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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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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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