Tax

Scarinci Hollenbeck's Tax, Trusts & Estates practice group regularly provides highly-personalized, responsive service in a spectrum of sophisticated legal services in the areas of business and personal tax, trusts, & estate planning. The Tax, Trusts & Estates practice group is made up of accomplished practitioners with many years of experience who regularly publish articles relating to the industry. To keep up to date on these articles, please subscribe to our email list.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Is the Corporate Transparency Act Alive or Dead?

In the interest of keeping our clients fully aware of their legal and tax obligations, information about the Corporate Transparency Act (CTA) has graced these pages before. At first, the effective date for compliance for pre-2024 companies was December 31, 2024. Newly formed companies were required to comply within 90 days of formation during 2024, […]

Author: Scott H. Novak

March 14, 2025

What Are FIRPTA Withholding Requirements?

If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]

Author: Jesse M. Dimitro

March 11, 2025

New Employee Retention Credit (ERC) Program Has a Very Short Deadline

Scarinci Hollenbeck wants its clients to know that if you applied for an ERC and have any doubts about the veracity of your claim, the time to act is now. The Internal Revenue Service (IRS) is carefully scrutinizing ERC claims because they have detected considerable fraud caused in part by promoters of this credit. There […]

Author: Scott H. Novak

January 18, 2024

IRS Offering Withdrawal Process for Employee Retention Credit Claims

On October 19, 2023, the Internal Revenue Service (IRS) announced a new withdrawal process to aid businesses who erroneously filed Employee Retention Credit (ERC) claims. The new process is part of the agency’s ongoing efforts to address the influx of ineligible ERC claims and protect small businesses from aggressive marketers and scammers who misled businesses […]

Author: Jeffrey R. Pittard

October 25, 2023

IRS Stepping Up Scrutiny of Large Partnerships

The Internal Revenue Service (IRS) has announced that it plans to use an influx of new funding to step up scrutiny of large partnerships… The Internal Revenue Service (IRS) has announced that it plans to use an influx of new funding to step up scrutiny of large partnerships. In support of its new initiative, the […]

Author: Scott H. Novak

October 17, 2023

How to Avoid Employee Retention Credit Scams

Employee Retention Credit (ERC) scams are so prevalent that the Internal Revenue Service (IRS) recently announced an immediate moratorium through at least the end of the year on processing new claims.… Employee Retention Credit (ERC) scams are so prevalent that the Internal Revenue Service (IRS) recently announced an immediate moratorium through at least the end of the […]

Author: Jeffrey R. Pittard

October 5, 2023

SECURE Act 2.0 Offers New Opportunity for Charitable Gift Planning

The 2022 Secure 2.0 Act signed into law, December 29, 2022, provides a onetime election for qualified charitable distributions (QCD) of $50,000… The 2022 Secure 2.0 Act signed into law, December 29, 2022, provides a onetime election for qualified charitable distributions (QCD) of $50,000 (increased annually for inflation) from one’s IRA in return for an […]

Author: Frank L. Brunetti

June 23, 2023

When Should You Review The Estate Plan?

Most people after they have signed their Wills, Powers of Attorney, and Living Wills put them away and continue on with their lives… Most people after they have signed their Wills, Powers of Attorney, and Living Wills put them away and continue on with their lives. Often a substantial amount of time passes before thought […]

Author: Frank L. Brunetti

February 17, 2022

Tax Trusts and Estates

Discover How You Should Maintain Inventory in a Gig Economy

One of the most misunderstood accounting concepts in the e-commerce and reselling space involves how to deduct your inventory costs... One of the most misunderstood accounting concepts in the e-commerce and reselling space involves how to deduct your inventory costs. Small businesses that sell on a digital platform such as eBay, Esty, Shopify, etc. must […]

Author: Frank L. Brunetti

January 28, 2022

Small Business

Navigating Tax Reporting & Deduction in the Gig Economy

What Income and Deductions Should be Reported or Taken on Your Tax return in the Gig Economy? The gig economy[1]—also called sharing economy or access economy—is the activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Gig Economy Income is Taxable You […]

Author: Frank L. Brunetti

January 24, 2022

Small Business

Discover When a Litigant Is Entitled to an Adversary's Corporate Tax Returns

Corporate tax returns can shed light on a corporation’s finances and provide other key information to support a legal claim... Corporate tax returns can shed light on a corporation’s finances and provide other key information to support a legal claim. However, because they are considered confidential, litigants are not automatically entitled to them during discovery. […]

Author: Robert E. Levy

December 3, 2021

IRS Asks Congress to Expand Cryptocurrency Enforcement Authority

The Internal Revenue Service (IRS) is continuing its cryptocurrency crackdown... The Internal Revenue Service (IRS) is continuing its cryptocurrency crackdown. Earlier this month, the agency asked Congress for additional funding and greater legal authority to bolster its efforts to regulate cryptocurrencies and increase tax compliance. IRS Ramping Up Crypto Enforcement As discussed in prior posts, […]

Author: Jeffrey R. Pittard

June 29, 2021

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