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Small business owners have been hampered by complicated tax forms and processes that kept them from claiming pandemic-related tax credits and payroll tax deferrals, according to a new government report. Only up to 7% of small business owners were able to claim the tax relief, and they fell mainly within specific racial, ethnic and gender groups.

Supply chain challenges can wreak havoc on businesses that rely on a steady stream of products, services, or components to survive. We’ve seen some immense disruptions over the last two years, and we’ll likely continue to experience them. We should expect future crises, as a complex, unpredictable global economy filled with interdependent, diverse economic agents and entities that continue to rise.

A path toward a long-sought congressional vote on a federal budget reconciliation bill appeared to open Wednesday as Sen. Joe Manchin, D-W.Va., endorsed fast-track legislation that would contain a variety of tax provisions.

Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo has extended the second quarter 2022 tax and wage report filing deadline from July 31, 2022, to August 31, 2022. This extension will allow employers more time to establish ReEmployCT accounts, upload documents and file reports, and address any issues TPAs may have related to employer access. The extension applies to late fees and interest, which will not be assessed until September 1, 2022, and penalties, which will not be assessed until October 1, 2022.

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.

Frustrating dealings with the IRS – whether due to slow responsiveness, backlogs or other performance issues – were cited as the top challenge of smaller firms with 10 professionals or less, according to the 2022 PCPS CPA Firm Top Issues Survey, sponsored by the American Institute of CPAs’ practice management section.

Corporate tax executives are anticipating changes in government tax requirements over the next two years, but they feel less prepared to deal with them than they did last year, according to a new survey.

The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.

The Internal Revenue Service and its Security Summit partners in the tax prep industry and state tax authorities are encouraging tax professionals Tuesday to inform their clients about Identity Protection Personal Information Numbers to safeguard against identity theft.

As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations.

The Internal Revenue Service is planning to mandate a new electronic fingerprinting process for e-file applications for tax practitioners starting Sept. 25.

Despite the differences between state and federal cannabis laws, "cannabusinesses" are at the expanding forefront of a $25 billion industry with enormous potential.

The Exposure Draft (ED), Maintaining the Relevance of the Uniform CPA Examination® - Aligning the Exam with the CPA Evolution Licensure Model, presents an informed and thoughtful proposal for the 2024 CPA Exam. Interested parties may comment on the ED by sending responses to practiceanalysis@aicpa.org no later than September 30, 2022.

IRS E-services will be shut off sometime this summer for those tax professionals who have not validated their identities using ID.me.

Since the Supreme Court decision in Wayfair vs. South Dakota four years ago, the sales tax arena has been filled with complexity and confusion. States acted quickly to take advantage of the opportunity afforded by the removal of physical presence test as a prerequisite for them to impose sales tax nexus.

The AICPA has published a set of questions and answers that explains recently released SEC staff guidance regarding the accounting for entities that have obligations to safeguard cryptoassets held for their platform users.

Taxpayers are now able to file amended returns electronically in more of the Form 1040 series, the IRS announced Thursday in a news release.

The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico.

While the IRS was able to promptly process 85% of returns in the 2022 filing season and expedite its resolution of some of the most common taxpayer errors, the Service's backlog of paper-filed returns bogged down further, National Taxpayer Advocate Erin Collins said in a report.

The Internal Revenue Service provided updated details Tuesday on where it stands in its processing of millions of tax returns in its backlog, saying that as of June 10, it had processed more than 4.5 million of the more than 4.7 million individual paper tax returns received in 2021.