In the Fact Sheet 2024-21 Basis shifting, the IRS detailed the guidance to avoid abusive basis shifting by related-party partnership members, such as transfers, distributions or liquidations. This is part of a broader targeted effort against partnerships and high income taxpayers. For the basis shifting, the IRS described the abuse as a evasion of taxes
Our colleagues from NJ SBDC have posted the Mid-year Financial review seminar from mid-June 2024 in Youtube. We highly recommended checking the amazing video library of this organization as it has over a hundred and fifty recording on different topics relevant to any business owner. What You'll Learn from this presentation: - Key tax changes
In mid June 2024, Victor Garrido attended an IRS conference "Working Together" where the IRS made presentations on several topics. One of the latest pain points shared by the agency was the elevated number of scams and fraud activities conducted through: phone calls to taxpayers, especially elder citizens that might have dementia, Alzheimer, or other
As the IRS is increasing the attention on partnership returns, especially those with higher asset value or more complexity, we should keep into consideration the first results of the partnerships audits subject to Bipartisan Budget Act that are now ending. The Bipartisan Budget Act (BBA) was passed in 2015, but it was effective from 2018.
In the IR-2024-167, the IRS shares the Frequently Asked Questions and general guidance on how the employee's w2 will not reflect any additional compensation for educational assistance programs with benefits of up to $5,250 if there is a section 127 program at your employer. This is an excellent way to have the employer pay for
Our friends from PIDC have shared this new program for businesses in Philadelphia and please, if you meet the requirements, start compiling the required document. You can find some of the details below (See links at the bottom): Boost Your Business is a program of the Department of Commerce — in partnership with PIDC, the City’s public-private economic
The New York State Department of Labor has a special program called " Shared Work CLICK HERE " to support NY business with a slowdown, so the employee work reduced hours receiving wages and also collecting some of the unemployment benefits. This program allows: Save Labor Dollars - Adjust employee hours as needed. Employees working reduced hours
Dive into the essential 2024 tax updates in this Presidential election year and Beneficial Ownership Interest (BOI) requirements to keep your business compliant and penalty-free! Join our friends at NJ SBDC this next Thursday, June 13th at 12 PM EST for our next event, "Mid-Year Financial Review: Tax Changes & BOI Compliance in 2024", a
As stated in the U.S. Department of the Treasury website, " The IRS sends around 170 million notices to individual taxpayers every year to help them claim the credits and deductions they are eligible for and meet their tax obligations. " In IRS communication IR-2024-155, the IRS reached the milestone of receiving 1 million documents
IRS Offer in Compromise Rejected? Here’s What You Can Do Next (CPA Help Guide) If your IRS Offer in Compromise was rejected, you are not alone. Many taxpayers face this situation and still have options available to resolve their tax debt. Why Offers Get Rejected Incomplete information Unrealistic offer amount Lack of proper documentation What
