Taxes

“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 enforcement. That hasn’t always been
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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, editor in chief of Tax
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Among its many damages, the Covid-19 pandemic caused major population losses in many US cities, through a combination of working from home, loss of new immigrants, and movement to less expensive areas. Recent data suggest those losses may have slowed, but cities could still be left facing major population declines, which also means lower tax
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The charitable reading of the grant of statutory authority in the clean hydrogen credit under section 45V(f) is that Congress gave Treasury considerable regulatory leeway to tell claimants how to determine the life cycle greenhouse gas emissions that the entire credit hinges on. The less charitable interpretation is that Congress abdicated its responsibility and left
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“The I-9 requirement is probably the most overlooked form that really small, trying-to-do-it-themselves employers miss,” says Catherine Madeley, a CPA in Austin, Texas. U.S. Citizenship and Immigration Services released a new version of the I-9 on August 1. Temporary rules for remotely verifying employee identities that were implemented during the Covid-19 pandemic ended on July
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