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, LLP, one of the nation’s largest accounting, tax, and advisory firms, announced today it has promoted Geoffrey […]
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.
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.
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.
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.
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.