Small Business May 23, 2023
New Jersey Considers Tax Cuts for Seniors and Businesses
New Jersey is home to the nation’s highest property taxes, with the average bill hitting a record $9,490 in 2022.
Small Business May 23, 2023
Hard Times for Colorado Weed Industry
Colorado’s cannabis entrepreneurs face a perfect storm of problems: too much supply, not enough demand, plunging prices, heightened competition in other states and ...
Taxes May 22, 2023
AICPA Submits Suggestions for the 2023-2024 Guidance Priority List
As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan, the AICPA encourages the IRS to issue guidance on recommended areas.
Taxes May 18, 2023
Digital Automation Increasing in Tax Firms
Expect to see a bigger push for digital automation. This is not a new phenomenon — but rather one that will be recognized for the true advantage it brings.
Taxes May 17, 2023
Former IRS Staffer Gets Jail Time for Identity Theft, Tax Fraud
Deena Vang Lee, a former IRS employee in Fresno, CA, and private tax preparer, received four years and six months in prison.
Taxes May 16, 2023
Sizing Up a Charitable Deduction for Clothing: When is an Appraisal Required?
Adhere strictly to the substantiation rules for charitable donations. A deduction worth thousands of tax dollars could be at stake.
Taxes May 14, 2023
IRS Publishes Initial Guidance for Domestic Content Tax Credit
Domestic content is generally defined as steel, iron or manufactured products that are manufactured or produced in the United States.
Taxes May 12, 2023
AICPA Supports Extending Tax Mailbox Rule to E-Filed Returns and Payments
This practice – known as the “mailbox rule” – already applies to payments and documents sent to the IRS through traditional mail.
Taxes May 11, 2023
How Homeowners Qualify For the New Energy Efficient Tax Credits
The Inflation Reduction Act includes credits for taxpayers who make qualifying energy improvements to their home.
Taxes May 11, 2023
Ex-IRS Agent, Five Others Charged in COVID Fraud Plot
The five men and one woman were charged on May 10 with conspiracy to commit bank fraud and face up to 30 years in prison.
May 11, 2023
New Jersey CPA Pleads Guilty to $2.5 Million Tax Fraud
Benkoil admitted his conduct resulted in a tax loss to the IRS of nearly $2.5 million and has agreed to pay full restitution.
Taxes May 10, 2023
More Flexibility for Section 529 Plans
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.