National Taxpayer Advocate Fights for FTA Penalty Relief from the IRS

National Taxpayer Advocate Erin M. Collins today released her statutorily mandated midyear report to Congress. The report says the tax-return filing season generally ran smoothly this year, urges the Internal Revenue Service to prioritize a broad array of technology upgrades, and

How to Avoid Employee Retention Credit (ERC) Scams

A small industry of specialist firms has sprung up to help business owners claim the Employee Retention Credit (ERC), a governmental tax incentive intended for companies stressed by the pandemic. But businesses need to be careful not to get scammed. Promoters

Watch Out: Malta Pension Plans Become Listed Transaction

Last week, in a government notice of proposed rulemaking (REG-106227-22), US Treasury and the IRS issued proposed regulations that identify any transaction that is similar to a Malta personal retirement scheme as a “listed transaction.”  A listed transaction is a

Beware Expected Employee Retention Credit (ERC) Audits

The IRS recently issued its seventh warning against questionable ERC activity.  The IRS, with its new funding, is expected to ramp up its Employee Retention Credit (ERC) audit enforcement. The IRS ERC audit process is complex and can be daunting

Parag Patel Esq. Speaks at Annual Convention of New Jersey Society of Certified Public Accountants

Parag Patel Esq. will be a featured speaker next week at the annual state convention of the New Jersey Society of Certified Public Accountants (NJCPA) in Atlantic City, NJ. The seminar is entitled “ Hot Topics in Tax Controversy.” Mr.

Parag Patel Esq. Speaks to New Jersey Society of Certified Public Accountants (NJCPA) Nonprofit Interest Group

Parag Patel Esq. was the featured speaker last month at a New Jersey Society of Certified Public Accountants (NJCPA) Nonprofit Interest Group. The Group is a resource for NJCPAs for accounting and auditing issues affecting Not-for-Profit organizations providing interpretations of