The on-going COVID-19 pandemic has had a dramatic impact on the daily operations for the Internal Revenue Service (IRS). The IRS has appeared to have done its level best to provide taxpayers with options for securing vital documentation. Though, taxpayers attempting to obtain a lien release or certificate of discharge have experienced some delays in [...]
The proper classification of workers is a decision that is critical to the success or failure of many small businesses. This is especially true in light of the on-going public health crisis, where margins have been squeezed to their absolute limits. For more information relating to the classification of workers, please see these previous blog [...]
It is not uncommon for small businesses to rely on friends and family for loans to assist the business in meeting operating expenses. This is even more true given the on-going pandemic. Small businesses are scrambling to make sure they can meeting their operating expenses. Unfortunately, many of those small business owners are so focused [...]
On March 25, 2020, the Internal Revenue Service (IRS) announced its “People First Initiative,” a program intended to respond to the challenges of Covid-19 by providing a variety of relief related to IRS deadlines and collection actions. For additional information, please see our previous blog article regarding the People First Initiative here and the full [...]
On April 24, 2020, the Internal Revenue Service (IRS) issued an internal memo advising its employees that it would be recalling those employees involved in “mission critical” operations. This internal memo represents the most significant update to the IRS’s “People First Initiative,” a program intended to respond to the challenges of COVID-19 by providing a [...]
The recently imposed social distancing measures that are critical and essential to our nation’s battle with the coronavirus have had a dramatic impact on everyone’s everyday life. No one is exempt or excused from that impact. This includes our nation’s taxing authorities. The Internal Revenue Service (IRS) has created and is updating a website to [...]
The Internal Revenue Service (IRS) announced, in a recent Information Release and Fact Sheet, that it is going to make more site visits to taxpayers who have delinquent-filed tax returns. Fact Sheet 2020-02 notes that this increased use of compliance strategies is being fueled by the IRS’s increased use of data analytics, research, and other [...]
For many taxpayers with multiple active business interests, the material participation test can be a significant tax trap. If the elements of that test are not met, the impact could be that the taxpayer is limited in how the income/loss from that business is recognized on their personal tax return. A recent decision in the [...]
The marijuana industry remains in a difficult position when it comes to the federal tax implications for those involved in that industry. There is more detail here regarding the tax trap facing the marijuana industry. The United States Tax Court (Court) issued a decision in Patients Mutual Assistance Collective Corp., et al. v. Comm’r of [...]
This is the sixth article in the Freedom Of Information Act Requests (FOIAs) and Government Data Practices Act Requests (GDPAs) series. This series is intended to provide taxpayers and practitioners with answers to the most commonly asked questions relating to the use of FOIAs and GDPAs. The use of FOIAs and GDPAs allow taxpayers and [...]