News
How do different accounting firms use AI?
June 03, 2024
See how both the Big 4 and smaller firms are utilizing AI in their workflows.
AICPA makes recommendations to IRS on next Priority Guidance Plan
May 24, 2024
The AICPA has made recommendations to the IRS on its 2024–2025 Priority Guidance Plan, including on the corporate alternative minimum tax (AMT) and group exemption letters.
IRS announces extension of Free File program through 2029
May 22, 2024
The Internal Revenue Service announced today an extension of the current Free File program through 2029 following an agreement that will continue to make the free private-sector tax software available to taxpayers.
Getting ready for new digital asset reporting regs
May 17, 2024
The Internal Revenue Service is currently drafting proposed regulations on digital asset reporting requirements, but their final direction remains uncertain.
Gimme (tax) shelter: The unlimited annuity shielding ultrawealthy clients
May 16, 2024
The tax benefits of private placement variable annuities for wealthy clients are drawing scrutiny and calls for a federal crackdown — but they're not going away anytime soon.
Regulations finalize PTIN fees for tax return preparers
May 14, 2024
The IRS issued final regulations (T.D. 9997) on Tuesday that finalize the reduction of the fees for the application and renewal of preparer tax identification numbers (PTINs) to an $11 user fee plus an $8.75 third-party contractor fee, for a total annual fee of $19.75. That fee amount has been in place since Oct. 19, 2023.
Practitioner service improvements part of IRS strategic operating plan
May 03, 2024
Although the IRS says it has made great strides in customer service to taxpayers over the past year, "We have a lot more work to do," Commissioner Danny Werfel said Thursday.
IRS recommends safeguarding information in case of natural disasters
May 02, 2024
The Internal Revenue Service reminds taxpayers that May kicks off the season of disaster preparation with National Wildfire Awareness Month and National Hurricane Preparedness Week, May 5-11.
Automatic accounting method changes list updated by IRS
April 30, 2024
In Rev. Proc. 2024-23, the IRS on Tuesday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.
Clients' strangest ideas about taxes
April 24, 2024
Every tax season brings its own craziness — in no small part because of clients' notions about taxes.
Draft of Form 1099-DA for reporting digital asset transactions released
April 23, 2024
The IRS, in its release of the draft of the Form 1099-DA for brokers to report digital asset transactions, includes the broad definition of "broker" used in proposed regulations that drew industry ire when issued in 2023.
IRS has mixed results from ‘ghost employer’ enforcement efforts
April 22, 2024
The IRS's first attempts to rein in abuse by "ghost employers" — those who pay their workers but do not pay employment tax and federal payroll income tax withholding — had some success, and the Service should ramp up its pursuit, the Treasury Inspector General for Tax Administration (TIGTA) said in a recent report. TIGTA says the IRS has difficulty spotting ghost employers because it will have no record of them if they never file returns.
Tap overlooked tax breaks to help small business owners
April 22, 2024
Financial advisors and tax professionals with small business owner clients should ensure they have considered every possible break that could help the bottom line, according to one expert.
IRS targets 'ghost employers'
April 19, 2024
The Internal Revenue Service's criminal investigators have been on the lookout for tax evasion by so-called "ghost employers" who don't pay employment taxes, and over 30 cases have been prosecuted in recent years, but the problem is far larger, according to a new report.
IRS delivers strong 2024 tax filing season; expands services for millions of people on phones, in-person and online with expanded funding
April 15, 2024
With the April tax filing deadline here, the Internal Revenue Service highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during the 2024 filing season.
IRS grants limited waiver for underpayment of estimated corporate AMT
April 15, 2024
The IRS has provided a limited waiver of the addition to tax under Sec. 6655 for a corporate taxpayer's failure to pay estimated income tax with respect to its Sec. 55 corporate alternative minimum tax (AMT) liability.
Important New Tax Guidance from DRS, IRS on Connecticut Hero Payments
April 12, 2024
The Department of Revenue Services and Internal Revenue Service have issued additional guidance on the taxability of Connecticut's Hero payments.
Tax season nears its end, but uncertainties linger
April 11, 2024
The 2024 filing season, which began with a hint of uncertainty, has progressed into one of the smoothest in recent memory — but the uncertainty still exists, fueled by court decisions and pending legislation.
Latest federal budget includes $20 billion rescission for IRS
March 26, 2024
The budget passed by Congress over the weekend officially rescinds $20 billion in long-term spending for the IRS, a move that the Congressional Budget Office (CBO) said will reduce federal revenues and increase the cumulative deficit.
Tax season so far: Looking for answers
March 26, 2024
Taxpayers are accessing the IRS website much more this year than last to find the answers they need to file their taxes. The number of visits reached 411,961,000 as of March 15, up 19.3% over the corresponding period in 2023.