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Richard Maxwell CPA LLC
Certified Public Accountant
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Newsletters
As The Inflation Reduction Act Turns One, Werfel Outlines Goals For Year Two
Internal Revenue Service Commissioner Daniel Werfel is looking to build on the successes the agency has experienced with the first year of supplemental funding provided to the agency by the Infla...
Construction Sector Seeing Higher Payroll Tax Evasion – FinCEN
The Financial Crimes Enforcement Network is seeing a "concerning" increase in state and federal payroll tax evasion and workers’ compensation fraud in the U.S. residential and commercial re...
NTA Collins Wants To See Collection Notices Resume
NATIONAL HARBOR, Md.—National Taxpayer Advocate Erin Collins is hoping that collections notices from the Internal Revenue Service will resume in the coming months....
IRS Launches Paperless Processing Initiative, FS-2023-18
Taxpayers, by the 2024 filing season, will be able to digitally submit all correspondence, non-tax forms, and notice responses electronically to the Internal Revenue Service, the agency announced. Ad...
Notice Provides Home Energy Audit Transition Rule and Requirements for Energy Efficient Home Improvement Credit, Notice 2023-59; IR-2023-140
An IRS Notice provides a transition rule that generally allows taxpayers to claim the Code Sec. 25C energy efficient home improvement credit for home energy audits conducted in 2023 even i...
IRS Ends Most Unannounced Home Visits
The Internal Revenue Service will end, except in very limited circumstances, the practice of making unannounced visits to taxpayers’ homes and businesses."This change is effective immediatel...
Additional Guidance Provided on Receipt of Cryptocurrency, Rev. Rul. 2023-14
The IRS has released a revenue ruling providing additional guidance concerning receipt of cryptocurrency. If a cash-method taxpayer stakes cryptocurrency native to a proof-of-stake blockchain and rece...
Tax Professionals Highlight Employee Retention Tax Credit Issues
Problems with the Internal Revenue Service’s handling of the Employee Retention Tax Credit took center stage before a House committee hearing, with tax professionals airing issues they have e...
IRS Announces Progress Against Dubious ERC Claims; Updates ERC FAQs, IR-2023-135
The IRS announced substantial progress in the ongoing effort related to the dubious Employee Retention Credit (ERC) claims. The IRS successfully cleared the backlog of valid ERCs. The period...
IRS Seeks Greater Participation In ADR
The Internal Revenue Service is looking for ways get its post-filing alternative dispute resolution programs greater exposure and use. The agency recently issued a public call for comment on a var...
NTA Reiterates Call To Stop Automatically Assessing IIR Penalties
National Taxpayer Advocate Erin Collins is reiterating her call for the Internal Revenue Service to stop automatically assessing penalties related to international information returns....
FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can only be used to offset passive income. Taxpayers who have losses from a passive activity cannot use losses from a passive activity to offset nonpassive income,...
How do I? Prove business expenses
Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep...
FAQ…do I need a receipt for every gift to charity
The IRS requires that taxpayers substantiate their donations to charity. Whatever the donation is, whether money or a household item or clothing, the substantiation rules must be followed. The rules a...
IRS provides repair regulations relief for small businesses
In Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the "repair regulations") for 2014. The relief allows small bu...
FAQs: How are qualified longevity annuity contracts reported?
The required minimum distribution (RMD) rules require participants to start taking distributions when they turn age 70½. Treasury and the IRS have developed a new concept to enable retirees to preser...
Employers prepare for employer mandate and Code Sec. 6056 reporting
As January 1, 2015 draws closer, many employers are gearing up for the “employer mandate” under the Affordable Care Act. For 2015, there is special transition relief for mid-size employers. Small ...
IRS final rules encourage longevity annuity purchases
Life expectancies for many Americans have increased to such an extent that most taxpayers who retire at age 65 expect to live for another 20 years or more. Several years ago, a number of insurance com...
How do I? As an employer, report health insurance coverage?
One of the most complex, if not the most complex, provisions of the Patient Protection and Affordable Care Act is the employer shared responsibility requirement (the so-called "employer mandate") and ...
FAQ: What is an information document request (IDR)?
When an IRS is conducting a detailed audit of a taxpayer, it may want to see documents and records retained by the taxpayer. The examiner will ask the taxpayer what type of documents are maintained, a...
Final employer mandate regulations include transition relief for mid-size employers
Mid-size employers may be eligible for recently announced transition relief from the Patient Protection and Affordable Care Act's employer shared responsibility requirements. Final regulations issued ...
Treasury set to develop new retirement savings vehicle: myRAs
In his January 2014 State of the Union address, President Obama instructed the Treasury Department to develop a new savings vehicle called "myRA." The new savings arrangements share many similarities ...
Keeping good records for the upcoming tax-filing season and beyond
Good recordkeeping is essential for individuals and businesses before, during, and after the upcoming tax filing season....
FAQ: What are the tax rates on capital gains and dividends?
Despite the passage of the American Tax Relief Act of 2012 - which its supporters argued would bring greater certainty to tax planning - many taxpayers have questions about the tax rates on qualified ...
FAQ: To what extent are business meals deductible?
A business can deduct only ordinary and necessary expenses. Further, the amount allowable as a deduction for business meal and entertainment expenses, whether incurred in-town or out-of-town is genera...
How do I? Deduct employee compensation given as year-end bonuses
Whether or not the IRS will allow a deduction for year-end bonuses for services performed during that year depends not only on the timing of the payment, but also the events surrounding the payment. I...
Coming soon: greater tax-wise retirement options
Retired employees often start taking benefits by age 65 and, under the minimum distribution rules, must begin taking distributions from their retirement plans when they reach age 70 ½. According to T...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has almost doubled in the past three years to well over half a million reported during 2011, according to a recent report by the Treasury Insp...
Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed regulations on the capitalization of costs incurred for tangible property. They impact how virtually any business writes off costs that rep...
The tricky distinction between employees and independent contractors
In light of the IRS’s new Voluntary Worker Classification Settlement Program (VCSP), which it announced this fall, the distinction between independent contractors and employees has become a “hot i...
FAQ: Are Social Security survivor benefits received by children taxable income?
When an individual dies, certain family members may be eligible for Social Security benefits. In certain cases, the recipient of Social Security survivor benefits may incur a tax liability....
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth IRAs -- are among the most popular retirement savings vehicles today. Protecting the value of your IRA (and other retirement accounts...

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