IRS to target abusive ERTC claims – Accounting Today

One of the biggest issues being discussed by the IRS, Congress and the AICPA is the millions of businesses that are being targeted by tax credit companies looking to help them claim the employee retention tax credit.  While it’s true that many companies qualify, there is significant concern about abuse and fraud. Companies that are … Read more

Tax Expert & CPA Phil Liberatore lauds IRS tax relief totaling $1.2 billion – EIN News

1.6 million taxpayers receiving automatic refunds and credits LOS ANGELES, CA, UNITED STATES, October 6, 2022 / — Nearly two million US taxpayers are receiving $1.2 billion in credits or refunds thanks to the IRS relief action that tax expert and CPA Phil Liberatore says is long overdue but certainly welcome. “This is finally some … Read more

New IRS Technical Guide Creates a Resource for 501(c)(6) Trade Associations – JD Supra

The Internal Revenue Service (IRS) recently published a new Technical Guide for tax-exempt 501(c)(6) trade associations, business leagues, chambers of commerce, real estate boards, and other organizations exempt from federal taxation under IRC 501(c)(6). The new guide is part of an ongoing effort by the IRS and the Government Accountability Office (GAO) to consolidate techniques, … Read more

IRS Continues to Reevaluate Advance Pricing Agreement Selection – Bloomberg Tax

Daily Tax Report ® By Erin Slowey Oct. 6, 2022, 9:18 PM The IRS is considering making the advance pricing agreements more selective, which may increase the interest in the International Compliance Assurance Program, an official said. The ICAP allows multinational companies to participate in a pre-audit program voluntarily to weigh their tax risk with … Read more