Blogs
Tax Implications of the New Leasing Standard ASC 842
ASC 842, the new lease accounting standard from the Financial Accounting Standards Board (FASB), has been in effect since December 15, 2018, for public companies and will go into effect for private companies on December 15, 2021. The GAAP lease accounting standard,...
US Tax Court Ruling: IRS Cannot Assess Penalties Under IRC Section 6038(b) for Willfully Failing to Report Foreign Income
In a recent decision, the United States Tax Court ruled that the Internal Revenue Service (IRS) cannot assess penalties under IRC Section 6038(b) for willfully failing to report foreign income in the case of Farhy v. Commissioner. This ruling has significant...
Federal & State Electronic Filing Perfection Periods
Have you ever wondered how many days you have to correct an e-file rejection and resubmit your tax return or extension to be considered timely? Per Publication 4163 Tax Preparers have the following grace periods to correct and retransmit returns or extensions that...
United States v. Colliot: A Landmark Decision Impacting FBAR Penalties and Compliance
The case of United States v. Colliot (2018) involves Dominique G. Colliot, a U.S. taxpayer who failed to file the required FBARs for his foreign bank accounts. The Internal Revenue Service (IRS) assessed penalties against Colliot for both non-willful and willful FBAR...
New York Division of Tax Appeals Finds Owner Personally Liable for Sales Tax
New York Division of Tax Appeals Finds Owner Personally Liable for Sales Tax The New York Division of Tax Appeals recently issued a decision that serves as a warning to business owners who fail to comply with their sales tax obligations. The case involved a business...
The Fed’s Discount Window Lending at Levels Not Seen Since The Great Recession
The Discount Window lending is at levels not seen since the Great Recession, with banks borrowing billions of dollars in order to shore up their balance sheets and maintain sufficient liquidity. The troubled banking industry continues to struggle to regain its footing...
IRS Launches Digital Intake Initiative
The Internal Revenue Service (IRS) has embarked on a digital transformation journey to streamline tax processing and improve efficiency. The Internal Revenue Service (IRS) has announced the commencement of its new Digital Intake initiative, aimed at modernizing and...
Credits for New Clean Vehicles Purchased in 2023
What is a Clean Vehicle Credit? Electric vehicles (EV) are becoming increasingly popular, not just for cost saving benefits they offer, but also because they come with very attractive tax credits. Buyers of EVs can be eligible for a clean vehicle credit of up to...
California Tax Basis Capital Accounts Reporting
California Tax Basis Capital Accounts Reporting In early 2022, California Franchise Tax Board (FTB) released 2021 tax form instructions for limited liability companies (Form 568) and partnerships (Form 565) requiring them to report tax basis capital amounts on a...