IRS to Host Webinar on Scams, ID Theft and Other Threats
The Internal Revenue Service and the Federal Trade Commission will sponsor a free webinar designed to help everyone recognize and combat tax scams and tax-related identity theft.
Tax
California Nixes Vote on Public Health Tax
A ballot initiative that would have raised taxes on California millionaires and billionaires to fund public health programs and pandemic prevention is dead — at least for this year.
Congress Again Considers Free IRS Income Tax Filing System
The legislation would direct the IRS to create software that would allow any taxpayer to prepare and file their individual income tax return beginning in tax year 2023.
Georgia Man Gets 19 Year Sentence for Filing False Trust Tax Returns
He claimed $165 million in refunds on behalf of the purported trusts. The IRS paid $5 million of the requested refunds. Mattox used those funds to purchase a new house ...
More IRS Forms Can Now Be Amended Electronically
These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment ...
Tax Pros Warned of New Identity Theft Threats
Identity thieves were especially active this past year as they continued to use the pandemic, nationwide teleworking practices and other events as predatory ...
5 Tax Implications if Your Client is Moving to Canada
The differences in tax rules between Canada and the U.S. can be significant and a good understanding of these differences will ...
Remote Workers Can Create Multiple Taxation Issues for Businesses
A growing number of companies, including Airbnb, have told employees they can “live and work anywhere.” This can pose a world of new tax obligations.
What the Next Generation of Tax Pros Wants From the Profession
The next generation of tax professionals are at a different place in their lives and careers than the owners of the firms they are applying to.
Were FBI Directors Comey and McCabe Targeted for IRS Audits?
The coincidence is so great that the IRS commissioner asked the department’s inspector general Thursday to investigate, after the audits were uncovered by The New York Times.
NYU School of Professional Studies to Host Summer Tax Conferences
This popular tax conference series is designed to benefit attorneys and accountants seeking to refresh their knowledge and learn more about the latest developments in legislation and regulations.
New Jersey CPA Admits to Concealing $147,000 From the IRS
William Kawam, 57, of Hewitt, N.J., pleaded guilty on June 30 to charges of subscribing to false tax returns and conspiracy to defraud the U.S.
The Evolution of Nexus and its Implication for Income Tax
Although Wayfair was strictly a sales tax case, states have also begun to assert economic nexus for income tax purposes. Unlike sales tax, currently only a handful of states...
Creating Your Path to Advisory Services
The path to advisory services is a journey that is likely a multi-year adventure for firms to test out the process with their clients and continue building and scaling year-over-year. A lot of firms already offer one-off planning advice to clients ...
IRS Still Has Backlog of 21.3 Million Tax Returns
At the end of May 2022, the agency had a backlog of 21.3 million unprocessed paper tax returns, an increase of 1.3 million over the same time last year.
Are You Ready for New 1099-K Rules?
It used to be that receiving a Form 1099-K was relatively rare. The form, technically known as Form 1099-K Payment Card and Third-Party Network Transactions was used to report payments received from various third-party resources. Prior to 2022, the monetary threshold to receive a 1099-K was $20,000, with 200 sales-related transactions required. Both requirements had to be fulfilled in order to receive a 1099-K.