The Basics of ERC A recurring concept in the media is the Employee Retention Credit. The ERC is a refundable payroll tax credit that can be as high as $5,000 per employee in 2020, and even as high as $21,000 per employee in 2021. Employers qualify as an eligible employer…

On August 16, 2022, President Biden signed the Inflation Reduction Act, which affects tax, energy, and healthcare laws. Its tax measures primarily include: a corporate alternative minimum tax; an excise tax on corporate stock repurchases; increased funding for the IRS; extensions of Affordable Care Act credits; and green energy credits.…

Robert Goulder of Tax Notes and Don Susswein, Tony Coughlan, and Kyle Brown of RSM US LLP discuss the exclusion of deferred capital gains as tax expenditures and why it could be a problem. This transcript has been edited for length and clarity. Robert Goulder: Hello, I’m Bob Goulder, a…

“What a difference the past 12 months has made.” That was how IRS Commissioner Danny Werfel kicked off remarks focused on the first anniversary of the Inflation Reduction Act. The Act significantly boosted funding for the IRS, guaranteeing tens of millions of dollars over its operating budget for improvements and…

Tax tips on TikTok and other social media can be helpful. But when a tax strategy sounds too good to be true, it should give you pause even if—or perhaps especially if—a post, reel, or clip is circulated widely. Going viral doesn’t mean it’s any more valuable. In some instances,…

Tom Cullinan, a former IRS official now with Chamberlain Hrdlicka, discusses the basics of the employee retention credit, the recent rise in misleading promotions and fraudulent ERC claims, and the IRS’s response. This transcript has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart,…

It is no secret that many people seek to avoid California taxes by moving right before a major income event. They might be selling a company or settling a big lawsuit. Done carefully and with the right kind of income, leaving California can cut the sting of California’s high 13.3%…

The G-20 is keeping a close eye on how developing countries are faring at the OECD’s inclusive framework. Within the past 18 months, the group has hosted or supported a number of new symposia and roundtables on developing countries and international tax. Those events help the G-20 take stock of…

Last month, James W. Lewis died in Cambridge, Mass., of natural causes. If that name sounds familiar, it’s because the former tax preparer was a suspect, though never officially charged, in the infamous Tylenol poisoning murder cases. Seven people died from taking cyanide-laced Tylenol capsules in September of 1982. The…

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide emergency financial assistance during the pandemic. The CARES Act included funding in the form of loans to eligible businesses—intended to be used to help keep the lights on. Unfortunately, these loans also proved to…