News

Tax deadline extensions for individuals and businesses impacted by federally declared disasters

September 24, 2021

We have received some member questions about the handling of tax deadline extensions for individuals and businesses impacted by federally declared disasters.

  • state tax
  • federal tax

Should CTCPA advocate to change the state's partnership return filing deadline?

September 23, 2021

Your response is critical to our advocacy efforts.

  • state tax
  • federal tax

IRS sent thousands of premature tax collection notices during pandemic

September 21, 2021

The Internal Revenue Service mailed out nearly 90,000 premature notices and demands for overdue taxes to taxpayers last year, even though the filing date had been extended.

  • federal tax

Tips for working with first-time single audit clients

September 21, 2021

The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021 have provided billions of dollars to American businesses, state and local governments and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.

  • accounting and auditing
  • not-for-profit
  • federal tax

Treasury to eye ‘clawback’ of estate and gift taxes from trusts used by the wealthy

September 21, 2021

Financial advisors know by now that Democrats’ proposed tax increases would prevent affluent investors from using trusts to pass on major wealth to their heirs.

  • advocacy - federal
  • federal tax

Expanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by non-itemizers

September 17, 2021

The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.

  • federal tax

SALT cap rollback for two years debated by House Democrats

September 14, 2021

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

  • advocacy - federal
  • federal tax

IRS recognizes Small Business Week: Resources available to help employers

September 13, 2021

During National Small Business Week, the Internal Revenue Service wants small business owners to know that information and resources to help them understand and meet their tax obligations are available free at IRS.gov.

  • federal tax
  • personal financial planning
  • practice management
  • state tax

$16B in EITC payments in 2020 may have been improper

September 10, 2021

The Internal Revenue Service’s strategy for examining claims for the Earned Income Tax Credit are falling short, with nearly one-fourth of EITC payments estimated to be wrong last year and the IRS focusing its efforts disproportionately on some Southern states.

  • federal tax

IRS hit with programming bug on COVID-19 tax relief

September 09, 2021

The Internal Revenue Service warned Thursday of a programming issue that’s affecting business taxpayers who need transcripts for requesting COVID-19 employment tax relief.

  • technology and cybersecurity
  • federal tax

IRS permanently allows e-signatures on dozens of tax forms

September 03, 2021

The Internal Revenue Service has extended the ability to digitally sign a wide variety of tax forms indefinitely, enshrining a temporary grant of relief for the pandemic into a more permanent policy.

  • coronavirus
  • federal tax

IRS updates per diem rates for travel expenses for 2021-2022

September 03, 2021

The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.

  • business and industry
  • practice management
  • federal tax

Tax relief now available to victims of Hurricane Ida

September 03, 2021

Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

  • coronavirus
  • federal tax

2021 tax software survey: Shares of respondents and product and company information

September 01, 2021

In this year’s tax software survey by the JofA and The Tax Adviser, 2,154 CPAs assessed the software they used to prepare 2020 tax returns for a fee.

  • state tax
  • federal tax

IRS regulation of tax preparers gains steam

August 31, 2021

Internal Revenue Service regulation of return preparers, sidelined since its prohibition by the Loving decision, is back for another try.

  • state tax
  • federal tax

Reviewing Benefits of the State and Local Tax Deduction by County in 2018

August 25, 2021

As Congress considers repealing or making more generous the $10,000 state and local tax deduction cap in the budget reconciliation process, it is helpful to review how the state and local tax (SALT) deduction is taken by taxpayers across U.S. counties.

  • state tax
  • federal tax

CFOs: Prepare for Changes in Global Tax Rules

August 24, 2021

You hear it everywhere: U.S. corporations don’t pay their fair share of taxes. They’ve hollowed out domestic industry by moving to cheaper, more tax-friendly countries.

  • business and industry
  • federal tax

Security Summit warns tax pros to watch for tell-tale signs of identity theft

August 17, 2021

With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients.

  • federal tax
  • forensic accounting and fraud
  • state tax
  • technology and cybersecurity

5 tips for charging clients more for tax planning

August 16, 2021

What’s the greatest tragedy of the accounting profession? It’s the fact that most small-business owners and individuals believe their accountant is saving them money on taxes, when in truth the majority of tax preparers never reduce anyone’s tax liability.

  • practice management
  • federal tax

IRS offers flexibility on Work Opportunity Tax Credit

August 16, 2021

The Internal Revenue Service is giving employers more leeway in claiming the Work Opportunity Tax Credit to hire people in areas who face significant obstacles to employment for jobs in summer youth and community programs.

  • business and industry
  • coronavirus
  • federal tax
  • practice management