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Steve Grgas

Cash Rewards for Money Order, Debit Card Purchases Included in Income

Cash Rewards for Money Order, Debit Card Purchases Included in Income The Tax Court ruled that rewards dollars that a married couple acquired for using their American Express credit cards to purchase debit cards and money orders—but not to purchase gift cards—were included in the taxpayers’ income. The court stated that its holdings were based […]

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Steve Grgas

National Virtual Settlement Days Announced

National Virtual Settlement Days Announced The IRS Office of Chief Counsel has embarked on its most far-reaching Settlement Days program by declaring the month of March 2021 as National Settlement Month. This program builds upon the success achieved from last year’s many settlement day events while being shifted to virtual format due to the pandemic. […]

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Steve Grgas

Individual Not Entitled to Innocent Spouse Relief

Individual Not Entitled to Innocent Spouse Relief An individual who owned a limited liability company (LLC) with her former spouse was not entitled to relief from joint and several liability under Code Sec. 6015(b). The taxpayer argued that she did not know or have reason to know of the understated tax when she signed and […]

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Steve Grgas

Penalty Not Timely Approved by Revenue Agent’s Supervisor

Penalty Not Timely Approved by Revenue Agent’s Supervisor A married couple’s civil fraud penalty was not timely approved by the supervisor of an IRS Revenue Agent (RA) as required under Code Sec. 6751(b)(1). The taxpayers’ joint return was examined by the IRS, after which the RA had sent them a summons requiring their attendance at […]

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Wayne Naegele

EIDL Loan Increase to $500,000 and Changes to PPP

March 30, 2021 Dear Clients, Colleagues and Friends, On March 24, 2021, the U.S. Small Business Administration (SBA) announced that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan […]

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