Taxes

For months, the IRS has warned taxpayers that the Employee Retention Credit—or ERC—has become a magnet for fraud. Last week, IRS Commissioner Danny Werfel emphasized that the agency had “entered a new phase of increasing scrutiny on dubious submissions.” That focus appears to be paying off—a tax preparer has been arrested for seeking more than

A large portion of my client base involves small business owners with financial troubles due to a failure of paying taxes. As a result, I find that often taxpayers hope that if they ignore IRS Notices the debt will disappear. Unfortunately, this does not occur and results in the taxpayer owing even more due to

Contingent legal fees are customary in personal injury cases. Increasingly, they are the norm in employment lawsuits too. Indeed, the variety of cases in which contingent legal fees are common is still expanding. These days, even large law firms may handle some cases on contingency. So, how about paying your tax adviser a percentage of

Manal Corwin, the new director of the OECD’s Centre for Tax Policy and Administration, discusses her vision for the organization and the latest updates on the inclusive framework and two-pillar project. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: under new management. The

Workers in Washington state saw a new deduction in their paychecks last month: a tax on wages meant to help pay for the cost of long-term care. The first-of-its-kind tax in the U.S. was created in 2019. However, under the program’s timeline, workers began making payroll contributions in July of 2023. Washington Cares Payroll Tax

Rewards earned from staking cryptocurrency are to be included in a taxpayer’s gross income when received. For those who follow the taxation of digital assets the position taken in IRS Revenue Ruling 2023-14 comes as no surprise. The ruling formalizes the position the IRS has taken at least since the Jarrett case. The Jarretts’ argument

On July 30, 1973, Tax Analysts accused President Richard Nixon of playing fast and loose with the tax laws. In a 16-page study released to the public and submitted directly to the IRS, the fledgling nonprofit questioned the deductions that Nixon had taken for donating his official papers to the National Archives. Nixon had made

The IRS is clearly serious about moving its Strategic Operating Plan forward. The plan, which was released in April, has been described by the agency as an “ambitious effort to transform the tax agency and dramatically improve service to taxpayers and the nation during the next decade.” This week, the IRS announced the appointment of

Small and medium-sized enterprises (SMEs) play a vital role in the European Union (EU) economy, driving innovation, employment, and economic growth. These enterprises form the backbone of the EU’s business landscape, comprising 99% of all businesses in the region and accounting for more than half of Europe’s GDP. SMEs employ around 100 million people across

The provisions of the Corporate Transparency Act affect virtually every LLC in the United States. Yet many small- to medium-sized businesses remain unaware of the CTA or its new reporting requirements. The CTA is administered by the Financial Crimes Enforcement Network and it is through FinCEN that businesses will report their beneficial ownership information. Beneficial