Taxes April 24, 2023
What to Do if You Missed the April 18 IRS Income Tax Filing Deadline
Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.
Taxes April 24, 2023
The Tax Blotter – April 2023 – Sec. 529 Plans Get Updates
A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt.
Taxes April 21, 2023
IRS Says Phone Wait Times Have Dropped to 4 Minutes
Thanks to last year’s Inflation Reduction Act, the IRS got a funding boost that enabled it to improve taxpayer service.
Accounting April 21, 2023
Bloomberg Tax Provision Adds Data Transformation and Automation Capabilities
The new functionality enables Bloomberg Tax Provision customers to automate workflows across the tax provision lifecycle.
Taxes April 21, 2023
AICPA Endorses Bipartisan Bill to Expand Use of 529 Savings Plan
The bill would expand eligible uses of 529 savings plans to include fees and expenses required to obtain or maintain recognized post-secondary credentials.
Taxes April 21, 2023
AICPA Requests Additional Guidance to Assist Taxpayers in Calculating Losses on Digital Assets
The AICPA is asking that the IRS provide guidance that will clarify how digital asset losses are handled in various scenarios.
Taxes April 21, 2023
AICPA Recommends Improvements to Regulations on Section 645, Election to Treat Trust as Part of an Estate
TD 9032 describes the procedures and requirements for making an election to have certain revocable trusts treated and taxed as part of an estate.
Taxes April 20, 2023
Arizona Tax Preparer Accused of Drug Smuggling Now in Trouble for Tax Fraud
Nour Abubakr Nour was indicted by a federal grand jury and accused of filing fraudulent tax returns to reap inflated fees.
Taxes April 19, 2023
Trump CFO Allen Weisselberg Released From Jail After 100 Days For Tax Fraud
Donald Trump’s longtime moneyman, convicted of criminal tax fraud last August, was sprung from Rikers Island.
Taxes April 19, 2023
3 Ways the IRS is Making it Easier for Small Business Owners to Do Their Taxes
Interacting with the agency should be less painful over the next decade as the IRS’s $80 billion spending plan is implemented.
Taxes April 19, 2023
Biden Taxes Show Income of $580,000 in 2022
The Bidens were responsible for $169,820 in combined federal, Delaware, and Virginia income taxes last year.
Taxes April 17, 2023
Just 10 Electric Vehicles Qualify for Full $7,500 U.S. Tax Credit
GM, Tesla, and Ford all have at least one EV that qualifies, while Ford and Stellantis have one eligible plug-in hybrid model.