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Proposed regs. issued on meal and entertainment expense deductions
In REG-100814-19, the IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment...
Using the SECURE Act to Market Services During Tax Time
What’s worse than crunch time at tax season? How about a new set of tax rules that took effect on January 1, also known as the SECURE Act? Since this affects clients and they're likely not aware of it, it's up to you to tell them. And yes,...
IRS increases visits to high-income taxpayers who haven’t filed tax returns
As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service today announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax...
IRS urges tax professionals, taxpayers to protect tax software accounts with multi-factor authentication
The IRS and its Security Summit partners today called on tax professionals and taxpayers to use the free, multi-factor authentication feature being offered on tax preparation software products. Already, nearly two dozen tax practitioner firms...
IRS, Treasury issue proposed regulations updating income tax withholding rules
The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation. In...
2020: The year of the amended tax return
The Further Consolidated Appropriations Act, enacted on Dec. 20, 2019, included a number of tax changes with retroactive impact, requiring taxpayers and their advisors to consider filing amended 2018 tax returns. These include 28 regularly...
Help staff let off steam during busy season
As accounting teams trudge into the long winter months, laboring to make hard busy season deadlines, it can help to turn down the pressure from time to time. We asked representatives from four accounting firms to describe their favorite...