We have received some member questions about the handling of tax deadline extensions for individuals and businesses impacted by federally declared disasters.
Your response is critical to our advocacy efforts.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Internal Revenue Service regulation of return preparers, sidelined since its prohibition by the Loving decision, is back for another try.
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.
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.
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.
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.
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.