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Landscape of Employee Retention Credit Tax Issues

Withum

We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim. Is the IRS Still Issuing ERC Checks?

Tax 126
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Justice Department Continues Efforts to Stop Fraudulent Tax Preparers

CPA Practice

In December 2022, Eunice Salley, a Chicago tax preparer, was sentenced to seven years in prison for filing false income tax returns on behalf of her tax preparation clients seeking more than $1 million in fraudulent refunds. Examples of civil injunctions obtained by the Tax Division over the last year include: On Jan.

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What's new in state sales and use taxes

TaxConnex

The current online resource used for sales tax filing (e-TIDES) will be retired this November and the state will move sales tax services to the online system currently used for most other tax types, myPATH. for how this will change sales tax filing and other taxpayer services? when the transition occurs.

Sales 180
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Can The Senate Finance Committee Save U.S. Research And Innovation?

Withum

Peter Huntsman HUN +1.1%, Chief Executive Officer of Huntsman Corporation, reiterated the need for stability in federal income tax legislation by highlighting China’s manipulation of the pricing of ethylene carbonate, a much-needed chemical for EV batteries. manufacturing and production of the desired chemical.

Finance 59
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Professionals on the Move – March 2023

CPA Practice

Perfetto has worked with numerous large, publicly traded clients on complex accounting and audit matters such as acquisitions, impairment analysis, valuation, income tax provision, group audits, and management review controls. He also has significant experience working with mid-size and developing privately held businesses.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

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2022 Year-End Tax Planning Checklist

Withum

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada.