Taxes August 8, 2022
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.
Taxes August 8, 2022
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.
Accounting August 2, 2022
History Rewind: Behind the Bernie Madoff Scam
In 2009, Bernie Madoff pleaded guilty to a Ponzi scheme that cost investors an estimated total of $65 billion, the largest in U.S. history. Before that, he had been chairman of the NASDAQ stock ...
Taxes June 21, 2022
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…
Taxes June 21, 2022
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…
Firm Management June 21, 2022
Report Shows Trends Affecting Firms
Practice management is the heart and sole of an accounting firm, handling everything from initial client contact to managing workflow, to properly tracking hours and billing clients. When asked, here’s what respondents said were their biggest practice management challenges in 2021.
June 20, 2022
Infrrd Unveils Industry-first 100 Percent Accuracy Offering for Document Processing
With its new offering, Infrrd is promising its customers they can achieve unprecedented levels of success in the extraction and processing of data from within their documents. This is due to the powerful Artificial Intelligence (AI)-led capabilities found in Infrrd’s proprietary and patented technology. Infrrd’s IDP software platform, coupled with its team of data experts…
June 14, 2022
Webinar: Case Studies in Success: Best Practices from Busy Season
Tax and technology professionals discuss what innovative firms did this past tax season to overcome staffing challenges and over-deliver for their clients.
March 3, 2022
Gig Workers Need to Prepare for Income Tax Surprise
Will the IRS find out if you don't report your income? This is the question everyone wants to ask, but tax professionals don't want to answer because of ethical or liability concerns.
January 28, 2022
IRS to Start Requiring Facial Recognition for Tax Transcripts and Payments
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.
December 22, 2021
IRS Further Extends Tax Deadlines for Those Affected by Hurricane Ida
Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced.
November 23, 2021
Beware of These Common Scams Over the Holidays
Taxpayers and tax professionals face a heightened risk in coming months as fraudsters continue to use the pandemic as a way of tricking people into sharing sensitive personal information by email, text message and online. Identity thieves can use that ...