Preparing and Submitting IRS Refund Claims
Around the filing deadline each year, besides last-minute tax craziness, there are always questions about either late-filed or amended returns and whether or not a particular refund claim is timely. We should not assume that a refund claim is time-barred simply because an original or amended return would be filed more than three years from […]
How to Shift Charitable Deductions into Business Deductions
When a taxpayer makes a payment to a §170(c) charity, there are two possible deductions available for that payment: A charitable contribution deduction under §170, or A trade or business deduction under §162. A §162 trade or business deduction is generally superior to a charitable deduction. It is above-the-line, reducing adjusted gross income (AGI), income […]
BOI is Officially Dead for Domestic Companies and U.S. Persons
FinCEN has submitted the new interim final rule for beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). As promised, the BOI reporting requirement has been drastically reduced and dead for domestic companies and U.S. beneficial owners. This rule will be effective when it is published in the Federal Register. https://www.tomtalkstaxes.com/p/boi-is-officially-dead-for-domestic (Mar 22,2025)
IRS Releases ERC FAQs on Income Tax Effects
The IRS now realizes the late processing of refund claims in many cases prohibits the required reduction in wage expense under §280C for tax years 2020 and 2021 because the assessment statute of limitations bars those assessments. https://www.tomtalkstaxes.com/p/irs-releases-erc-faqs-on-income-tax (Mar 21, 2025)
Can a Taxpayer Deduct a Theft Loss?
There have been many unfortunate stories this tax season of clients who have been scammed and had money or cryptocurrency stolen. Their tax professionals, understandably so, want to provide relief by deducting the theft loss under §165. https://www.tomtalkstaxes.com/p/can-a-taxpayer-deduct-a-theft-loss (Mar 14, 2025)
Changing a Previously Filed BOI Report
After a reporting company files its initial BOI report, it must file either an updated or corrected report if the initial report is no longer accurate. Updated reports are required when there is a change to previously reported information about the reporting company or its beneficial owners. They are due within 30 calendar days after […]
Learn All About the IRS ENMOD Transcript
The ENMOD (Entity Module) transcript is an internal IRS transcript that provides comprehensive entity information about a taxpayer. This includes details about the entity’s account, such as its name, address, tax status, and any changes over time. The ENMOD is primarily used to track a taxpayer’s historical information and status changes related to their business… […]
A Step-by-Step Guide to Getting an IP PIN
In a recent press release, the IRS strongly encouraged all individuals to sign up for an Identity Protection PIN (IP PIN) for the 2025 tax season to help protect against tax-related identity theft. An IP PIN is a six-digit number known only to the taxpayer and the IRS that is used to verify one’s identity […]