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What is the “Abusive Use of Partnerships” and Why does the IRS Care?

What is now considered as the “abusive use of partnerships,” and why would this matter to the IRS?  The agency recently released IR-2024-166, which is intended to provide “new guidance to stop partnerships from using sophisticated tax-free transactions that lack economic substance” to avoid paying taxes. .  The IRS continues to...

The Risks of an IRS Quiet Disclosure

What are the risks of an IRS quiet disclosure? Is there a formal IRS processknown as a "quiet disclosure," and does the IRS honor this strategyfor amended tax returns? There is reason to be concerned about the growing number of clients withgenuine issues with unreported income (especially when it involves...

Quick Reminder to All Self-Employed Workers, Businesses and Estimated Tax Filers: Deadline Approaching

Just a quick reminder to all self-employed workers, businesses, and estimated tax filers: We are a week away from the Aprile 15 deadline for 2024 Q1 estimated tax payments.  This includes many corporations, retirees, high income wage earners and expatriates who are required to “pay-as-you-go.”  US taxpayers are required to...

IRS Tax Filing is to Begin January 29, 2024

The IRS has announced tax filing is to begin January 29, 2024 for US 2023 tax returns.  Most of the almost 130 million individual tax returns will be due on Monday, April 15, 2024.  The IRS will accept your tax return after January 29, but you do not need to...