EPISODE 5. TIGTA Report on IRS Controls to Prevent & Recover from Ransomware Attacks. Michael Avenatti Sentenced for stealing and tax fraud. State SALT Parity Acts adding significant tax savings for business owners (1120s & 1065). Artwork

Taxcast With Chelsea

Welcome to Taxcast with Chelsea: My background ranges from corporate finance, small business accounting roles, and now serving clients in a tax advisory role. While I enjoy researching and resolving tax issues for clients, I understand not everyone has the same tax resources and the information online can be overwhelming. My goal is to provide tax understanding to the everyday taxpayer. Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice. https://www.irs.gov/pub/irs-pdf/pcir230.pdf

All Episodes

Taxcast With Chelsea

EPISODE 5. TIGTA Report on IRS Controls to Prevent & Recover from Ransomware Attacks. Michael Avenatti Sentenced for stealing and tax fraud. State SALT Parity Acts adding significant tax savings for business owners (1120s & 1065).

December 11, 2022 • Season 2022 • Episode 5

Hey everyone welcome to Taxcast with Chelsea where I give you a small dose of interesting tax news and answer commonly asked tax questions.

Today let’s review these 3 topics:

1. Tis’ the Season for Security: IRS Controls to Prevent and Recover from Ransomware Attacks were generally effective (according to a recent TIGTA Report) … but is that enough? (:47)

2. Also…Attorney Michael Avenatti was Sentenced to 14 years in Federal Prison for stealing and tax fraud-details from the US attorney general & IRS criminal investigation (5:14)

3. Many states have passed SALT Parity Acts to favorably aid owners of Pass-through entities (PTEs) with tax deductions. How does this work and let's look at specific highlights for my MO/KS business owners (12:42)
***CORRECTION*** MISSOURI does allow SALT payments for 2022 - I misspoke in this episode after it was published.

Links

· https://www.tigta.gov/sites/default/files/reports/2022-11/202320002fr.pdf

· https://securelist.com/crimeware-report-ransomware-tactics-vulnerable-drivers/108197/

· https://www.irs.gov/compliance/criminal-investigation/lawyer-michael-avenatti-sentenced-to-14-years-in-federal-prison-for-stealing-millions-of-dollars-from-clients-and-tax-fraud

· https://www.washingtonexaminer.com/policy/courts/legal-storm-michael-avenatti-pay-resitution-stormy-daniels

· https://www.irs.gov/newsroom/irs-provides-certainty-regarding-the-deductibility-of-payments-by-partnerships-and-s-corporations-for-state-and-local-income-taxes

· Forthcoming regs regarding SALT - https://www.irs.gov/pub/irs-drop/n-20-75.pdf

· https://www.grantthornton.com/insights/alerts/tax/2022/salt/k-o/kansas-enacts-income-property-and-sales-tax-changes-07-15

Connect with Chelsea:
Email: taxcastwithchelsea@proton.me
Leave a comment on this podcast.

**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf