Published .
Background Under 26 U.S.C. § 7431(e), the IRS must notify taxpayers “as soon as practicable” if their confidential tax return information is breached, following the filing of criminal charges related to the breach. Earlier this year, the IRS began notifying thousands of taxpayers that their tax returns or associated data … Continued
Published .
For tax years 2018 through 2025, individuals can claim a deduction for casualty losses attributable to a federally declared disaster on their personal return in the year the loss occurred or may elect to claim the deduction on their prior year return. These individuals may also benefit from an exemption … Continued
When a shareholder terminates part or all of their interest in an S corporation, IRC Section 1377(a)(2) allows the S corporation to elect to have two separate periods within a taxable year. This treatment is often referred to as ‘closing the books.’ Generally, determination of income and expenses is on … Continued
Published .
On May 25, 2023, Oklahoma legislation passed the “Oklahoma Parental Choice Tax Credit Program,” which will go into effect in the 2024 tax year. This program provides a refundable tax credit ranging from a minimum of $5,000 to a maximum of $7,500 per child per year for qualified expenses, depending … Continued
Published .
On May 25, 2023, Oklahoma legislation passed the “Oklahoma Parental Choice Tax Credit Program.” This Program will go into effect in the 2024 tax year. Any student who is eligible to enroll in a public school in the state of Oklahoma will qualify, however, the child must be four years … Continued
Published .
The SECURE Act has increased the 401(k)-tax credit for business who start 401(k) benefit plans. Currently, the Secure Act allows eligible employers to qualify for a minimum of $500 tax credit and a maximum of $5,000 for each of the first three years of your plan’s existence. You qualify to … Continued
Typically, nonrecourse loans are not considered at risk for purposes of the IRC §465 at-risk limitations. An exception to the rule does exist though. When qualified nonrecourse financing is secured by real property used in the activity of holding real property, it can be considered at-risk. Personal property or services … Continued
WASHINGTON — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third … Continued
Published .
The qualified small business stock (QSBS) exclusion is a tax benefit that applies to eligible shareholders of a qualified small business (QSB). It was originally enacted in 1993 as a partial exclusion, and was later expanded to a 100% exclusion as part of the Small Business Jobs Act in 2010. … Continued
Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties with respect to 2019 and 2020 returns. The relevant penalties will be waived or, to the extent previously assessed, abated, refunded, or credited, as appropriate. Notice 2022-36 will be in IRB: 2022-36, dated 09/06/22. Notice 2022-36
Mysock, Chevaillier & Birdsong, LLP
2021 S. Lewis, Suite 700
Tulsa, OK 74104
918.747.6099 FAX 918.747.6299
Email us