IRS Wealth Squad Announces New Audit Campaign for High-Net-Worth Taxpayers
With the IRS moratorium on new audits set to expire on July 15, the IRS Large Business and International (LB&I) Division Commissioner, Douglas O’Donnell, announced the first significant initiative after the moratorium: examinations of several hundred high-net-worth individuals, with a focus on their ownership of partnerships, trusts and other pass-through entities, as well as their involvement with their own private foundations and international holdings.
The IRS has not identified what it considers
PKF O’Connor Davies Promotes Geoffrey Benedict to Co-Lead Partner of Private Clubs Practice
PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax, and advisory firms, announced today it has promoted Geoffrey […]
Cyber Roundup – July 2020
The last bulleted news item in this month’s Roundup speaks to a breach resulting from password mismanagement.
PKF O’Connor Davies Hires Bruce Desrosiers as Tax Partner
PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax and advisory firms, announced today it has hired Bruce […]
Form 941 Deadline Approaching: There Is Still Time for Not-for-Profits to Take Advantage of Payroll Tax Relief
With the second quarter employment tax return filing date approaching, it is not too late for not-for-profit organizations to explore their eligibility for the Employee Retention Tax Credit (ERTC) and/or the Employer Payroll Tax Deferral provisions under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
IRS May Not Provide Additional Assistance to Foreign Travelers Affected by COVID-19
One of the more difficult tax issues caused by the COVID-19 pandemic has been how to determine the tax residence of individuals who are stuck in a country because of travel restrictions, as well as the businesses that employ them.
IRS Will Not Extend July 15 Filing Deadline
If you were hoping the IRS would further extend the July 15 deadline for individual and business tax filings because of the continued COVID-19 pandemic…you’re out of luck.
IRS Announces New Audit Initiative for Private Foundations
With its People First Initiative set to expire July 15, 2020, the Internal Revenue Service (IRS) has announced a new audit initiative that targets private foundations.
Your 501(c)(7) Private Club: Non-Member Income Generation to Be Separated into Lines of Business
Does your 501(c)(7) private club hold non-member/outside events, and do these events generate a profit for the club? The IRS is now focusing closer on whether or not private clubs are properly calculating the profit and paying income tax.
OMB Issues Guidance for Federal Award Recipients
By Bruce L. Blasnik, CPA, CGMA, Partner The federal Office of Management and Budget (OMB) recently released Memorandum M 20-26, dated […]
IRS Announces Rollover Relief for Retirement Account RMDs Waived under CARES Act
The Internal Revenue Service recently announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll back those funds into a retirement account following the CARES Act RMD waiver for 2020.
SBA Issues Additional Loan Forgiveness Guidance
Late yesterday, June 22, the SBA issued a Paycheck Protection Program (PPP) Interim Final Rule (IFR) on Revisions to Loan Forgiveness and SBA Loan Review Procedures.