IRS Says Wrongfully Forgiven PPP Loans are Taxable
When a taxpayer's loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in ...
IRS
Who Actually Qualifies for the Employee Retention Credit?
Even companies that have claimed the ERC may want to review their documentation of qualification for the credit.
Projected 2023 Income Tax Rates
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.
Taxpayer Advocate Wants to Improve Taxpayer Experience at IRS
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 Work Opportunity Tax Credit for 2022 (WOTC)
The latest extension—approved as part of the Consolidated Appropriations Act (CAA)—continues the WOTC for a five-year period.
IRS Exposed Confidential Data on 120,000 Taxpayers on Open Website
The Internal Revenue Service mistakenly published confidential data for 120,000 taxpayers on its website before realizing the error and taking down the data, the Treasury Department said.
AICPA CEO Says Claims of a Militarized IRS are Misleading Myths
In a statement, AICPA president and CEO, Barry Melancon, CPA, CGMA, addressed various false claims about militarization of the agency ...
IRS Sending Extra Refunds to 1.6 Million Americans in 2022
Many Americans may receive an extra refund this fall from the Internal Revenue Service. Those who were assessed a late penalty on their ...
IRS to Send $1.2 Billion in Penalty Relief Refunds in September 2022
The Internal Revenue Service will be sending out $1.2 billion in refunds in September to millions of American individuals and businesses, the agency has announced.
The Tax Blotter – Aug. 2022
The Tax Blotter is a bite-sized round-up of recent tax issues.
How to Speak to Your Clients About the IRS
There are several factors that explain how the IRS has failed to meet their commitment to service for the American people.
Inflation Reduction Act Doubles the R&D Tax Credit for Startups
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 ...
How to Build the Best Relationship with a Client
How can tax professionals build the same strong advisory relationship and take a more proactive approach to the services we offer?
Inflation Reduction Act May Increase and Broaden Energy Tax Incentives
Under the expansion of the 179D deductions, your clients may also benefit from deductions if they’re REITs, trial properties, and non-profits.
Here’s What Rich Americans Could Face From a Beefed-Up IRS
Wealthy Americans should be prepared for audit levels they haven’t seen in decades, if the Democrats’ tax and climate bill passes the House.
Carried Interest Rules Live to See Another Day
This tax break has been in the crosshairs of Congress for years but was removed from Senate Democrats’ Inflation Reduction Act.