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If you are an American taxpayer who earns income from abroad, you may already be familiar with the foreign tax credit (FTC). In short, taxpayers who pay taxes to foreign countries for income earned abroad may be able to offset a portion of their tax liability in the US using the FTC. For companies and…
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This third major hurricane of the 2023 season, Hurricane Lee originated as a tropical storm off the coast of West Africa on September 5, intensified into a hurricane as it traveled across the Atlantic over the next week, and eventually transitioned into an extratropical cyclone, making landfall in Canada on September 17. Along the way,…
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If you’re an owner, shareholder, or investor in a pass-through entity such as an S corporation, you may be eligible to claim additional credit on your state income tax returns with the Pass-through Entity Tax. However, there is some confusion about when the deduction can be taken. Today’s post explains what the PTE tax is…
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The Employee Retention Credit (ERC) is a valuable tax credit that can be worth thousands or even hundreds of thousands of dollars to some small businesses. Unfortunately, some disreputable actors have sought to capitalize on its value, leaving a mess for taxpayers and the IRS to clean up. Now the IRS is taking steps to…
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Flush with a cash infusion from the Inflation Reduction Act of 2022, the IRS is using its new funds to provide better service to taxpayers, implement new technology, and intensify its enforcement efforts. As part of its enforcement efforts, the Service is closely scrutinizing partnerships, corporations, and high-wealth individuals to enhance tax compliance and crack…
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As of the beginning of 2024, the IRS had identified over 1,600 millionaires and billionaires who owed back taxes. In the words of Commissioner Danny Werfel, the Service is now putting in “a laser-focused effort to collect that money.” We’ve previously written about the new funding allocated to the IRS by the Inflation Reduction Act…
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Getting away without paying your taxes may not be as easy as it used to be—and the penalties could be steep. We’ve written about the IRS’s new budget and how the Service has pledged to use part of those funds to increase its enforcement efforts, particularly with regard to partnerships, corporations, and individuals making over…
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