Tim Parrish’s Post

I recently had the pleasure of speaking on a webinar with Tim Parrish and Tom Cullinan regarding the current state of ERC processing, the recent IRS announcement, and most importantly, the option for taxpayers to exercise their right to their ERC claim through the judicial system. Considering the IRS's recent announcement that only 10-20% of claims will begin to be processed in the next few months and even those at a "dramatically slower" pace than previously processed, taxpayers need to understand other legitimate avenues to enforce their right to their ERC claim. As with all things tax, taxpayers need to be informed of the risks and benefits and make sure to work with experienced tax professionals. If you didn't catch the webcast (we had 1,400 participants!), please use the link below to watch. We focus on litigation strategy in the last 20 minutes if you want to skip ahead.

While it may not seem fair for the IRS to add accuracy related penalties if you are audited and used a paid tax preparer, chosing the wrong professional for your circumstances could come with those consequenses. Make sure you are using a reputable and trustworthy tax preparer that is competent with respect to all disclosures on your return. #taxcontroversy #IRS #taxpreparer

In our latest #blog post, Firm Partner, Jeffrey M. Glassman continues his discussion on the legislative proposals affecting the Employee Retention Tax Credit (ERTC). Mr. Glassman explores the prospect of the IRS treating certain advisors and COVID-ERTC promoters as "Material Advisors." Read it here: https://lnkd.in/g46YFUVF #irs #erc #ertc #legislation #taxlaw #taxadvisor

Below is a link to the (likely) final installment in my blog series about the implications of the pending legislation provisions surrounding ERTC enforcement. Please contact me with any questions. #ERC #ERTC #IRSenforcement #taxcontroversy

"If I use a CPA to prepare my taxes and I'm audited, they would never add additional penalties for not being accurate, right?" Unfortunately, this is not the case... Many people incorrectly assume that the mere use of a tax preparer will act as a shield from IRS accuracy penalties in case of audit. In the attached case, Hall vs. Commissioner, the Tax Court analyzes the petitioners' use of a tax preparer and determines that he was not a "competent professional", one of the key elements required to avoid IRS penalties (along with full disclosure to the preparer and a good faith reliance on advice). The Taxpayer simply hired this preparer on a family members recommendation, and further did not review the return, which took many business expenses related to non-functioning business. It is critically important when choosing to work with a professional that a taxpayer not just rely on recommendations, but actually interview the preparer to insurer they are familiar with the types of issues connected to the return. #IRS #TaxReturns #Audit #Penalties

Under Pressure During an IRS Audit? You Have Rights. https://lnkd.in/ghWeiJun ⚖️ Being audited by the IRS can be stressful, especially when faced with an aggressive auditor. If you're feeling pressured, remember - you have rights during the audit process. Here's what you can do: Stay Calm: Don't engage in arguments or answer questions you're unsure about. Know Your Rights: You have the right to representation, to request clarification on questions, and to take breaks. Seek Professional Help: A tax professional can advocate for you, ensure proper documentation, and communicate effectively with the IRS. Don't go through this alone! Kennedy Tax Solutions can help navigate your IRS audit and protect your rights. Schedule a FREE consultation today and breathe a sigh of relief. Click the link above or call us TODAY at 877-767-1325 📱 #IRSaudit #TaxTip

Stephen Ferszt, chair of Olshan Frome Wolosky LLP's Employee Benefits Practice and member of the firm’s Tax & Personal Planning Practice, published a column in the New York Law Journal regarding estate planning and the critical decisions taxpayers need to make before the 2026 BEA rollback takes effect. Steve highlights strategic approaches to protect assets from gift and estate taxes, as well as the generation-skipping tax. “As the expiration of the increased BEA approaches, it is important to consider strategic estate planning opportunities now. The BEA will decrease significantly in 2026, making it more challenging for taxpayers to protect assets from gift and estate taxes. Given the time-consuming nature of estate planning, taxpayers should work with an estate planning attorney to take advantage of the current planning opportunities,” he says. Olshan associate Alexander G. Sánchez Figueroa assisted with the article. #OlshanLaw #NYLJ #BEA #GST #Taxes #EstatePlanning #OlshanTaxPlanning https://lnkd.in/e94VHVer

Tax trouble? Don't panic! With our expertise, we've got your back against IRS audits and state agencies. Trust us, they don't forget! Let's tackle this together. Learn more about our services. #TaxSeason #AccountingServices

🚨 Tax Controversy Alert: Key IRS and State Updates 🚨 In our latest Tax Controversy Newsletter, we break down some critical updates that could impact taxpayers, including: 📌 North Carolina DOR Extension Issues: Late filing penalties despite extensions? We’ve got solutions. 💼 IRS Collection Intensifies: High-income earners, watch out—compliance efforts are ramping up. 🌱 Conservation Easements: Georgia’s new voluntary disclosure program explained. 👥 IRS Hiring & Enforcement: More audits and AI-driven tax compliance strategies are coming. Our team of experts dives deep into these topics and more, sharing actionable insights that can help you navigate these changes with confidence. 📰 Check out the attached full newsletter. 📩 Feel free to reach out for any questions or advice! #TaxControversy #IRSUpdate #StateTax #TaxCompliance #ConservationEasements

With the increase in large partnership returns filed with the IRS over the past few years, the IRS is betting on its increased attention to #passthroughentities to help find non-compliant taxpayers. Therefore, thoughtful #taxplanning of potentially complex issues should be considered thoroughly before finalizing business transactions. #AskMarcum