IRS Launches Voluntary Disclosure Program for False ERC Claims

Feb 20, 2024

In March of 2020, Congress passed the CARES Act, a 2.2 trillion dollar stimulus package designed to help individuals and businesses adversely affected by COVID-19. The legislation included the employee retention credit (the “ERC”), a refundable credit of up to $28,000 per employee per year to assist certain employers whose operations were adversely affected by […]

Internal Revenue Service Sign on side of federal building in Washington

Overview of the IRS

Mar 31, 2023

The Internal Revenue Service is a part of the Department of the Treasury. The functions that interact most frequently with members of the public are the Service Center, Collection, Examination, and Criminal Investigation. The personnel and duties of each of these functions are summarized in a very cursory fashion below. Service Centers When returns are […]

Large Gifts From Foreign Citizens May Result in Unexpected Tax Consequences

Feb 16, 2022

The Procession of the Trojan Horse into Troy by Giovanni Tiepolo circa 1760. For most people, the receipt of a gift, particularly a large cash gift, is cause for celebration. But over the millennia gifts have spawned a lot of wise advice from various wary pundits. Beware of strangers bearing gifts was an admonition coined […]

Six Reasons to File your Income Tax Return

Dec 20, 2021

Almost 100 years ago Supreme Court Justice Oliver Wendell Holmes observed that “taxes are what we pay for civilized society[1].” For Justice Holmes paying taxes may have been a moral imperative, but beyond wanting to win a good citizenship award, are there any other good reasons for filing your income tax return each year? If […]

The Trust-Fund Recovery Penalty—An exception to limited liability.

Oct 14, 2020

Many business owners form a limited liability entity (an “LLE”) such as a corporation or limited liability company (as LLC), to protect their personal assets from exposure to business liabilities. While forming an LLE is a prudent business decision, it is important to realize that they do not protect against ALL business liabilities. There are […]

Ready to Find Out More?

Contact Us Today to Get Started!