IRS Announces New Initiatives to Restore Fairness to Tax System

On September 8, 2023, the IRS announced the start of a “sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations and promotors abusing the nation’s tax laws.” (IR-2023-166) The timing… Read more

September 21, 2023 | Tax

IRS Imposes Moratorium on Employee Retention Credit

By R. Patrick Bolling, Joshua C. Wykle, Olivia S. Moulds

Just a month after the Internal Revenue Service (IRS) released guidance on how federal credit unions may claim the employee retention credit (ERC), the agency issued a moratorium on processing new claims for the credit. The moratorium is expected to… Read more

September 21, 2023 | Labor & Employment | Tax

Tax Court Dismisses Petition Filed 11 Seconds Late

By Neil V. Birkhoff

“In delay there lies no plenty.” – William Shakespeare, Twelfth Night, Act II, Scene III (circa 1601). In a recent decision, Sanders v. Commissioner, 160 T.C. No.16 (2023), the United States Tax Court held that the court was required to… Read more

September 18, 2023 | Tax

Real Estate Syndications: Legal Considerations for Syndicators (and Investors)

By Richard J. Crouch

Real estate syndication involves pooling funds from multiple investors to finance a real estate project. While syndication can be a profitable investment strategy, it also comes with various legal considerations and potential issues of which syndicators and investors need to… Read more

September 11, 2023 | Commercial Real Estate

Federal Credit Unions Can Claim Employee Retention Tax Credits

By R. Patrick Bolling, Joshua C. Wykle, Olivia S. Moulds

The IRS released new guidance for federal credit unions as to their ability to claim the Employee Retention Credit under Section 2301 of the CARES Act. According to the Office of Chief Counsel for the IRS, federal credit unions are… Read more

September 6, 2023 | Labor & Employment | Tax

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