The IRS continues to warn businesses not to fall for aggressive marketing or scams related to the ERC. Businesses should first check with their trusted tax professional before submitting an ERC claim. As part of
The failure to file and pay payroll taxes has been a major focus of IRS investigations in the past few years. Sometimes the cases are civilly examined, but occasionally the government criminally prosecutes more willfull
The IRS is drastically cutting back on its decades-long practice of surprising taxpayers at their homes or businesses because of concerns about the safety of employees and confusion caused by scam artists who also knock
While the New Jersey Estate Tax was abolished 5 years ago and the Federal Estate Tax applies to taxpayers with estates over $12 million, the NJ Inheritance tax is relatively unknown and impacts thousands of
Parag Patel Esq. will be a featured speaker at a virtual New Jersey Society of Certified Public Accountants (NJCPA) Webinar panel entitled “Under the IRS Microscope: International Tax Reporting Update” and “What Tax Professionals Should
The IRS has begun to audit ERC refund claims filed for 2020 and 2021. While the audit process is just starting, it is expected to increase over time as the IRS has indicated it is
The IRS announced yesterday that certain businesses that receive payments of over $10,000 in cash must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, electronically starting in 2024, the IRS
The US Treasury and US Internal Revenue Service are to leverage more resources to detect Americans using Malta personal pension accounts to claim tax exempt income, it said in a statement last week. The additional
A Union County NJ contractor was arrested last week for tax evasion for not reporting cashed check income. Joel Konopka, 45, of Elizabeth, New Jersey, is charged by indictment with four counts of corporate tax
Beginning in 2023, third-party payment networks must file Form 1099-K with the IRS and provide a copy to the taxpayer when the gross payment amount exceeds $600. However, not all payments from third parties are taxable. Taxpayers can take
The Internal Revenue Service will no longer reduce the penalty for taxpayers who non willfully fail to file Reports of Foreign Bank and Financial Accounts (FBAR or FinCen 114), according to recent Internal Revenue Service
In a July 14, 2023, release, the IRS stated that “[t]hanks to Inflation Reduction Act resources,” it has begun a criminal crackdown on Act 20/22/60 participants engaging in a ”[h]igh-dollar scheme in Puerto Rico.” The
