The Internal Revenue Service has announced that Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments.
Inflation adjusted amounts in the tax code will increase by roughly 7.1% from 2022, more than double last year’s increase of 3%, according to the 2023 Projected U.S. Tax Rates forecast.
The NTA outlines the most time-sensitive priorities for the IRS in part one of her NTA Blog which focuses on eliminating the backlog of processing paper ...
The latest extension—approved as part of the Consolidated Appropriations Act (CAA)—continues the WOTC for a five-year period.
Generally, the income is taxable in the year that the forgiveness or cancellation occurs. The creditor will
With this tried-and-true tax planning technique, you can defer the tax over several years, usually reducing the overall tax bite.
In a statement, AICPA president and CEO, Barry Melancon, CPA, CGMA, addressed various false claims about militarization of the agency ...
The AICPA requested guidance in several key areas related to employees working remotely and offering recommendations regarding the taxation of payments related to remote work.
The backlog of unprocessed mail, returns and adjustments at the IRS has reached a critical stage that is adversely impacting taxpayers and tax practitioners.
CPAs who service startups that conduct research should make sure that they are prepared to discuss this tax credit with their clients, as the legislation may double ...
The legislation allows an additional payroll research tax credit of up to $250,000 against the legislation allows an additional payroll research tax credit of up to $250,000 against Medicare Hospital Insurance tax ...
A quality cost segregation firm will utilize a detailed engineering approach based on actual cost records in addition to an itemized cost estimate approach...
Under the expansion of the 179D deductions, your clients may also benefit from deductions if they’re REITs, trial properties, and non-profits.
Service levels for the practitioner priority service phone line have been in continuous decline for several years.
Wealthy Americans should be prepared for audit levels they haven’t seen in decades, if the Democrats’ tax and climate bill passes the House.
That verification requirement will soon be required for all taxpayers to view other personal tax documents on the IRS website. Tax practitioners who use a secure service will still have access to IRS transcripts.