IRS WATCH

IRS offers further guidance on ERC, even as Congress may end it soon

By Michael Cohn       5 min read

Congress is weighing a proposal to end the tax break next month to pay for the bipartisan infrastructure plan. Read story →

‘A never-ending tax season:’ Rating 2021

By Jeff Stimpson       4 min read

Tax pros weigh in on the pros and cons of this year’s extended filing deadline. Read story →

Tax guidance on NFTs remains a murky area

By Michael Cohn       5 min read

The booming market for nonfungible tokens is showing no signs of slowing down as investors pour money into digital collectibles, but the tax rules surrounding NFTs are anything but clear.  Read story →

IRS urges tax pros to combat unemployment identity theft fraud

By Michael Cohn       4 min read

The Internal Revenue Service is asking tax professionals to help clients who fell prey to identity thieves who have been filing unemployment claims in their names during the pandemic. Read story →

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Ledecky may owe $44K in taxes for Olympics glory

By Sam McQuillan       3 min read

It's not the medals themselves — it's the prize money and the sponsorship deals that add up. Read story →

Senators go beyond Biden plan to end private-equity tax break

By Laura Davison       3 min read

Two senior Democrats are proposing a bill that would go further than President Joe Biden’s plan and potentially raise quadruple the revenue. Read story →

Tax Fraud Blotter: Millions lost

By Jeff Stimpson       6 min read

Living on borrowed time; seed money; two down; and other highlights of recent tax cases. Read story →

Gross receipt exclusions clarified for ERC

By Jeff Stimpson       1 min read

Rev. Proc. 2021-33 from the IRS lets businesses deduct certain stimulus-related items to determine eligibility for the Employee Retention Credit. Read story →

RSM to acquire C Systems and Confluence Global

By Michael Cohn       2 min read

C Systems specializes in nonprofit tech services and association management systems, and Confluence Global is a Salesforce consulting partner. Read story →

Millions in tax-free profits? Here’s the loophole that survives Biden’s proposed tax hikes

By Lynnley Browning       6 min read

Most advisors don’t know about the tax benefit for qualified small business stock, which can put millions of dollars tax-free into an entrepreneur-client’s bank account.  Read story →

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