS, John McKinley, CPA, CGMA, JD, LLM, and Adam Vars, MPS
    |
    Feb 1, 2023

    In response to the COVID-19 pandemic, both federal and state legislatures passed a series of legislation to inject funding into the economy and sought specifically to tailor programs to support small businesses within the United States. With the enactment of the COVID-19 Capital Costs Tax Credit Program, New York seeks to “provide financial assistance to economically harmed businesses to offer relief and reduce the duration and severity of the current economic difficulties” stemming from the pandemic.

  • Sales Tax and Buying a Business – Bulk Sale Filing

    By:
    Jennifer Koo, Esq.
    |
    Feb 1, 2023

    People come to the United States seeking the American Dream. To go from rags to riches. To own your own business and excel in this open market economy. But at the same time, what is more American than taxes?

  • Expatriation from the United States Part 1: The Exit Tax

    By:
    Gary Forster
    |
    Feb 1, 2023

    The U.S. imposes an Expatriation Tax on U.S. citizens who abandon citizenship and on or long-term U.S. residents (non-citizens) who surrender their green card. The expatriation tax consists of the Exit Tax and the Inheritance Tax.  This article explains the Exit Tax.

  • 2022 New York Tax Update – Year in Review

    By:
    Daniel Kelly
    |
    Jan 3, 2023
    It turned out that 2022 was a busy year for New York State and City tax purposes.  Highlights included a large and impactful 2022–2023 budget bill, off–budget-cycle major new and increased incentive credits, the introduction of a New York City Pass-Through Entity Tax (PTET) and other City corporate tax clarifications, a significant update to New York State’s PTET for S corporations, draft regulations that will drastically alter New York’s interpretation of Public Law 86-272, and a host of updated New York Tax Department policies and court decisions that impact New York State and City residency status. 

  • Corporate Transparency Act

    By:
    Mitchell A. Drossman
    |
    Jan 3, 2023

    On December 11, 2020, the National Defense Authorization Act for Fiscal Year 2021 (“Defense Act”) was presented to the President, who then vetoed the legislation on December 23. The House voted to override the veto on December 28, and the Senate soon followed on January 1, 2021. Accordingly, the Defense Act became law. 

  • The Inflation Reduction Act of 2022: Its Impact on CPAs and Their Clients

    By:
    David Silverstein, CPA
    |
    Jan 3, 2023
    On August 16, 2022, President Biden signed The Inflation Reduction Act of 2022 (Public Law 117-169) into law. The Inflation Reduction Act (The Act) provides for large investment in making healthcare more affordable to more Americans and fighting climate change by reducing carbon emissions.

  • Estates and Trusts Update – 2022 In Review and 2023 Outlook

    By:
    Nathan W. G. Berti, Esq.
    |
    Jan 3, 2023
    In the estate planning and administration world, the last two years have been driven by political instability. It started following the November 2020 elections, and continued into 2021 with the various proposals to fund what is now known as the Infrastructure Investment and Jobs Act. Now, with the results in from the 2022 mid-term elections, it would appear that the period of political instability is behind us (at least until December 31, 2025). But as the period of political instability is ushered out, it seems it will be replaced by a period of economic instability.  

  • IRS Issues Notice 2022-53 and Will Waive 50% Excise Tax on Certain Required Minimum Distributions from Retirement Plans in 2021 and 2022

    By:
    Kevin Matz, Esq., CPA, LLM, is and Benjamin N. Millard, Esq., LLM
    |
    Dec 1, 2022

    On October 7, 2022, the Internal Revenue Service issued Notice 2022-53, which provides much-needed transition relief in the form of an IRS waiver of the 50% excise tax that could otherwise be imposed upon certain beneficiaries of qualified retirement plans (qualified plans) or individual retirement accounts (IRAs) who fail to take required minimum distributions (RMDs) during 2021 or 2022.

  • When Does 180 Equal Zero?

    By:
    Michael J. Burwick, Esq., JD, LLM and Kyle T. Kadish
    |
    Dec 1, 2022
    The tax timelines for 1031 exchanges and Qualified Opportunity Zones (QOZ) require investments to be made within 180 days of realizing a gain. The rules are clear regarding what needs to happen within each strategy that a taxpayer is pursuing, but there is little guidance on whether both timelines run concurrently or consecutively. 
Page

Tax Cases


 In Case You Missed It – February 2023

IRS Ruled Just in Pursuing Years of Underpayment and Fraud
Tax Jokes
  

"What sort of sense of humor do accountants have? Self-depreciating."

https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News


IRS Opens Free Portal to File Information Returns; New Electronic Option Can Reduce Millions of Paper Forms 1099 Estimated to be Filed by Businesses in 2023, Internal Revenue Service
 
IRS: Updates to Question on Digital assets; Taxpayers Should Continue to Report All Digital Asset Income, Internal Revenue Service

IRS works to implement Inflation Reduction Act, Arizent

National Taxpayer Advocate Delivers 2022 Annual Report to Congress, Internal Revenue Service

Conference Speakers Present Case for Litigation Finance as New Asset Class, The Trusted Professional

In State of the State, NY Gov. Hochul Announces No Income Tax Increases, Proposes Tax Incentives, The Trusted Professional
*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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