IRS Audits of Partnerships and S Corporations Are Coming. Are You Ready?July 30, 2021-The Internal Revenue Service (IRS) has made auditing partnerships and S corporations one of its top priorities. In the past, the IRS audit rate for partnerships and S corporations has been very low—around 0.05% (or one out of every 200 returns). This audit rate is one-half the rate for individuals and one-quarter the audit rate […]
Harborside Health Center Tax Court Decision: Avoid The Cannabis Tax Trap!January 24, 2019-The Harborside Health Center cannabis dispensary lost in the United States Tax Court. The Tax Court disallowed all of the dispensary’s expenses. However, the Tax Court opinion provides a roadmap for how to avoid the “Cannabis Tax Trap.” In Patients Mutual Assistance Corporation dba Harborside Health Center v. Commissioner, 151 T.C. 11 (2018), the Tax […]
Effect of Government Shutdown on Taxes and the IRSOctober 1, 2013-The government shutdown, however, does not mean that you get a free pass from filing and paying your taxes. During the government shut down all tax laws remain in effect, and all taxpayers should continue to meet their tax obligations, including timely filing of the extended tax returns by October 15, 2013. During the government shutdown, the IRS will continue to accept and process all tax returns with payments but will not issue refunds.
Government Shutdown and Tax Court CasesOctober 1, 2013-The government shutdown, which went into effect on Tuesday, October 1, 2013, impacts many tax cases, which are in litigation status and are currently pending in the United States Tax Court, as well as those cases, which have a deadline for filing a Tax Court petition to protest an IRS Notice of Deficiency or Notice of Determination.
IRS is About to Begin Detailed Employment Tax AuditsFebruary 9, 2010-National Research Program (NRP) study on employment taxes will begin at the end of the month. The IRS will randomly select 2,000 taxpayers for employment tax examinations each year for the next three years. The examinations will be comprehensive in scope. Records pertaining to employment tax returns and issues will be subject to review during the examinations.