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Top related persons:
Eric Hylton - 3 Hylton - 3 Baker Tilly - 2 Everybody's - 1 James Creech - 1 John Doe - 1 Daniel Werfel - 1 Chip Somodevilla - 1
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☆ Tax pros brace for ‘tidal wave’ of crypto tax scrutiny from the IRS. What investors need to know
  + stars: | 2024-03-04 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency. The IRS announced it hired two former crypto executives to beef up its digital currency service, reporting, compliance and enforcement programs. "Everybody's been waiting for the tidal wave of this enforcement activity," said James Creech, an attorney and senior manager at accounting firm Baker Tilly. More from Personal Finance:IRS targets wealthy 'non-filers' with new wave of compliance letters4 red flags for an IRS tax audit — and how to avoid the 'audit lottery'IRS aims to close 'inequity gap' for unpaid taxes. These actions will trigger a "significant amount" of crypto enforcement, said Hylton, who is a former IRS commissioner for the agency's small business and self-employed division.
Persons: Everybody's, James Creech, Baker Tilly, Eric Hylton, John Doe, Hylton Organizations: IRS, Finance, Alliantgroup
☆ IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit
  + stars: | 2024-02-20 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. The tax gap, or the difference between taxes owed and paid, was an estimated $688 billion for tax year 2021, the IRS reported in October. Instead, profits flow through to the business owners' tax returns. Other 'red flags' for higher earnersIn addition to complex partnerships, the IRS is watching for other "red flags" from higher earners, according to Hylton. Another area of for increased audits could be estate and gift tax returns, particularly those using "aggressive valuation discounts" for assets, Hylton said.
Persons: Daniel Werfel, Chip Somodevilla, Danny Werfel, Werfel, Eric Hylton, Hylton, Colin Walsh, Baker Tilly, Baker Organizations: Senate, IRS, Alliantgroup Locations: U.S, Hylton, Puerto Rico
☆ What to know as IRS kicks off withdrawal option for pandemic-era small business tax credit
  + stars: | 2023-10-23 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
The Good Brigade | Digitalvision | Getty ImagesThe IRS has announced a special withdrawal process for small businesses that wrongly claimed a pandemic-era tax break — and experts have tips for those who may be affected. Worth thousands per eligible employee, the ERC attracted a cottage industry of companies pressuring small businesses to amend payroll tax returns and wrongly claim the credit. The IRS on Thursday unveiled a withdrawal option for small businesses with pending ERC claims before facing repayment, interest and penalties. "This is a game-changer," said Eric Hylton, national director of compliance for Alliantgroup, a firm that has been reviewing ERC claims for other tax professionals. As of Oct. 11, the agency estimated a backlog of 849,000 Forms 941-X, which includes ERC claims.
Persons: Eric Hylton, I'm, Hylton, you've, there's, It's, Dean Zerbe, Zerbe Organizations: Brigade, IRS, ERC, Alliantgroup Locations: Worth, It's
☆ The Biden tax proposals that could hit baby boomer, family businesses
  + stars: | 2023-04-29 | by ( Cheryl Winokur Munk | ) www.cnbc.com   time to read: +7 min
President Joe Biden's 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Here are five provisions business owners should be aware of in President Biden's budget:A higher capital gains tax rate would be bad for business sellers. Biden is proposing that the corporate tax rate be increased to 28% from 21%. The majority of small businesses are pass-through businesses that are not subject to the corporate income tax, but for companies that are, the increase would be meaningful, tax experts said. Biden's proposal would increase the 3.8% net investment income tax rate on small business income over $400,000 to 5%.
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