News

From tea tariffs to taxes — and back

July 15, 2021

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.

  • federal tax

Hundreds of government entities wrongly claimed tax credits

July 15, 2021

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.

  • coronavirus
  • federal tax

IRS readies nearly 4 million refunds for unemployment compensation overpayments

July 13, 2021

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.

  • federal tax

Facial recognition: Tax pros mull returning to in-person meetings

July 06, 2021

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.

  • coronavirus
  • federal tax
  • practice management
  • state tax

SCOTUS Won’t Hear New Hampshire Remote Worker Tax Fight

June 29, 2021

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.

  • state tax
  • advocacy - federal
  • federal tax

IRS announces "Dirty Dozen" tax scams for 2021

June 28, 2021

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.

  • technology and cybersecurity
  • federal tax

Supreme Court rejects New Hampshire’s challenge to work-from-home taxes

June 28, 2021

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.

  • advocacy - federal
  • advocacy - state
  • federal tax
  • state tax

IRS turns to data analytics to track crypto tax evasion

June 25, 2021

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.

  • technology and cybersecurity
  • federal tax

IRS releases Data Book for fiscal 2020 describing agency’s activities during pandemic

June 24, 2021

The Internal Revenue Service today issued the Data Book detailing the agency's activities during fiscal year 2020 (Oct. 1, 2019 – Sept. 30, 2020).

  • coronavirus
  • federal tax

IRS announces two new online tools to help families manage Child Tax Credit payments

June 22, 2021

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.

  • coronavirus
  • personal financial planning
  • federal tax

State Tax Implications of Working From Home

June 18, 2021

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.

  • state tax
  • technology and cybersecurity
  • federal tax

Understanding the global minimum tax and the growing risk of ransomware

June 18, 2021

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.

  • accounting and auditing
  • federal tax
  • state tax
  • technology and cybersecurity

IRS delayed refunds update and status of current IRS operations due to Covid 19

June 17, 2021

The IRS has updated information on its operating procedures due to COVID-19.

  • coronavirus
  • federal tax

AICPA, NASBA unveil CPA Evolution curriculum

June 15, 2021

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.

  • accounting and auditing
  • business and industry
  • career resources
  • federal tax
  • practice management
  • technology and cybersecurity

IRS unveils online tool to help low-income families register for monthly Child Tax Credit payments

June 14, 2021

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.

  • coronavirus
  • personal financial planning
  • federal tax

IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15

June 11, 2021

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.

  • coronavirus
  • personal financial planning
  • federal tax

New FAQs available to aid families and small business under the American Rescue Plan

June 11, 2021

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).

  • coronavirus
  • federal tax

Exit signs? Tax pros ponder early retirement

June 09, 2021

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?

  • practice management
  • state tax
  • federal tax

IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation

June 04, 2021

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.

  • coronavirus
  • federal tax

IRS seeks nominations for 2022 Advisory Council

June 03, 2021

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.

  • federal tax