Taxes June 6, 2023
IRS Budget Battle Far From Over After Debt Ceiling Pact
Even with the recent IRS funding cuts, Republicans want to slash even more, setting up an appropriations fight with Democrats.
Taxes June 1, 2023
IRS Proposes Rules on Energy Projects for Low-Income Areas
A program established by the Inflation Reduction Act incentivizes solar and wind power in certain low-income communities.
Taxes June 1, 2023
IRS, Treasury Provide More Guidance for Advanced Energy Project Credit
The qualifying advanced energy project credit program was re-established last year by the Inflation Reduction Act.
Accounting May 30, 2023
CPAs from Several States Visited Washington D.C. to Promote Accounting and Tax Issues
The CPAs asked members of Congress to support the Freedom to Invest in Tomorrow’s Workforce Act, a bill that would expand eligible uses of 529 savings plans.
Taxes May 30, 2023
IRS Alerts Business Owners About ERC Scam
The agency says marketing fraudsters are misrepresenting and exaggerating who can qualify for the employee retention credit.
Taxes May 29, 2023
Debt Limit Deal Includes Cut in IRS Funding, Other Measures
Biden and McCarthy announced a deal to increase the government's debt limit, enabling the nation to avoid a debt default and economic turmoil.
Taxes May 26, 2023
How to Be Prepared for an ERC Audit
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
Taxes May 25, 2023
Democrat and Republican Representatives Introduce Bill to Simplify Tax Extensions
The bill would allow taxpayers to automatically qualify for an extension without fear of penalty by paying a simple, easily-calculated amount of 125 percent of their prior year’s tax liability.
Taxes May 24, 2023
TurboTax Settlement Checks from Intuit are Starting to Hit Mailboxes
The $141 million settlement stems from allegations that Intuit charged people for services that should have been free.
May 24, 2023
AICPA Endorses Legislation to Simplify Tax Filing Extension Process
The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process.
Taxes May 24, 2023
IRS Has Done a Better Job Nipping Tax ID Theft in the Bud This Filing Season
As of March 2, the IRS flagged 1.1 million tax returns with $6.3 billion in refunds for potential identity fraud, said TIGTA in a new report.