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Federal Taxation

  • 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. 

  • An Insider’s Guide to IRS Examination of Financial Products and Transactions

    By:
    Michael Kramarz, JD, LLM
    |
    Nov 1, 2022

    In my prior role, I was involved in numerous examinations of financial products and transactions as a Large Business and International (LB&I) special trial attorney for the IRS. if you’re not on the inside at the IRS or have never had a client selected for an examination, you may not know its structure or procedures. But you should.

  • IRS Gets a Boost–With Possible Conditions

    By:
    Alicea Castellanos, CPA
    |
    Nov 1, 2022

    A better, stronger, faster Internal Revenue Service may soon be tracking down more wealthy tax cheats, thanks to the Inflation Reduction Act (IRA).

  • The IRS Extends the Transition Period for Enhanced R&D Tax Credit Reporting Requirements

    By:
    Peter J. Scalise
    |
    Nov 1, 2022
    On Friday, September 30, the Internal Revenue Service (the “Service”) set forth administrative guidance indicating that it is extending the transition period during which taxpayers are required to adhere to the much more arduous and onerous R&D Tax Credit reporting requirements in connection to amending tax returns within open statute years for R&D Tax Credit claims for refund.

  • How You Can Lose a Passport Due to Tax Debt

    By:
    Alicea Castellanos, CPA
    |
    Oct 1, 2022

    If you owe enough in delinquent American federal taxes, the U.S. government can take your passport. The IRS certifies “seriously delinquent” tax debt to the U.S. State Department. This is an individual's unpaid, legally enforceable federal tax debt, including interest and penalties, that totals more than $55,000. (That amount is adjusted yearly for inflation.)
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