Federal Taxation

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Wyden introduces bill to overhaul pass-through deduction and expand to accountants

July 21, 2021

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.

  • business and industry
  • practice management
  • advocacy - federal
  • federal tax

Security Summit partners urge tax pros to use multi-factor authentication; critical step to boost protection against data theft

July 20, 2021

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.

  • state tax
  • technology and cybersecurity
  • federal tax

IRS opens tax pro accounts

July 19, 2021

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.

  • federal tax

IRS: Monthly Child Tax Credit payments begin

July 16, 2021

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.

  • federal tax

Accounting Methods Are Hot Topics for 2021 Tax Planning

July 15, 2021

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.

  • accounting and auditing
  • practice management
  • federal tax

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
  • practice management
  • state tax
  • federal 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

Federal Tax Committee Meeting: 2021 Conference Planning

Jul 22nd 8:30am - 10:30am

Online

0.00 Credits

LIVESTREAM - State Tax 360 Conference

Nov 3rd 8:25am - 4:30pm

Online

8.00 Credits

Surgent's Federal Tax Camp (Livestream)

Dec 6th 9:00am - 4:30pm

Online

8.00 Credits

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

Online

8.00 Credits

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