News

A group of senators on both sides of the aisle is asking the Internal Revenue Service's new commissioner, Daniel Werfel, to warn taxpayers and tax professionals about the emerging threat of tax scams produced by artificial intelligence programs and chatbots like ChatGPT.

Armed with an extra $80 billion in funding for the next decade, the Internal Revenue Service is using the bulk of its war chest to scrutinize taxpayers who make more than $400,000 a year, focusing on high net worth individuals, corporations and partnerships.

The narrow requirements for qualifying for the electric vehicle tax credits under the Inflation Reduction Act are causing some consternation in the auto industry, as they only seem to apply to a limited number of models, so accountants need to advise clients carefully about new vehicle purchases.

The IRS collected a single-year record of $4.9 trillion of total tax revenue from return filings in fiscal year 2022, the Treasury Inspector General for Tax Administration (TIGTA) said in a report on IRS compliance activities.

Paul N. Iannone, CPA, J.D., MST, and Danny A. Pannese, CPA/ABV/CFF, CVA, CSEP, MST, both associate professors in the Jack Welch College of Business & Technology at Sacred Heart University in Fairfield, wrote the Tax Advisor magazine cover story: 10 good reasons why LLCs should not elect to be S corporations.

In his final column for AccountingWEB, contributor and tax pro Mike Pusey, CPA covers tax provisions with broad applicability, a narrower focus, and termination of the "old" electric vehicle credit.

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

A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).

When accountants and tax pros accept all client demands and fail to establish clear boundaries, they risk taking on more work than they can handle and typically at low pay. And during a crazy tax season, it’s far too easy to run yourself ragged and neglect your own needs.

You might have business-owning clients who are using or thinking about using cryptocurrency in their business transactions, and these clients will need your expertise to deal with crypto tax compliance and to make strategic moves.

The plunging value of many cryptocurrencies and nonfungible tokens has led to worries about the tax implications faced by crypto investors and companies.

Even if your plans are years down the road, you must start mapping out an effective succession or transition plan early to enable you to realize the full value of the work you put into your firm.

The Internal Revenue Service has enhanced its “Where’s My Refund?” online tool, introducing a new feature this week that enables taxpayers to check the status of their current tax year and tax refunds for the two previous years, as the agency continues to come under fire for processing backlogs from 2021.

IRS Commissioner Charles Rettig updated members of the Senate Finance Committee Thursday on the Service's performance in the soon-to-be-concluded tax filing season, as well as longer-term assessments of its efforts to modernize its operations, fill staffing gaps, and improve taxpayer service and enforcement.

As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.

The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its backlog of unprocessed prior-year returns.

The Internal Revenue Service has a brutal backlog of unfinished tax returns from last year, which has triggered more tax-time anxiety than one could imagine for many tax filers.