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Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death

Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death In a case of first impression, the Tax Court retained jurisdiction over a petition for redetermination with respect to a whistleblower’s claim for an award after the petitioner’s death. The informant filed a claim for an award with the IRS Whistleblower Office (WBO) […]

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S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale

S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale An S corporation’s disposition of a major league baseball team was a disguised sale to a newly formed partnership. The taxpayer had formed the partnership, with a renowned family, where the taxpayer contributed the major league baseball team and related assets and the family […]

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November 2021 Newsletter

Brian Whelan discusses, “Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits”. Elias Koumniote examines, “Qualified Sick and Family Leave Wages Reporting Guidance Issued” Thomas Zanata takes a look at, “IRS Reminder for Classification of Workers as Employees or Independent Contractors”.

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Qualified Sick and Family Leave Wages Reporting Guidance Issued

Qualified Sick and Family Leave Wages Reporting Guidance Issued The IRS and the Treasury Department have issued guidance to employers about reporting the amount of qualified sick and family leave wages paid to employees for leave taken in 2021 on Form W-2, Wage and Tax Statement. Further, the notice provides guidance under recent legislation, including: the […]

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Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits

Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits The IRS has issued temporary and proposed regulations that authorize the assessment of any erroneous refund of the COVID-19 employment tax credits which were added by the American Rescue Plan Act of 2021 ( P.L. 117-2). These credits for certain wages paid by […]

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IRS Reminder for Classification of Workers as Employees or Independent Contractors

IRS Reminder for Classification of Workers as Employees or Independent Contractors The IRS has emphasized the importance of correctly determining whether the individuals providing services to businesses were employees or independent contractors. Generally, an employee performs services that businesses control. Independent contractors offer their services to the public. Businesses have a right to control the […]

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2021-2022 Special Per Diem Rates Released

2021-2022 Special Per Diem Rates Released The IRS has released the 2021-2022 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates include: the special transportation industry meal and incidental expenses (M&IE) rates; the rate for the incidental expenses only […]

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Final Foreign Partner Withholding Regulations To Be Deferred Until 2023

Final Foreign Partner Withholding Regulations To Be Deferred Until 2023 The IRS has announced that it intends to defer until 2023 the applicability of certain final regulations under Code Sec. 1446(a) and (f) relating to withholding of tax on foreign partners’ share of effectively connected income. Withholding Provisions on Transfers of Interests in Publicly Traded Partnerships DeferredThe amendments will […]

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IRS Reminds Taxpayers to File and Pay 2020 Tax Returns by October 15 Due Date

IRS Reminds Taxpayers to File and Pay 2020 Tax Returns by October 15 Due Date The IRS has reminded taxpayers to file their 2020 tax returns by the upcoming October 15, 2021 due date. Taxpayers must file on or before the extension deadline to avoid the penalty for filing late if they request an extension. […]

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Taxpayers Urged to Develop Emergency Preparedness Plans for Surviving Natural Disasters

Taxpayers Urged to Develop Emergency Preparedness Plans for Surviving Natural Disasters The IRS has reminded taxpayers to develop emergency preparedness plans due to the upcoming hurricane season and the ongoing threat of wildfires in some parts of the country. September is declared as the National Preparedness Month. Further, the IRS advised taxpayers to: secure critical […]

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