Latest Articles

February 20, 2022 

Notice 2021-39 provides penalty relief for good-faith efforts to adopt the new schedules. Today’s transition relief, appearing in new frequently asked questions (FAQs) on Schedules K-2 and K-3, allows an additional exception for tax year 2021 filing ...

February 20, 2022 

Farmers and fishers who decided to forgo making estimated tax payments have the option to pay the entire tax due on or before March 1. Normally, this special rule applies when income from farming or fishing made up at least 2/3 of the total gross ...

February 18, 2022 

During a hearing held by the Senate Finance Committee on Spotlighting IRS Customer Service Challenges, Tax Executive Committee (TEC) Chair for the American Institute of CPAs (AICPA) and practicing CPA, Jan Lewis, opened her testimony by letting the Senators know, “…I’m here today because there’s still time to salvage this filing season, or at least...…

February 17, 2022 

SPRINGFIELD, Mo. and CHARLOTTE, N.C., Feb. 17, 2022 /PRNewswire/ — The leading accounting firms of BKD and DHG today jointly announced they will merge to create a new, Top-10, national professional services firm with $1.4 billion in revenue, setting the stage for a national growth strategy. With complementary operations, geographies and nearly two centuries of legacy service between them, the two firms together will operate under...…

February 15, 2022 

This figure is down from 54% last year but notably improved from 44% in 2019 and 49% in 2020. The percentage of households with more credit card debt than emergency savings, 22%, was down from 27% last year and is the lowest since 2018 (21%).

February 14, 2022 

Imports saw year-over-year growth as high as 65 percent in some months during 2021. That was the result of increased consumer demand, retailers’ efforts to stock up to mitigate supply chain challenges, and comparisons against periods early in 2020 when...

February 10, 2022 

If you Google the meaning of AI, I strongly recommend you don’t click on some of the videos that appear if you’re on a company laptop, it’s really not something you’d want in your history. So, let’s park one definition here; if you wish for further ...

February 10, 2022 

Treasury and other financial professionals can now compare their costs of making and receiving seven types of payments--check, ACH credits and debits; wires; credit and debit cards; real time payments, and virtual cards--against benchmarks for ...

February 10, 2022 

NATP’s partnership with Practice Ignition allows for NATP members to continue to provide outstanding service to their clients and support they need through tax season and beyond. This partnership will allow NATP members to gain access to ...

February 10, 2022 

The Florida Institute of Certified Public Accountants (FICPA) MEGA Conference will be held online and on site at the Disney Contemporary Resort in Lake Buena Vista Florida, June 7-11, 2022.

February 10, 2022 

This action by the IRS to move away from facial recognition comes after some discomfort by taxpayers at having a third-party technology provider managing the service.

Isaac M. O'Bannon

February 10, 2022 

These automatic notices have been temporarily stopped until the backlog is worked through. The IRS will continue to assess the inventory of prior year returns to determine the appropriate time to resume the notices.

Isaac M. O'Bannon