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Federal Taxation

  • Let’s Talk Look-Back

    By:
    Courtney Vitale, CPA
    |
    Apr 1, 2023
    What is look-back? Look-back is essentially a re-visit under the premise of: If I would have known then what I know now, how would the Gross Profit on the job be different? You are looking back to see. It is a hypothetical calculation, and that is because you are not amending returns; it is just a hypothetical calculation of tax with interest resulting thereof. 

  • Defending IRS Collection Actions Part 2

    By:
    Erika Colangelo, JD and Scott Ahroni, JD, LLM (taxation)
    |
    Mar 1, 2023

    The OIC program allows a tax debtor to settle his or her tax liability for less than the amount owed. An OIC cannot be used if the taxpayer is in bankruptcy.

    In order for the IRS to process any offer in compromise request, a taxpayer seeking an OIC must be in compliance with all of his or her current filing and payment requirements, including tax estimates if required.

  • Open Account Debt & Form 7203

    By:
    Robert Barnett, JD, MS (taxation), CPA
    |
    Mar 1, 2023

    Form 7203 places renewed emphasis on the proper calculation and reporting of S corporation open account debt. The Form is designed with a three-part format for calculating a shareholder’s stock and debt basis to properly report available tax losses and the tax effects of distributions and loan repayments. Proper stock and debt basis is essential in order to determine allowable loss utilization and the tax treatment of dividends and distributions.

  • Defending IRS Collection Actions

    By:
    Erika Colangelo, JD and Scott Ahroni, JD, LLM (taxation)
    |
    Feb 2, 2023
    During the early days of the COVID-19 pandemic, the IRS halted collection activities. Enforcement activities such as levies on bank accounts and wages as well as federal lien filings had paused. However, as we enter the 2022 filing season, the IRS is now fully back in action. 

  • The Inflation Reduction Act of 2022: Its Impact on CPAs and Their Clients

    By:
    David Silverstein, CPA
    |
    Jan 3, 2023
    On August 16, 2022, President Biden signed The Inflation Reduction Act of 2022 (Public Law 117-169) into law. The Inflation Reduction Act (The Act) provides for large investment in making healthcare more affordable to more Americans and fighting climate change by reducing carbon emissions.

  • IRS Issues Notice 2022-53 and Will Waive 50% Excise Tax on Certain Required Minimum Distributions from Retirement Plans in 2021 and 2022

    By:
    Kevin Matz, Esq., CPA, LLM, is and Benjamin N. Millard, Esq., LLM
    |
    Dec 1, 2022

    On October 7, 2022, the Internal Revenue Service issued Notice 2022-53, which provides much-needed transition relief in the form of an IRS waiver of the 50% excise tax that could otherwise be imposed upon certain beneficiaries of qualified retirement plans (qualified plans) or individual retirement accounts (IRAs) who fail to take required minimum distributions (RMDs) during 2021 or 2022.

  • When Does 180 Equal Zero?

    By:
    Michael J. Burwick, Esq., JD, LLM and Kyle T. Kadish
    |
    Dec 1, 2022
    The tax timelines for 1031 exchanges and Qualified Opportunity Zones (QOZ) require investments to be made within 180 days of realizing a gain. The rules are clear regarding what needs to happen within each strategy that a taxpayer is pursuing, but there is little guidance on whether both timelines run concurrently or consecutively. 
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