Card shark; the roof falls in; a dynamic duo; and other highlights of recent tax cases.
Day: June 20, 2024
IRS: Review of 1 million ERC claims reveals most show signs of risk
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.
Supreme Court issues narrow opinion upholding Sec. 965 transition tax
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.
IRS will resume paying ERC claims — slowly
The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.
CLA Global CEO plans further expansion
Paul English plans to further extend the accounting and advisory firm network to more countries.
Supreme Court upholds US tax on foreign business income
The U.S. Supreme Court upheld a 2017 tax on American-owned businesses’ foreign profits, rejecting an appeal that could have saved companies hundreds of billions of dollars.
Burnout epidemic, a wake-up call for the accounting profession
We’ve been talking about the burnout crisis for decades, but the talk needs to turn into action.