IRS will use AI to help target partnerships and high net worth individuals
The IRS announced a sweeping enforcement effort that will engage AI to focus on large partnerships and wealthy individuals.
IRS Delays Roth Catch-Up Contribution Rule
The IRS has delayed the new Roth catch-up contribution rule for high earners until 2026. This change provides a strategic window for retirement planning, especially as fewer than 20 percent of eligible employees still don’t utilize catch-up contributions.
IRS Releases 2024 tax inflation adjustments
IRS releases inflation adjustments for 2024. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
Employee Retention Credit Update
Following a pause on new Employee Retention Credit claims in September, the IRS is giving businesses an option to withdraw ERC claims if there is concern about the claim’s inaccuracy.
“Greatest of All-Time” Internal Revenue Code Sections
After 38 years serving hundreds of U.S. taxpayers, Tax Partner Sean O’Connell shares his “Greatest of All Time” top 10 list of Internal Revenue Code Sections – all of which are still in effect.
Expatriating Americans: Beware the Exit Tax
For a variety of reasons, many Americans living overseas contemplate relinquishing their citizenship. This process has a number of ramifications that warrant serious consideration. This article will focus on the tax impact of renouncing US citizenship — the US Exit Tax.
North Carolina budget passes with tax cuts and other modifications
North Carolina passes budget almost three months after fiscal year begins with new taxes, accelerated tax cuts and other taxpayer-friendly provisions.
Employee Retention Credit Processing Halted by the IRS Amid Widespread Fraud
On September 14 2023, the IRS halted all new employee retention credit claims to combat rampant tax fraud. If a business has an open ERC refund claim, they are strongly encouraged to evaluate their eligibility with a professional tax advisor.
How Do I Complete a W-8BEN-E Form? … and What Is It?
If you are reading this article you have likely been tasked to complete the 30 Part, 8 page IRS form filled with mystifying acronyms. We feel your pain. The key takeaway is that you can save on tax and paperwork grief by completing this correctly.
What to do if you filed an employee retention credit claim with the IRS
ERC submissions are under scrutiny by the IRS due to a surge in questionable claims. Are you confident your claim meets the eligibility requirements and can stand up to a potential audit?