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.
Even as the Internal Revenue Service began sending out the second batch of advance Child Tax Credit payments, evidence has emerged that the first round may have had a measurable impact on hunger and poverty in the U.S.
An amendment aimed to block a new tax-reporting requirement for financial institutions, including credit unions, narrowly failed in the Senate by a vote of 49-50 on Tuesday. The reporting requirement, as proposed by the Treasury Department and included in the Senate’s fiscal year 2022 Budget Resolution, would mandate financial institutions to report the inflows and outflows of personal and business accounts, as well as transfers between accounts of the same owner, if it is more than $600 per year.
Tax Day 2020 was pushed to July to provide pandemic relief. The latest Tax Day was bumped a month to give the Internal Revenue Service time to implement tax laws that changed as late as March.
As the Olympic flame goes out in Tokyo on Sunday, marking the end of the 2020 Games, swimming phenom Katie Ledecky and pole vaulting sensation Katie Nageotte will both be leaving with gold — but a hefty tax bill awaits only one of them back in the U.S.
The IRS and the Treasury guidance in Notice 2021-49 deals with how various issues apply to the employee retention credit in both 2020 and 2021, amplifying earlier guidance offered earlier this year in Notice 2021-20 and Notice 2021-23. The new notice explains changes made by the American Rescue Plan Act of 2021 to the employee retention credit that are applicable to the third and fourth quarters of 2021.
The IRS issued Notice 2021-49 on August 4th which states that the Employee Retention Credit (ERC), made available for businesses suffering from the COVID-19 crisis, will not be available with respect to wages paid to a majority owner, or such owner’s spouse, if the majority owner has a brother or sister (whether by whole or half-blood), ancestor, or lineal descendant.
Connecticut's Office of Fiscal Analysis is projecting the state's cannabis industry will generate $20.4 million in tax revenue in its first full year of operation, and over $55 million in its fourth year.
The Internal Revenue Service reported today that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns.
The second annual Sovos Sales and Use Tax report sheds surprising light on the existing landscape of sales and use tax compliance, and raises questions about the future, particularly as we move into a digital age.
Senate Finance Committee chairman Ron Wyden, D-Oregon, introduced legislation Tuesday to streamline the section 199A deduction for qualified business income for pass-through entities, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000.
With security incidents on the rise, the Internal Revenue Service, state tax agencies and the tax industry urged tax professionals and taxpayers to use a special feature – multi-factor authentication – available on tax software products to help protect against identity and data theft.
The Internal Revenue Service has begun offering online Tax Pro Accounts that practitioners can use for submitting an authorization request to an individual client’s own taxes online with the IRS.
The Internal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This first batch of advance monthly payments worth roughly $15 billion reached about 35 million families today across the country. About 86% were sent by direct deposit.
The tumultuous 2020 tax year, combined with expected tax increases in the future, make 2021 a key year for tax planning. Ryan Vaughan and Andrew Kosoy of Mazars outline common accounting methods and considerations for business taxpayers regarding such methods.