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IRS Halts Processing Of New ERC Claims
Amid a growing number of scams and fraudulent activity surrounding the Employee Retention Credit, the Internal Revenue Service will stop processing new claims, effective immediately, at least th...

Treasury Seeks Legislative Assistance in Wake of ERC Issues
The Department of the Treasury is reaching out to Congress to get the appropriate tools to combat the wave of Employee Retention Credit fraud and other future issues....

IRS To Ramp Up Compliance Efforts on High-Income Taxpayers, IR-2023-166
The Internal Revenue Service detailed plans on some of the high-income taxpayers that will be targeted for more compliance efforts in the coming fiscal year....

TIGTA Critical of IRS Training of Revenue Agents Examining High-Income Taxpayers
The Treasury Inspector General for Tax Administration is calling on the Internal Revenue Service to improve its training of revenue agents that will be focused on auditing high-income taxpaye...

Additional IRS Guidance Further Clarifies the Application of the New Corporate AMT, Notice 2023-64; IR-2023-167
The IRS has provided additional interim guidance in Notice 2023-64 for the application of the new corporate alternative minimum tax (CAMT). This guidance clarifies and supplements the...

Reliance Rules for Amortizing Research Expenditures Provided, Notice 2023-63
Taxpayers may rely on a notice that describes proposed regulations that will address the amortization of qualified research and experimentation (R&E) expenses. Before 2022, R&E expenses were ...

Proposed Reliance Regs Flesh Out Prevailing Wage and Apprenticeship Requirements and Corrections for Bonus Energy and Business, Proposed Regulations, NPRM REG-100908-23; IR-2023-156
Taxpayers may rely on proposed regulations that detail how to satisfy the prevailing wage and apprenticeship (PWA) requirements for bonus amounts that may apply to several energy and bu...

Tax Treatment of Certain State Payments Clarified, Notice 2023-56; IR-2023-158
The IRS has provided guidance on the income tax treatment of payments made by states in 2023 and later years. In IRS News Release 2023-23, February 10, 2023, the IRS clarified the federal t...

NTA Calls For New Approach To Supervisory Review Of Penalties
National Taxpayer Advocate Erin Collins is calling on the Internal Revenue Service to alter how it deals with supervisory review of penalties....

Preparing For IRS’s Compliance Efforts In Crypto
Taxpayers, and the accounting and legal professionals who represent them, need to be prepared as the Internal Revenue Service has begun compliance work on those who own and trade in cryptocurrenci...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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