R&D credit’s interplay with the employee retention credit
By Randy Crabtree, CPA
Much confusion surrounds the rules governing which wages can be used to claim the ERC and R&D tax credits.
IRS audit rates decreased most for wealthy, GAO finds
In a study, the US Government Accountability Office finds that the IRS’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.
Ukraine aid eligible for leave-based donations programs
Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.
IRS permits reliance on frequently asked questions
By Michael D. Zima, J.D.
New policies clarify when and how taxpayers may rely on this increasingly common form of nonpublished guidance to avoid penalties.
IRS mostly correct on recovery rebate credits, TIGTA says
The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
Tax equity research lacks demographic data, GAO reports
The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.
Why a busy-season debrief has value, and why it’s not just for tax teams
Three CPAs discuss the importance of planning to have a debrief after an intense period of work, whether tax season or a busy sales cycle, in this podcast with transcript.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.