IRS Initiatives 2022

Pass-Through Entity Initiatives S-Corporation Distributions S-Corporation Losses Claimed in Excess of Basis Campaign S-Corporations Built-in Gains Tax Sale of Partnership Interest Syndicated Conservation Easement Transactions Tax Cuts and Jobs Act (TCJA) Campaign U.S. Territories Self Employment Tax Virtual Currency High Income Non-filer International Taxation Expatriation of Individuals (International Tax) Forms...

Preparing for a California Residency Audit

California taxing authorities aggressively pursue state revenue through taxation, and devote a significant amount of their resources to residency audits and litigation. Gilbert Hyatt made history and $90 million when he invented the integrated circuit microprocessor (the computer microchip). Little did he know at the time that he would also...

Increased IRS Audits and Some Likely Targeted Taxpayer Groups

President Biden recently announced that his administration is seeking $80 billion to beef up IRS enforcement. It is hoped that this move will provide the Administration with $700 billion in additional revenue over the next 10 years—paying for national plans like COVID relief and infrastructure improvement. It is also expected...

The Ultra-Millionaire Tax And What It Means For Wealthy Taxpayers

Significant legislation has been passed in efforts to get the national economy on its feet following the COVID-19 pandemic. Simultaneously there have been significant efforts at the national level to address what many call the wealth inequality in America. One proposed approach that has been gaining momentum is to increase...