The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

Webinar on Estate Planning for Owners of Closely-Held Businesses

Posted on September 10, 2021October 5, 2021 by Moskowitz LLP Webinar, Estate Planning & Taxation,

Wednesday, September 22, 12-1 PM PDT Watch Recorded Webinar Did you know that small, family-owned, or 'closely-held' businesses have special estate planning opportunities? Estate planning for owners of closely-held businesses is designed to avoid unintended consequences. The death of an owner can have significant estate and gift tax consequences that...

7 Things You Should Do Before Year-End To Reduce Your 2021 Tax Bill

Posted on September 9, 2021September 9, 2021 by Moskowitz LLP Tax Planning & Compliance,

Time to Schedule Your Tax Planning Session Effective tax planning helps businesses achieve their financial goals and plan for their upcoming needs. In fact, it should lower taxable income, reduce tax rates, provide for greater control of when taxes get paid, and maximize deductions and credits whenever possible Now is the...

Employee Retention Credit Update: August 2021

Posted on August 31, 2021September 28, 2021 by Steve Moskowitz Uncategorized,

The Internal Revenue Service released Notice 2021-49 on August 4th providing additional guidance on the employee retention credit (ERC). This Notice addresses one of the most frequent questions we receive: Are wages paid to an employee who owns more than 50% (majority owner) of a corporation qualified wages for purposes...

Increased IRS Audits and Some Likely Targeted Taxpayer Groups

Posted on August 18, 2021August 18, 2021 by Moskowitz LLP Tax: Audits, Litigation & Collection,

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...

Important Tax Filing Deadlines for 2021

Posted on August 11, 2021September 8, 2021 by Moskowitz LLP Tax Planning & Compliance,

Whether you file your taxes individually, as part of a family, or for your business, knowing your filing deadlines is important. Here’s a quick summary of the important tax filing deadlines for 2021. Prompt filing can help you keep your finances in order and avoid potentially costly fees and penalties....

Why Is The IRS Seeking Oversight Of Tax Preparers?

Posted on August 4, 2021August 4, 2021 by Moskowitz LLP Tax Planning & Compliance,

Since taking office in January, President Joe Biden has pushed for greater oversight of tax preparers at the federal level. The American Family Plan initiative takes aim at unscrupulous or unqualified preparers and would give the Internal Revenue Service (IRS) greater powers to regulate preparers nationwide. Why is this effort...

Which Tax Professional Should I Hire?

Posted on July 28, 2021August 11, 2021 by Moskowitz LLP Tax: Audits, Litigation & Collection, State & Local Taxation,

How do you what type of tax professional is right for you? When it comes to hiring a tax professional it may be difficult to understand who to choose. IRS circular 230 sets forth the rules as to who can represent a taxpayer. Attorneys, CPAs, and Enrolled Agents (EA) are...

Mid-Year Tax Check Up

Posted on July 21, 2021July 28, 2021 by Moskowitz LLP Tax Planning & Compliance,

Now is the time for a Mid-Year Tax Check Up and Tax Plan Throughout the pandemic, Moskowitz LLP has had the opportunity to exhibit their skill-set in a multitude of ways this past year: guiding clients through the Paycheck Protection Program and Employee Retention Credits, drafting business succession plans, executing...

The 5 Biggest Misconceptions about ERC

Posted on July 13, 2021July 22, 2021 by Moskowitz LLP Distressed Business/COVID-19,

We continue to be surprised by the number of employers who assume they do not qualify for the Employee Retention Credit (ERC). The Employee Retention Credit is a refundable tax credit for employers that was put into law through the CARES Act. This credit is used to offset employment taxes...

Webinar on Operation Hidden Treasure & Cryptocurrency Compliance Optimization

Posted on July 12, 2021September 10, 2021 by Moskowitz LLP Webinar, Cryptocurrency Tax Assistance,

Thursday August 26th, 2021 This is a webinar for anyone who has cryptocurrency transactions or mining operations. We will update you on recent IRS initiatives to identify Unreported Crypto transactions, how to handle IRS Tax Audits involving cryptocurrency, tax minimizing techniques to consider, and other tax planning opportunities. This webinar...

California Wildfires Tax Relief: 4 Tax Tips to Keep in Mind if You Are a Victim

Posted on July 8, 2021 by Moskowitz LLP State & Local Taxation,

When a natural disaster hits, surviving is the priority. However, eventually, natural disaster victims will also have to worry about insurance claims, lost wages and other financial matters, including taxes. When it comes to taxes, there is some relief available for those left with property damage and lost records due...

Can I Deduct Summer Travel Expenses From My Taxes?

Posted on June 29, 2021July 12, 2021 by Moskowitz LLP State & Local Taxation,

Come tax season, it seems that Uncle Sam is always looking for new ways to dip his hand into your pocket. But that doesn’t mean you can’t make the most from your return. Business expenses are one example. The IRS permits filers to deduct “ordinary and necessary expenses” incurred during...

Making Sense of the California Comeback Plan

Posted on June 23, 2021July 12, 2021 by Moskowitz LLP Distressed Business/COVID-19,

As California and the rest of the nation emerge from the yearlong Coronavirus pandemic and its associated restrictions, many small business owners and individuals find themselves in a radically changed economic landscape. Small businesses that rely on foot traffic have been especially hard-hit by the pandemic, and many families are...

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