Federal Tax Updates

Timely analysis of federal tax law changes, guidance, and developments affecting practitioners.

Shedding Light on ERC Audits

It should come as no surprise that the IRS has been looking into ERC claims as a result of the widespread misinformation revolving around qualifying for and claiming the credit. The IRS has issued Information Document Requests (Form 4564) to some taxpayers claiming the credit, and in some cases has also scheduled Payroll Tax Return (Form 941) audits.

Ugly Donkeys Get Beautiful Results in Tax Court

The following is a reprint from the 2022 University of Illinois Federal Tax Workbook, Volume A, Chapter 3: Rulings and Cases. The video is a discussion of the case between…

Should You Prepare Your Client’s Amended Return for ERC?

Larry Gray, CPA helps you, the tax professional, understand what questions you need to ask your clients to make sure they qualify for the Employee Retention Tax Credit (ERTC or ERC).

Don’t Fall for ERC Scams – Qualify the Correct Way

Guest blogger, Larry Gray (AGC Solutions) review how to qualify for the employee retention credit the right way, and how you should be on your guard against advertising scams on social, telemarketing, radio, and television channels regarding this issue.

Cryptic Territory – An Update on Digital Assets and Tax Implications

Activity in cryptocurrency and digital assets is on the rise by individuals and businesses. Because of this, the IRS has increased its efforts to provide updated guidance on the tax treatment and reporting requirements tax practitioners and their clients should be aware of.

How To Implement Latest IRS Instructions for Schedules K-2 & K-3

If you expect to prepare S corporation or partnership tax returns this year, you probably welcomed the language of draft instructions for Schedules K-2 and K-3. The instructions released in…