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Favour Ishember, Abuja In spite of the challenges faced by the service and the FCT, due to the impact of the COVID-19 pandemic, the FCT Internal Revenue Service ( IRS) has surpassed its revenue target of 109 Bn by 108% as it collected and remitted 118Bn, at the end of November, 2021. [] The post Challenges of COVID-19 pandemic: FCT IRS surpassed revenue target by 108%, remits 118Bn appeared first on Champion Newspapers LTD .

Can you be held liable for a tax liability owed by another taxpayer? Yes, under certain circumstances. The IRS uses fraudulent transfer law and transferee liability tools to collect unpaid taxes where a taxpayer has transferred property to a third party. The third party, known as a transferee or nominee, may be liable to the IRS based on several legal theories, such as transferee liability, nominee liability, alter ego liability and other mechanisms. This article provides a By: Freeman Law

The IRS has told some lawmakers the bill needs to pass by December 28 for payments to continue smoothly heading into January, according to Senate and House congressional aides.

The Joint Committee on Taxation estimated that some 87 million Americans who earn less than $400,000 in adjusted gross income would see their account information reported to the IRS. That represents a little more than half -- about 59% -- of the 148 million taxpayers in the U.S. earning less than $400,000.

The Paycheck Protection Program (PPP) created under the CARES Act provided much needed economic relief to businesses and other organizations negatively impacted by the COVID-19 pandemic. One of the biggest benefits of the PPP is the ability of taxpayers to treat the loan forgiveness as tax-exempt income to the extent the loan proceeds were used for eligible expenses. By: Murtha Cullina

The Internal Revenue Service issues three Revenue Procedures detailing how taxpayers can account for tax-exempt cancellation of indebtedness income arising from forgiven Paycheck Protection Program loans in their Federal tax filings. Taxpayers who have already filed Federal tax returns may amend their returns to incorporate IRS guidance regarding the timing and allocation of the tax-exempt income and deductions relating to PPP loans. By: Pillsbury Winthrop Shaw Pittman LLP

In Protect Tustin Ranch v. City of Tustin, 70 Cal. App. 5th 951 (2021), the court of appeal upheld a citys reliance on the infill development categorical exemption under CEQA for a new gas station in an existing shopping center in a commercial area. November 29, 2021: The IRS published a news release warning taxpayers and tax professionals to beware of a dangerous combination of events that can increase their exposure to tax scams and identity theft. The IRS stated that the holiday shopping By: Perkins Coie

In 2016, the year he earned $497,052, Yonkers masonry contractor Mario G. Nunes allegedly had a tax preparation service tell the IRS that he was not working, had no source of income and was living with friends and family. The post Government claims Yonkers contractor evaded taxes on $1.6M income appeared first on Westfair Communications .

Estates pay 40% federal estate tax, and almost every sizable estate is audited by the IRS. Prince''s estate reported a taxable value of $82 million to the IRS. However, the IRS

Commentary Four years after President Donald Trump and congressional Republicans passed the Tax Cuts and Jobs Act (TCJA) into law, IRS data prove the historic legislation benefited those in the working- and middle-classes more than the wealthy. Of course, this fact belies the lefts relentless lies about TCJA being a massive tax cut for the []

ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox . Series: The Secret IRS Files Inside the Tax Records of the .001% Heres a tale of two Stephen Rosses. Real life Stephen Ross, who founded Related Companies, a global firm best known for developing the Time Warner Center and Hudson Yards in Manhattan, was a massive winner between 2008 and 2017. He became the second-wealthiest real estate titan in America, almost doubling his net worth over those years, according to Forbes Magazines annual list, by adding $3 billion to his fortune. His assets included a penthouse apartment overlooking Central Park and the Miami Dolphins football team. Then theres the other Stephen Ross, the big loser. Thats the one depicted on his tax returns. Though the developer brought in some $1.5 billion in income from 2008 to 2017, he reported even more nearly $2 billion in losses. And because he reported negative income, he didnt pay a nickel in federal income taxes over those 10 years.

On October 21, 2021, the Internal Revenue Service (the IRS) released Notice 2021-56 (the Notice), which sets forth the additional requirements a limited liability company (LLC) must satisfy to obtain a determination letter recognizing its tax-exempt status under sections 501(a) and 501(c)(3) of the Internal Revenue Code. By: Proskauer - Not for Profit/Exempt

As early as 2014, the IRS put out guidance on how crypto donations are treated as capital property from a tax perspective.

It''s understandable to be a little frustrated that you still haven''t received your 2020 refund, but a repeat is not inevitable. With the year coming to a close, many