IRS Set Sights On Employee Retention Credit As One of Their Top Audit Priorities The Employee Retention Credit is the latest target of the IRS as one of their top audit priorities. The ERC is a refundable payroll tax credit…
Bankruptcy vs. Wind Down: A Choice for Troubled & Distressed Companies When a company finds itself in financial distress, it’s important to remember the various options available. In addition to bankruptcy, a viable and beneficial alternative for the right company…
Employee Stock Ownership Plans Latest Target of IRS Scrutiny The IRS has warned plan ESOP sponsors to beware of tax compliance issues. ESOPs are retirement plans that enable employees to own stock in their employer’s company, but they can be…
A Straightforward Discussion on Nexus Sales tax nexus (also known as economic nexus) is when an out-of-state business reaches a certain annual sales revenue threshold or a number of sales transactions in another state. When that happens, the business must register…
Using a Monetized Installment Sale to Defer Taxes on the Sale of Select Appreciated Property Draws IRS Attention Let’s say that someone wants to sell appreciated property, get the proceeds now, however, not pay the taxes for an extended period. …
Section 83(b) Election: A Tax Mitigation Strategy for Startup Owners and Employees Section 83(b) of the Internal Revenue Code (IRC) allows employees and other service providers to elect to be taxed on the fair market value of restricted stock or…
With Initial $38 Million Collected From Tax-Evading Millionaires, IRS Increases Focus On This Demographic The IRS allocated some of its funding from the Inflation Reduction Act to tax enforcement, and tax-evading millionaires and billionaires are targets. The agency has already closed approximately 175 delinquent…
Tax Issues When Selling a House After a Divorce The home sale exclusion remains one of the biggest and best tax breaks on the books. If a married couple filing jointly qualifies, they can exclude from tax up to a…
Claiming An Ordinary Loss Of Up To $100,000 For A Loss On Stock On Select Small Businesses Normally, if a taxpayer invests in a new business, any resulting loss is treated as a capital loss. The loss must first be…
CSBA Defrauded of More Than $200 Billion in COVID-19 Funds More than $200 billion in COVID-19 Pandemic Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans has been stolen or otherwise disbursed to fraudsters, the Small Business Administration…