Penalty Abatement for ERC-related Tax
By Cooper Melvin, J.D., CPA It is no secret that the IRS is backlogged with Employee Retention Credit (ERC) filings and has yet to issue…
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Jun 23, 2022
News
Tag: IRS
Mar 09, 2022
New Form 7203
By Cooper Melvin, JD, CPA The IRS recently released the final version of the new Form 7203 to better document S corporation stock basis in…
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Feb 23, 2022
Employee Retention Credit – Timing of Qualified Wages Deduction Disallowance
By Steven N. Smith, CPA, JD Initially, the employee retention credit (ERC), enacted by the CARES Act, was not available to paycheck protection program (PPP)…
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Feb 23, 2022
The IRS’ Ever-Growing Backlog and Suspension of Selected Automated Notices
By Dalton Bradshaw, CPA In our Beyond the Bottom Line Newsletter on January, 26, 2022, we summarized the annual report of the Taxpayer Advocate Service…
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Feb 09, 2022
IRS Announces Transition Away from Use of Third-party Verification Involving Facial Recognition
In our Beyond the Bottom Line Newsletter dated January 12, 2022, we described the updated identity verification and sign-in process for several IRS online tools….
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Jan 25, 2022
IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals
By Steven N. Smith, CPA, JD The 2022 filing season will likely be a frustrating experience for both taxpayers and tax professionals. Individual returns can…
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Jan 12, 2022
New Identity Verification Process for IRS Online Account
If you have created an online account with the IRS and have not signed in recently, you will notice some changes the next time you…
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Nov 03, 2021
Are You Taxed As a Partnership? Matters for You to Consider
For our clients and friends operating as business entities taxed as partnerships, we want to bring a few matters for your attention, including: IRS launches…
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Oct 05, 2021
IRS Program for Auditing Large Partnerships to Begin Soon
Last month the IRS released a revised Publication 5319, the Large Business and International (LB&I) Focus Guide for fiscal year 2022. In recent editions of…
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Aug 25, 2021
Expectation of Increasing IRS Audits in the Future
Our experience at BMSS over the last three to four years is that we have seen fewer examinations of taxpayers than we did in the…
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