How to Market Advisory Services in 2023
CPAs from Several States Visited Washington D.C. to Promote Accounting and Tax Issues
IRS Alerts Business Owners About ERC Scam
Number of CPA Exam Takers Continues to Dwindle
IRS ETAAC Committee Sends Report to Congress
The 2022 report groups a total of five recommendations into two sections: recommendations to Congress and recommendations to the IRS.
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...
Taxpayers with Balances Due Have Been Put on Notice By the IRS
The CP14, which is required by law to be issued within 60 days after the IRS assesses a tax liability, is the most common IRS notice sent to taxpayers, according to the Taxpayer Advocate Service, and requests payment within 21 days. The reason why taxpayers have a balance due can be related to a number of issues, such as failing to report some income or failing to pay a balance in full, Tiffany Gonzalez, CPA, CEO of Miami-based accounting firm Accounting to Scale, stated last week on LinkedIn.
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.