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Feds Now Prosecuting PPP Loan Fraud

Feds Now Prosecuting PPP Loan Fraud

For those who received PPP money during the pandemic and misused it, the time of reckoning is already here. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. As the Los Angeles Times reports, these first cases involve...

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Law Firms: More Changes in Partnership Tax Forms Ahead

Law Firms: More Changes in Partnership Tax Forms Ahead

Have you seen the newly redesigned partnership tax form? The IRS would like taxpayer input on it before releasing it in 2021. According to the IRS, the proposed form is designed to provide greater clarity for partners on how to compute their U.S. income tax liability...

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IRS “Wealth Squad” to Audit Hundreds by October

IRS “Wealth Squad” to Audit Hundreds by October

The IRS is back to business, conducting new examinations of tax returns and enforcing collections. A top priority? It intends to audit hundreds of high-net-worth taxpayers by September 30, 2020. The audits will be conducted by the agency’s Global High Wealth...

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Syndicated Conservation Easements Get Complicated

Syndicated Conservation Easements Get Complicated

Designating conservation easements on property can be a great way to preserve land while gaining a valuable tax break. But the IRS is cracking down on abuses of this practice by partnerships and individuals who have invested in syndicated conservation easements. If...

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