The Latest News
IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community. “I’m aware of it. I’m sensitive to it. And I understand the need for it,” said Rettig, a...
How Clients Can Max Out on the Section 199A Deduction
The new Section 199A deduction has led to considerable confusion and uncertainty among taxpayers and practitioners alike. At least new final regulations issued earlier this year provide some clarity. For those unaware, the Tax Cuts and Jobs...
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the...
National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible...
Why the TCJA Packs Even More Depreciation Punch
The Tax Cuts and Jobs Act (TCJA) combines powerful enhancements for the Section 179 “expensing” and “bonus” depreciation deductions. That’s an effective 1-2 punch that’s hard to beat. Given the TCJA's impact on deductions, there’s a good...
Final rules permit truncated TINs on W-2s
In its continuing effort to reduce identity theft, the IRS issued final regulations that permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (T.D. 9861). The...
Advising Your Clients on Lowering Their Self-Employment Taxes
Here’s the thing: Making sure employees are paid the right amount on time is crucial to keeping them motivated. And for small business owners, determining exactly how much money should be withheld for state and federal income taxes, benefits and...
Can You Make Tax Deductions without the Records?
In seven previous columns, I explained how I use “tax tidbits” to enliven conversations when talking taxes with clients or speaking to groups like retirees, individuals who run their own businesses and investors. The tidbits discuss amusing court...
How Wayfair and SST Guide Remote Sales Tax
Accounting professionals and their business clients need to understand how the Wayfair ruling and the Streamlined Sales and Use Tax Agreement intersect. Just one year ago, the seminal Supreme Court ruling in South Dakota v. Wayfair, Inc. (June...
Congress approves IRS reform bill, drops Free File language
The Senate voted to approve the Taxpayer First Act, H.R. 3151, on Thursday, three days after the House of Representatives had also approved it by a voice vote. The bill now goes to President Donald Trump for his signature. [Update: The president...
Your Guide to the Section 199A Deduction Mess
Presumably, 90 percent of those in Congress are attorneys, and good ones. So, you'd think their contracts and legislation wouldn’t leave a lot of things up to interpretation. Unfortunately, this isn't really the case. We all know the TCJA was...
The Shifting Deduction Landscape Under the TCJA
Before the Tax Cuts and Jobs Act (TCJA), most moderate-to-high-income taxpayers itemized deductions on Schedule A, rather than claiming the standard deduction on their personal returns. Due to a few sizeable deductions, the amount often exceeded...
Millions more ITINs set to expire in 2019; IRS says renew early to prevent refund delays
Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next...
House Dems press for end to SALT deduction cap
U.S. House Democrats on Tuesday pushed for a repeal of a provision of the GOP tax law that capped the deductibility of state and local taxes, known as SALT, on federal returns. Democratic members of the House Ways and Means Committee heard from...
Cryptocurrency not FBAR reportable (at least for now)
Tax practitioners and taxpayers alike have long grappled with whether virtual currency, aka cryptocurrency, is reportable for purposes of FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
IRS, Treasury issue guidance under Tax Cuts and Jobs Act and the Consolidated Appropriations Act of 2018 for cooperatives and patrons of cooperatives
The Treasury Department and Internal Revenue Service today issued legal guidance under the 2017 Tax Cuts and Jobs Act (TCJA) and the Consolidated Appropriations Act of 2018 providing information on certain deductions to cooperatives and their...

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Surgent's Federal Tax Camp (Livestream) - 12/9/2019 -
In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and...
Surgent's Federal Tax Camp - 12/9/2019 - Rocky Hill
In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and...
The Best Federal Tax Update Course by Surgent - 1/6/2020 - Rocky Hill
In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major trends on the horizon with a view toward...
The Best Federal Tax Update Course by Surgent (Livestream) - 1/6/2020 -
In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major trends on the horizon with a view toward...
How to Settle a Client's Estate (Livestream) - 1/7/2020 -
Federal estate and gift taxes currently affect few clients, but there are many other issues involved in settling an estate or administering a trust. Clients...
How to Settle a Client's Estate - 1/7/2020 - Rocky Hill
Federal estate and gift taxes currently affect few clients, but there are many other issues involved in settling an estate or administering a trust. Clients...

 

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