News

Over the past year, television and radio commercials have touted the benefits of making a refund claim for Employee Retention Credits (ERC). While many business owners have received significant refunds and more business owners are contemplating making claims, the IRS has cautioned taxpayers to be wary of ERC promoters. Because the IRS sees this as an issue with significant risk of abuse and fraud, experts believe that ERC claims will be a focus of IRS audits in the near future.Summary of [...]

As part of the 2017 Tax Cuts and Jobs Act (the “TCJA”), Congress created the Qualified Opportunity Zone (“QOZ”) tax benefits.  Owing in part to confusion over the provisions, the QOZ tax benefits were not initially as widely publicized and discussed as most of the other provisions of the TCJA.  However, with the proposed regulations issued by the IRS in October and high-profile funds being created, Qualified Opportunity Funds have been increasingly in the news. [...]

As part of the 2017 Tax Cuts and Jobs Act (the “TCJA”), Congress added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code, creating the Qualified Opportunity Zone tax benefits.  Owing in part to confusion over the provisions, the Qualified Opportunity Zone tax benefits have not been as widely publicized and discussed as most of the other provisions of the TCJA.  However, the IRS has recently issued proposed regulations and a Revenue Ruling that have brought clarity [...]