In recent weeks, the IRS has sent letters (Letter 6173, Letter 6174, or Letter 6174-A) to approximately 10,000 taxpayers with regard to...
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C-corp – Is It Right for Your Business?
The new U.S. tax legislation offers a sweet deal for C corporations, which can make giving up your passthrough status an attractive option. If an...
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IRS Notifying Virtual Currency Owners of Back Taxes Owed
On Friday, July 26, the IRS announced that it has begun sending letters to taxpayers who may have failed to report income and pay the resulting tax...
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SEC Sets New Precedent Over Bond Valuation Compliance with $5 Million Deer Park Penalty
On June 4, 2019, Deer Park Road Management Company, LP agreed to settle charges originating from its violation of Section 206(4) and Rule 206(4)-7 of...
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IRS Provides Methods for Calculating W-2 Wages for QBI Deduction Limitation
For certain taxpayers, the deduction for Qualified Business Income (QBI) is limited to the greater of: (1) 50% of the W-2 wages paid by the...
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IRS releases “shutdown” plan for tax filing season
The IRS has released its Lapsed Appropriations Contingency Plan for fiscal year 2019, which details necessary adjustments of excepted positions and...
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Despite Government Shutdown, Tax Filing Season Starts January 28
The IRS has announced that despite the government shutdown, the 2019 tax filing season will begin on Monday, January 28, 2019. The agency maintains...
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Opportunity Zones: Alternative investment fund manager perspective
Opportunity Zones represent a significant investment opportunity for alternative investment fund managers (AIFMs) to defer capital gains and generate...
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Year-end tax planning for small businesses
Managing a business is not easy. With multiple changes in 2018 to tax laws, it is helpful to know or refresh yourself on how some of these changes...
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IRS Finalizes NEW 2018 Individual Tax Form 1040
The IRS has just released final versions of the 2018 Form 1040, U.S. Individual Income Tax Return, supporting schedules (Schedules 1–6), and...
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