If the American colonists had been more appreciative of the benefits provided by the mother country, today we might be paying tax to the HMRC (Her Majesty’s Revenue and Customs), rather than the IRS. We might also be having our morning “cuppa,” and wondering what the Duke and Duchess of Sussex will get up to next — oh wait, we’re already doing that.
Over 500 government entities improperly applied for advance payments of employer tax credits last year during the COVID-19 pandemic and needed to repay them, according to a new report.
The Internal Revenue Service announced today it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year.
Twitter LinkedIn Email Show more sharing options After the initial shock of COVID-19 wore off and a new way of carrying on had to be found, work life a year ago settled down with a new set of tools: Zoom, the contactless drop-off, client portals finally used to something closer to their full potential. Now it seems the coronavirus may be at least a little caged, and some preparers are again eying tools that their practices once relied on.
The U.S. Supreme Court will not take up New Hampshire’s challenge to Massachusetts’s taxation of nonresident remote workers in New Hampshire v. Massachusetts.
The Internal Revenue Service today began its "Dirty Dozen" list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams.
The U.S. Supreme Court rejected a New Hampshire challenge to Massachusetts’ practice of taxing people who once worked in that state but started telecommuting from elsewhere during the pandemic.
The Internal Revenue Service is focusing on cryptocurrency tax evasion with virtual currencies like Bitcoin and nonfungible tokens, employing data analytics to uncover transactions that crypto users assumed were hidden.
The Internal Revenue Service today issued the Data Book detailing the agency's activities during fiscal year 2020 (Oct. 1, 2019 – Sept. 30, 2020).
The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool, announced last week, which helps families not normally required to file an income tax return to quickly register for the Child Tax Credit.
Over half of all employees want to keep working from home at least part of the time, which means employers will be facing tax consequences. Requirements are different for remote and in-office staff members, and the nexus laws in a state also affects what employers pay.
The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like.
The IRS has updated information on its operating procedures due to COVID-19.
The American Institute of CPAs and the National Association of State Boards of Accountancy debuted their CPA Evolution Model Curriculum on Tuesday during a free online launch event.
The Treasury Department and the Internal Revenue Service today unveiled an online Non-filer Sign-up tool designed to help eligible families who don't normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15.
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.
The Internal Revenue Service today posted two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers in claiming credits under the American Rescue Plan (ARP).
Pinballing due dates, ever-changing tax laws and befuddled, disorganized clients: Was last season the last straw for preparers who’ve long dreamed of retiring early?
The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.
The Internal Revenue Service today announced it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted through July 9, 2021. The IRSAC serves as an advisory body to the IRS commissioner and provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public.