The Trump administration’s calls to reduce the size of the federal government and make the federal workforce more efficient[1] are expected to have a significant impact on the work of the Internal Revenue Service (IRS) and potentially end the agency’s 10-year plan to expand its tax compliance enforcement activities. However, savvy taxpayers should not assume […]
Posted on November 01, 2024
by
Joseph Leocata
The IRS recently launched a new unit committed to enforcing U.S. tax laws among pass-through entities, such as S corporations, partnerships and trusts, whose income passes from the business to its owner’s individual tax returns where taxes are due at the owners’ marginal income tax rates. The move is part of the agency’s broader focus […]
Posted on October 03, 2024
by
Joseph Leocata
In this episode, Senior Manager of Tax Services Joseph Leocata shares the latest trends in IRS audits and four good tips for individuals and companies who may be targets.
Posted on August 21, 2024
by
Magda Szabo
On June 28, 2024, the U.S. Supreme Court issued a landmark decision in Loper Bright Enterprises v. Raimondo,[1] overturning its 40-year long-standing precedent set forth in Chevron v. Natural Resources Defense Council.[2] The latest ruling has far-reaching consequences concerning the courts’ power to override a federal agency’s interpretation (regulatory guidance) of the laws Congress designated […]
Posted on June 14, 2024
by
Mark Leaheey
The research and experimental (R&E) tax deduction under Section 174 of the Tax Code has been a boon to U.S. businesses since its introduction in 1954. However, the rules for how taxpayers may claim a benefit for these costs changed in 2022, restricting short-term cash flow. Now, two years later, Congress may have found a […]
Many of the taxpayer-friendly provisions of the tax code introduced by the Tax Cuts and Jobs Act (TCJA) in 2017 are set to expire at the end of 2025, exposing individuals and businesses to the prospect of significantly higher tax liabilities beginning in 2026. While it is possible lawmakers will intervene and extend some provisions […]
Posted on October 19, 2023
by
Joseph Leocata
In this episode Joseph Leocata shares details about the current state of the IRS, trends in tax controversy and what to do if you receive an IRS notice.
Posted on September 06, 2023
by
Sarah Gaymon
The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life […]
