...record-keeping and specific reporting. Guiding taxpayers through the complexities of capital gains, ordinary income, and the required reporting forms is essential for compliance and effective tax planning in this emerging...
...its stated goal. The tax bar and taxpayers consistently noted that the process was frequently resource-intensive and duplicative. Drafting a compliant response required significant practitioner time to vet the IRS’s...
...address long-standing concerns within the tax professional community and create an opportunity for taxpayers to seek administrative resolution up to three times before resorting to the cost and burden of...
...The IRS initially demanded a significant penalty, only conceding the case in 2023 after the taxpayer was forced to file a refund suit in District Court. Reliance on Tax Software...
...vision is to be the leading professional association dedicated to supporting America’s Tax Experts®, enrolled agents. NAEA’s members are the tax practitioners involved in tax preparation and representation. The association...
...Avenues for Resolving Past Non-Compliance: Discussion of available programs and procedures, such as the Streamlined Filing Compliance Procedures, for taxpayers who were non-willful in their failure to report, versus the...
...For tax professionals, these cases underscore the serious risks associated with a failure to properly withhold and remit payroll taxes. Employment tax fraud is a top priority for the DOJ’s...
...tax evasion and health care fraud, the tax crimes were arguably more straightforward for the government to prove. The tax evasion charges were centered on “affirmative acts” of fraud, which...
For tax professionals, successfully navigating the IRS appeals process is a critical skill that can profoundly impact a client’s outcome. It requires a deep understanding of not only tax law...
...We recommend the following best practices: Embrace Online Tools: The IRS has made significant investments in its online platforms. Utilize the IRS Tax Pro Account to manage client authorizations, view...
...rationale behind their final determination. While this document has routinely been shared with IRS Compliance personnel, its inaccessibility to taxpayers created a critical information asymmetry that undermined a taxpayer’s ability...
...under-utilized) tax tool to exclude large gains from tax. Key Provisions and Implications Prior to this law, New Jersey residents were unable to exclude gains from the sale of QSBS...
