IRS Announces Two Additions to Its Target List: R&D and Fuel Credits
With shrinking resources and increasing complexity in tax issues, the IRS announced its initial 13 campaigns in 2017 identifying areas of significant focus. Two more campaigns were added to that list yesterday: Research Issues (costs and credit) and Fuel Credits.
Fuel tax credits are being targeted for those who did not treat credits as a reduction in their excise tax liabilities.
“The goal of this campaign is to use issue-based examinations to bring taxpayers who maintain that the credits are merely refundable credits, which do not affect the deduction for any excise tax liability, into compliance.”
Research issues covered will be the research credit under IRC sec. 41 and costs under sec. 174. The announcement states these areas are of the most prevalent tax issues which take up significant resources for both taxpayers and the IRS.
We can help you secure your R&D credit! Learn more here.
AB 5 Alternative or How Business Owners Can Better Spend $800 Per Year – Annette Nellen, 21st Century Taxation. “If there is any eagerness by lawmakers to see sole proprietors pay $800 every year, why not instead change California law to require ALL workers to pay SDI (State Disability Insurance).”
IRS Statistics Reveal Tax Season Filing Numbers Still Off 2019 Pace – Kelly Phillips Erb, Forbes
The IRS keeps us informed of filing season stats and while we’ve got one year of tax reform under our belt, according to Kelly, “Taxpayers still aren’t rushing to file”.
Never fear friends, we'll get there!
Actor Steven Seagal Charged With Unlawfully Touting Digital Asset Offering – SEC Press Release
While I knew social media sites can be savage in response to users spouting off, I did not know there was an “anti-touting” provision in federal securities laws that could be much worse. And apparently neither did Steven Seagal.
Seagal’s funds are under siege as he settled with the SEC agreeing to pay over $300,000 for failing to disclose his compensation for promoting Bitcoiin2Gen’s initial coin offering. The SEC is out for justice noting:
"Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation."
While he may not be marked for death by this violation, it shows that even Steven Seagal is not above the law. The SEC has made an executive decision and this one will leave an exit wound.
Related?: 22 Worst Movies of All Time
A Tax Loophole Every Crypto Trader Should Know – Shehan Chandrasekera, Forbes. “Cryptocurrency trading has one major tax benefit that traditional stock trading does not offer (unless you are a full-time “trader” for tax purposes). Since cryptocurrencies are treated as “property” wash sales rule which is applicable to stocks are not applicable to crypto.”
Illness of Corporate Officers Did Not Provide Reasonable Cause for Late Filing of S Corporation Returns - Ed Zollars, Current Federal Tax Developments. “The corporation had a president and board members independent from [CFO & CEO], all of whom had responsibility to ensure that the corporation carried out its statutory duties.”
Erin M. Collins named new National Taxpayer Advocate – Kay Bell, Don’t Mess with Taxes. “As the new National Taxpayer Advocate (NTA), Collins becomes the voice of the taxpayer within the IRS.”