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.
Federal Tax Committee Meeting: 2021 Conference Planning
Jul 22nd 8:30am - 10:30am
LIVESTREAM - State Tax 360 Conference
Nov 3rd 8:25am - 4:30pm
Surgent's Federal Tax Camp (Livestream)
Dec 6th 9:00am - 4:30pm
The SECURE Act, including RMD changes, the elimination of the stretch IRA, modification of the kiddie tax rules, and expansion of 529 plans and 401(k) retirement plans for part-time workers The CARES Act and FFCRA, including employer tax credits, SBA loans, and EFMLEA and EPSLA expanded leave programs The CARES Act changes to 163(j), 461(I), and NOL rules Bonus depreciation rules and expansion of 179 Expansion of taxpayers able to use the cash method of accounting Comprehensive coverage of 199A and its alteration of pass-through taxation and planning Is the "Employee vs Independent Contractor" conundrum about to explode? Crypto currency Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas The latest issues related to any other late-breaking tax law changes
Estate and Life Planning Issues for the Middle-Income Client
Dec 16th 9:00am - 4:30pm
The SECURE Act, including IRA and RMD changes Other major SECURE Act provisions, such as expansion of section 529 plans and 401(k) access to part-time workers The CARES Act section 72(t) 10% early withdrawal penalty waiver The CARES Act temporary waiver of RMD rules More than 20 documents that should be reviewed that are neither a will nor trust Applicable rates, and tactics that may be used to minimize them Reducing the impact of ancillary administration Provisions you need in a will When a trust is needed for children Durable powers of attorney, for financial matters and for healthcare Realistic retirement goals Management of insurance: liability, disability, and life Dealing with marriage and divorce Titling assets effectively Developments relative to estate tax, and the implications for planning