Federal Taxation

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.

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.