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

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

A Win for Taxpayers: Federal Circuit Court of Appeals Loosens Tax Court Jurisdictional Limitations

By Neil V. Birkhoff

On July 19, 2023, the United States Court of Appeals for the Third Circuit released an opinion in the matter of Culp v. Commissioner of Internal Revenue (PDF). The ruling stated the 90-day filing period for Tax Court petitions is… Read more

July 19, 2023 | Tax

S Corporation Trust Elections – IRS Leniency and Proper Planning

By Neil V. Birkhoff

In a recently released IRS private letter ruling, an entity that elected to be treated as an S Corporation was granted relief for its inadvertent S Corporation termination. In the private letter ruling, two shareholders of the corporation, both trusts,… Read more

June 15, 2023 | Tax

Does the Fun Ever Stop? COVID-19 Tolling Ends for COBRA Deadlines

By Neil V. Birkhoff

On April 10, 2023, President Biden signed legislation to end the COVID-19 national emergency effective immediately, including ending the requirement to extend COBRA deadlines due to the COVID-19 pandemic. Plan administrators are now on the clock to move back to… Read more

May 18, 2023 | Employee Benefits & Compensation | Labor & Employment | Tax

‘Tis the Season (For Charitable Giving)

By Neil V. Birkhoff

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize contributions to charities… Read more

October 26, 2022 | Tax | Trusts and Estates

Worker Misclassification: Getting Right with the IRS

By Neil V. Birkhoff

About a year ago, I wrote an article on Virginia’s new initiative to address worker misclassification regarding employment and income taxes. The Virginia program is an enforcement initiative backed by substantial penalties. Nationally, the IRS has a Voluntary Classification Settlement… Read more

September 15, 2022 | ERISA & Employee Benefits | Labor & Employment | Tax

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

By Neil V. Birkhoff

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will notify a plan… Read more

June 6, 2022 | ERISA & Employee Benefits | Tax

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