Study Finds IRS Audits of High Earners Yield More Than $12 in Revenue for Every $1 Spent A recent paper issued by economists at the U.S. Department of the Treasury, Harvard University and the University of Sydney, found advantages to…
Processing Of Employee Retention Credit (ERC) Payments By IRS Could Take Up to 160 Days The Employee Retention Credit (ERC), which was authorized by the $2.2 trillion coronavirus package known as the Cares Act, aimed to motivate employers to keep…
Small Businesses Will Be Subject to New Beneficial Ownership Disclosure Rules Beginning 2024 Under the new beneficial ownership disclosure rules mandated by the Corporate Transparency Act, beginning Jan. 1, 2024, companies must file beneficial ownership information with the Treasury Department’s Financial Crimes…
Debt Ceiling Agreement Includes Reduction in IRS Funding The recent Fiscal Responsibility Act of 2023 allowing for a two-year suspension of the debt ceiling in exchange for certain spending cuts includes significant cuts to the IRS budget. As part of…
More States Implementing Passthrough Entity Tax (PTET) As Workaround To The $10,000 State And Local Tax Cap We are seeing more states moving ahead with adopting and implementing new passthrough entity taxes (PTETs). States are enacting these laws as a…
Personal Income Tax Considerations When Moving Overseas Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some taxpayers may not owe any U.S. income tax while living abroad, they must still file a return…
What is Your Entrepreneurial Personality Type: Mountain Climber, Freedom Fighter, or Master Craftsman? We know that entrepreneurs are a different creed from the typical person. But why do some entrepreneurs run their businesses totally different from other entrepreneurs even if…
Female CEOs: Are They Better Than Male CEOs? In recent years, there has been a growing trend of women taking on leadership roles in the business world. In 2023, women make up more than 10% of CEOs of Fortune 500…
IRS Up to 4.7 Times More Likely to Audit Black Taxpayers A new study by Stanford University, which analyzed data from the IRS from 2014 to 2018 found that the IRS is up to 4.7 times more likely to audit…
IRS Tax Debt Could Affect Passport Renewal As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These…