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Articles by Eric Hylton
Admitting Tax Shortfalls Remains Risky Under Revised IRS Program
The success of sweeping changes to the IRS’s voluntary disclosure program will hinge on whether taxpayers (and their advisers) believe that coming forward and admitting tax shortfalls will translate into meaningful protection from criminal prosecution. The IRS’s Criminal Investigation division announced in August that it was finalizing its overhaul of the program known as VDP.
Tax-Exempt Companies Ignoring Current Climate Do So at Own Peril Original
Whether you’re a small entity previously reliant on government grants or a large organization with policies drawing near the epicenter of current cultural debate, tax-exempt organizations should tend to their garden. And the ground is moving beneath our feet. While numbers have been down for years, IRS audits of tax-exempt organizations reached a new low in 2024, with audit levels dropping 34% for the year.
What to Expect: The IRS’s Road Ahead for the Employee Retention Credit
Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.
Taxpayers Concerned About Fraudulent ERC Claims Must Act Now Original
While Covid-19 relief appropriations pulled many businesses from the brink of demise, an onslaught of associated fraud has come to the surface, especially regarding claims for the employee retention credit. As the IRS has continued to ramp up scrutiny on ERC claims, taxpayers who believe they have filed inaccurate or unsubstantiated ERC claims must weigh their options going forward.
Hidden Tax Benefits and Potential Pitfalls SMBs Should Know This Filing Season
The Inflation Reduction Act (IRA) is potentially transformative for small to medium-sized businesses (SMBs) but along with taking advantage of the new benefits it and other government programs have to offer, SMBs must be aware of critical nuances that could impact their tax filing this season.
Looking to 2023, IRS Cryptocurrency Enforcement Is Just Beginning Original
The 2022 IRS Criminal Investigation Annual Report sent a clear and direct signal that the IRS’ cryptocurrency enforcement efforts are just beginning. IRS criminal investigations “seized record amounts of data and crypto currency” that included $7 billion in digital assets for FY 2022, according to the report—doubling the total of the preceding year.
Next IRS Chief Should Heighten Focus on Small Business Education
Normally busy small businesses in Rockton, Ill. are shuttered during the height of the Covid-19 pandemic on March 24, 2020. Photographer: Scott Olson/Getty Images Nov. 4, 2022, 8:45 AM The IRS should use some of the $80 billion allocated from the Inflation Reduction Act to help small and medium-sized businesses learn about their rights as taxpayers and about available business credits and incentives in the tax code, alliantgroup’s Eric Hylton says. This month, IRS Commissioner Charles P.
Next IRS Chief Should Heighten Focus on Small Business Education
Normally busy small businesses in Rockton, Ill. are shuttered during the height of the Covid-19 pandemic on March 24, 2020. Photographer: Scott Olson/Getty Images Nov. 4, 2022, 8:45 AM The IRS should use some of the $80 billion allocated from the Inflation Reduction Act to help small and medium-sized businesses learn about their rights as taxpayers and about available business credits and incentives in the tax code, alliantgroup’s Eric Hylton says. This month, IRS Commissioner Charles P.
Are Home Care Agencies Getting the Most Out of the Employee Retention Credit?
It’s well known that home care providers are prime candidates for claiming the Employee Retention Credit (“ERC”), which was enacted by Congress to reward businesses for their efforts to keep employees on payroll during the pandemic. But is your credit provider doing things the right way or just telling you a number to write on your tax form?
The IRS Makes Filing for the R&D Credit Tougher
Senators Maggie Hassan, New Hampshire Democrat, and Todd Young, and Indiana Republican, have been at the forefront of efforts to bolster one of the most powerful tax incentives in the U.S. tax code. Earlier in May, the U.S. Senate voted in favor of a resolution to expand the research and development (R&D) tax credit as part of the U.S. Innovation and Competition Act. The provision, put forward by Hassan and Young, passed in an overwhelmingly bipartisan fashion of 90 to 5.
How Businesses Can Claim COVID-19 Relief before Time Runs Out
The COVID-19 pandemic has wreaked havoc on the United States, not just in terms of lives lost, but also in terms of the country’s ability to maintain a fully operational economy. According to a study of the pandemic’s impact on small businesses from the Proceedings of the National Academy of Sciences (PNAS), more than 41% of companies reported needing to close due to COVID-19 (Alexander W. Bartik, Marianne Bertrand, Zoe Cullen, Edward L.
Biden promised to bring in $700 billion by beefing up the IRS and going after tax cheats. 2 former IRS commissioners explain how he can actually do it.
Biden's financial push to prioritize tax enforcement is a welcome one. However, the IRS is need of much more funding. Unless the IRS is given a sufficient budget, it'll be nearly impossible to close America's tax gap. Don Fort is the Director of Investigations at Kostelanetz & Fink and the former Chief of the Internal Revenue Service's Criminal Investigation Division. Eric Hylton is the Director of Investigations for ZMF and the former Commissioner of the IRS' Small Business/Self- Employed Division.
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