Gwennetta Wright’s Post

🚨 Filling out Form 8867 is just the start. Ensure comprehensive due diligence to avoid fines. #TaxProTips #DueDiligence #TaxPreparation #IRSCompliance @gwennettawright

Understand the reasons behind Form 720 penalties, including when and why they are imposed, how to calculate the penalty, and the steps to follow after receiving a penalty notice. Learn how to assess the penalty, review the details, and determine whether an appeal is necessary to resolve the issue effectively. Visit: https://lnkd.in/gDPEWdHA #Form720 #IRSCompliance #PenaltyResolution #TaxFilingTips #AvoidTaxPenalties #ExciseTax #TaxPenaltyHelp #Form720Penalties #TaxGuidance #StayCompliant

$590 PER DAY?? 😟😖 Yep, that's the current potential CIVIL penalty for failure to comply with the Corporate Transparency Act. And that's not all: - This penalty adjusts with inflation. - There are also CRIMINAL penalties! Click below to learn more and PROTECT YOURSELF from these painful consequences of non-compliance. https://conta.cc/3VqOtN0

High Court quashes order blocking taxpayer's credit ledger for lack of reasons and natural justice.: The High Court quashed the order invoking Rule 86A for blocking the Electronic Credit Ledger (ECL) of the petitioner under the CGST/SGST Rules, 2017. The impugned order lacked independent or cogent reasons and relied on reports of enforcement authorities, which is impermissible. Crucially, no pre-decisional hearing was granted, violating principles of natural justice. The order erroneously described the supplier as non-existent or not conducting business, despite the supplier obtaining registration and the transaction occurring before cancellation of registration. The court held that the order failed to provide valid reasons for blocking the ECL, thereby warranting its quashing. http://dlvr.it/TF7xC8 #TaxJustice #LegalDue #FairProcess #NaturalJustice #TaxpayerRights

Court ruling: Late filing not reason enough to deny transition of credit extension u/s 140(5) of CGST Act.: The High Court interpreted Section 140(5) of the CGST Act regarding transition of credit. The petitioner sought extension under the proviso to Section 140(5) but was rejected for not filing within the time limit. The section allows credit for duties/taxes on inputs received post the appointed day if recorded within 30 days, extendable by Commissioner for another 30 days on showing sufficient cause. The court held that the rejection based on late filing was incorrect as the provision allows for an extension. The impugned order was set aside, and the appeal was disposed of. http://dlvr.it/T8nNh9 #CourtRuling #TaxLaw #CreditTransition #LegalUpdate

As of the 26th July, the Solicitors Regulation Authority has imposed a fee cap on law firms handling financial mis-selling claims that can be progressed through schemes such as the Financial Ombudsman Service. For cases worth £50,000 or more, the maximum we can charge is £10k. That includes all expenses and disbursements. This creates such an inequality between claimants and defendants, as highlighted by the article below. In this claim, under the new rules, the maximum the claimant's solicitor could charge for running the whole cases (inc disbursements) is £10k. The Defendant spent £17k on a letter of response, given there is no like cap on Defendant's fee. One letter!! https://lnkd.in/enYG664w

If you're working on the 4th: take a look at our analysis of last night's ruling preliminarily enjoining enforcement of the FTC's non-compete rule. It will read just as well on the 5th too.

Breaking Down the 1065 Late Filing Penalty: What You Need to Know! ⏳ Don't let late filing penalties catch you off guard – our latest blog post has got you covered! Learn how to avoid hefty penalties and stay compliant with your 1065 filing. Check out the full details now on the site! #1065Filing #TaxPenalties #StayCompliant

As predicted by our firm, on December 3, 2024, a Federal District Court in the Eastern District of Texas granted a nation-wide injunction against the enforcement of the CTA, including the enforcement of the Reporting Rule 31 C.F.R. 1010.380 (BOIR) on the basis that it is a constitutional overreach on behalf of Congress. As such, without further order of the Court, Reporting Companies need not comply with the CTA’s current beneficial ownership-related information report deadline of January 1, 2025. Click here for additional information and options. https://lnkd.in/g6W8CTCi #FamilyBusiness #CTA #TaxReporting #USDepartmentofTreasury

Launching our series on the complexities of civil enforcement: Part One of 'Effective Enforcement – The Economic and Ethical Case for Civil Enforcement' addresses the rise in Liability Orders for council tax arrears. Explore the balance local authorities strike between recovering debts and ethical considerations amid rising financial pressures. https://lnkd.in/ep-Grfqz #CivilEnforcement #EconomicEthics