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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 […]

Thursday, November 16, 2023, Partner Scott H. Novak will be presenting “The IRS Has Contacted Me – Now What? IRS Collections and Appeals”. Join us for a CPE program exploring what to do when contacted by the IRS and: ​Food and beverages will be served. The event will run from 6-9 PM (EST). Attendees are eligible for […]

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 […]

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 […]

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 […]

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, […]

The Internal Revenue Service (IRS) continues to ramp up its efforts to identify taxpayers that have failed to properly report cryptocurrency transactions... The Internal Revenue Service (IRS) continues to ramp up its efforts to identify taxpayers that have failed to properly report cryptocurrency transactions. On May 5, 2021, a California federal court authorized the IRS […]

The U.S. Treasury Department is looking to boost tax compliance on virtual currency by imposing a new reporting requirement on large cryptocurrency transactions… The U.S. Treasury Department is looking to boost tax compliance on virtual currency by imposing a new reporting requirement on large cryptocurrency transactions. On May 20, 2021, the Treasury released a report outlining […]

NY and NJ businesses participating in the Opportunity Zone Program have breathing room when it comes to satisfying key deadlines… New York and New Jersey businesses participating in the Opportunity Zone Program have some breathing room when it comes to satisfying key deadlines. In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) is […]

IRS Postpones Tax Deadline to July 15, 2020 The list of events postponed due to Coronavirus (COVID-19) now includes Tax Day. Given the number of businesses and individuals impacted by the pandemic, the federal income tax delay comes as welcome news. On March 20, the Internal Revenue Service (IRS) announced that tax returns due April […]

The IRS recently published its much-anticipated final regulations on Qualified Opportunity Funds… The Internal Revenue Service (IRS) recently published its much-anticipated final regulations on Qualified Opportunity Funds. The regulations build on prior guidance and provide additional information on how an entity becomes a qualified opportunity fund (QOF) or qualified opportunity zone (QOZ) business, and the requirement […]

The IRS has Begun Sending Letters to Virtual Currency Owners Advising Them to Pay Back Taxes and/or File Amended Returns In IR-2019-132, July 26, 2019, the Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or […]