Master Form 6765’s changes to protect clients and maximize innovation incentives. Recent IRS updates to Form 6765 introduce new reporting requirements for the R&D Tax Credit, demanding CPAs to adapt their compliance strategies. Key Focus: Compliance and Maximizing Tax Benefits
Drexel University Professor and Pharmacy Owner Faces Two Years for Tax Fraud Gordian A. Ndubizu, an accounting professor and pharmacy co-owner, has been sentenced to two years in federal prison for tax evasion and filing false tax returns, highlighting the
Navigating IRS Rules for Foreign-Held Crypto Many investors hold cryptocurrency in foreign exchanges or offshore accounts, raising questions about tax reporting obligations, particularly regarding FATCA Form 8938. Understanding these rules is crucial to avoid costly penalties. Key Focus: Compliance and
Navigating Evolving Tax Rules for Digital Assets: What Taxpayers Must Know The IRS has introduced new guidance regarding cryptocurrency taxation, including Revenue Procedure 2024-28 and Notice 2025-7. These changes aim to clarify reporting obligations and enhance tracking requirements for digital
Taxpayer Avoids IRS Penalty in Foreign Business Reporting Case The Tax Court recently ruled that the IRS does not have the authority to impose penalties on taxpayers who fail to report ownership of foreign corporations under Code Sec. 6038(b). This
The Importance of FBAR Reporting to Avoid Penalties on Foreign Bank Accounts If you’re a U.S. citizen with money in a foreign bank account, you need to know about the Foreign Bank and Financial Accounts Report (FBAR). This rule, part
Therapy Expenses and Maximizing Tax Efficiency: A Guide to Deductions and Compliance Art therapy combines creative expression with psychological healing. As an art therapist, understanding your tax obligations can help you minimize liability and maximize deductions. Here’s a straightforward guide
Optimizing Tax Efficiency and Minimizing Compliance Risks: Fleet Depreciation and Ride Revenue As electric scooters rise in popularity across urban centers, rental companies must navigate specific tax considerations to manage their finances effectively. This guide covers key tax strategies for
A Comprehensive Guide to Navigating Sales and Use Tax Obligations: Understanding the Differences and Implications for Businesses Sales tax and use tax are critical components of a business’s tax obligations, yet they often cause confusion due to their similarities. Understanding
Comprehensive Tax Reporting: Enhancing Tax Compliance and Efficiency Through Strategic Partnerships In today’s fast-paced trading environment, proper tax reporting guarantees compliance and optimizes financial outcomes. To improve the efficiency and accuracy of tax reporting, this guide examines the significance of