Taxes

IRS Launches Initiatives to Ensure Large Corporations Pay Taxes Owed

The IRS has announced new initiatives using Inflation Reduction Act funds to improve compliance among high-income individuals, complex partnerships, and large corporations, as well as continue to improve service, and modernize technology infrastructure. The initiatives targeting high-income and large corporate taxpayers, among those are South Florida business owners, include a large foreign-owned corporations transfer pricing …

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IRS Shifts Focus of Compliance Enforcement from Working-Class to Wealthy Taxpayers

As part of an effort to restore fairness to the tax system in Hollywood FL and the rest of the country, the IRS has announced its plan to shift the focus of compliance enforcement efforts away from working class taxpayers to high-income earners, partnerships, large corporations, and promoters of abusive tax-schemes. The changes will be …

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IRS Issues Notice Providing Requirements for Home Energy Audits:

has issued a notice announcing its intent to propose regulations regarding the requirements for taxpayers including those in South Florida who want to claim the Energy Efficient Home Improvement Credit for home energy audits. Guidance in the notice provides specific requirements to claim the credit as well as the process for conducting the home energy …

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Supply Chain Disruption and the Employee Retention Tax Credit

The IRS Office of Chief Counsel has issued a memorandum to clarify the potential applicability of the Employee Retention Tax Credit (ERTC) to businesses that navigated supply chain disruptions. To ensure more accurate and substantiated claims, the memorandum analyzes five different scenarios with supply chain challenges and how those scenarios align with the statutory provisions …

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