ERC Compliance Efforts Top $1 Billion in Six Months, IR-2024-78 The IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. "We are encouraged by the results so fa...
IRS Releases Guidance on Form 1099-K, FS-2024-7; IR-2024-5 The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, the agency had announced b...
CA - Gain on sale was apportion able business income An S corporation and a limited liability company (LLC) were engaged in the same unitary business, so gain on the sale of the S corporation's interest in the LLC generated business income subject to ap...