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A Surging IRS Penalty Is Costing Americans Billions. Here’s How to Avoid It.
The Wall Street Journal· 2 days agotax penalties in 2023, nearly four times the $1.8 billion it assessed in 2022. A key reason for the...
EV tax credit: What to know before you buy
Bankrate via Yahoo Finance· 2 days agoFor example, a vehicle purchased in 2023 would need a model year of 2021 or older. Not have already been transferred after August 16, 2022, to a...
IRS Heeds Call to Investigate Misuse of Puerto Rican Residency Tax Benefits | JD Supra
JD Supra· 4 days agoTime...IRS) efforts to root out those abusing lucrative Puerto Rico tax benefits, the agency has committed to devoting more resources to audits of those ...
The final decline of Birmingham-Southern: New tax records show pattern of losing money
Birmingham News· 6 days agoIn its penultimate year, Birmingham-Southern College quickly burned through what little cash it had...
Tax Court: As to Listed Transaction, IRS Must Adhere to APA | JD Supra
JD Supra· 3 days agoIn the late 1990s and early 2000s, the IRS was confronted with a proliferation of corporate transactions that it viewed as aggressive tax shelters. Relying ...
UPMC paid $17M in deferred compensation to former CEO in 2022, tax records show - Pittsburgh...
The Business Journals· 2 days agoUPMC paid former President/CEO Jeffrey Romoff more than $17 million in the calendar year 2022, the ...
I'm Buying a Home. Are Closing Costs Tax-Deductible?
SmartAsset via AOL· 4 days agoWhen you're filing your taxes, there's a whole lot to consider. From figuring out who counts as a dependent to organizing your income streams, you may...
For Many Tax-Exempt Employers - Thanks to IRS Excise Taxes | JD Supra
JD Supra· 7 days agoThe IRS has added additional considerations to this process as a result of Internal Revenue Code (Code) §4960 and its related regulations finalized in late 2021. Beginning ...
GEORGIA: CPAs Guilty of Conservation Easement Tax Crimes
Environment News Service· 1 day agoToday Herbert Lewis, a CPA and tax return preparer at an Atlanta-based accounting firm, pled guilty to selling tax deductions to his wealthy clients in ...
JD Supra: Form 5330 E-Filing Requirement Headache
JD Supra· 3 days agoThe Form 5330[1], an excise tax return used by certain employers and individuals to pay penalty taxes, must be filed electronically for taxable years ending ...