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A $2 Trillion Fraud with Employee Retention Credits Puts Financial Advisors on Edge
This story has been updated with comments from the IRS. Larry Pon was driving home from the gym following a workout in Redwood City, California, when the too-good-to-be-true barrage began. He was glued to a local sports radio station, digesting the latest baseball disaster for the San Francisco Giants. But over the course of an hour, he heard four different commercials from four different companies advertising a lucrative tax break for small ...
Read MoreSenate Passes Reconciliation Bill
Early Sunday morning (8/7/22), the Senate approved the Inflation Reduction Act of 2022 (H.R. 5376) by a 51-50 party-line vote, with Vice President Harris casting the tie-breaking vote. The House is expected to take up the measure later this week. The Senate considered dozens of amendments but only two were adopted, one amending the book minimum tax to prevent certain small and mid-sized businesses from being subject to the 15 percent minimum ...
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Key Tax Provisions in the Senate Reconciliation Bill
By a vote of 51 to 50, the U.S. Senate on Sunday passed a budget reconciliation bill, H.R. 5376, now known as the Inflation Reduction Act of 2022. The bill contains numerous tax provisions, including a 15% corporate minimum tax, expanded eligibility for premium tax credits, and numerous clean energy credits. The Senate vote, in which no Republicans joined the Senate's 48 Democrats and two Independents and with the resulting tie broken by Vice ...
Read MoreForm 1099-PATR Will Become a “Continuous Use” Form
Form 1099-PATR, Taxable Distributions Received From Cooperatives, is going to join the group of 1099-series information returns which operate as “continuous use” forms because their design and content are not expected to change from year to year. Conversion from an annual form to a continuous-use form means that changes in the form aren’t anticipated to occur annually so the IRS would revise the form only if necessary to ...
Read MoreEide Bailly Merges in Seim Johnson
Eide Bailly, a Top 20 Firm based in Fargo, North Dakota, is expanding to Nebraska by adding Seim Johnson, a firm in Omaha, effective July 25. The merger will add 20 partners and 70 staff members to Eide Bailly, which currently has more than 350 partners and nearly 3,000 staff in the U.S. Financial terms of the deal were not disclosed. Seim Johnson is a $22 million firm, while Eide Bailly earned $521 million in annual revenue. Eide Bailly ranked ...
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