Tax Newsletter December 2023
In this Issue: More Q & A from the Fall Virtual Series IRS Opens Annual Self-Certification and E-file Application URL Registration IRS Reduces Fees to Obtain or Renew a PTIN 1040 MeF Production Shutdown Schedule Employee Retention Credit Eligibility Checklist: Publication5887 Educational Assistance Programs Can Help Pay Workers’ Student Loans Reminder: Payers Filing Erroneous Information Returns […]
Tax Newsletter November 2023
In this Issue: IRS Announces Withdrawal Process for Employee Retention Credit Claims Proposed Regulations for R&D Credit Coming Requesting § 6103 Information from OPR FinCEN Requests Comments on Beneficial Ownership Information Reporting Deadline Extension Notice of Proposed Rulemaking IRS Extends Relief to Farmers and Ranchers in 49 states, Other Areas Impacted by Drought; More Time […]
Tax Newsletter March 2023
In This Issue: IRS Opens Free Portal to File Information Returns Client Update: How to Treat Tips for Tax Purposes Which Employment Tax Records to Keep and For How Long? IRS Saturday Hours for Face-to-Face Help – IRS Assistance Centers Open Across the Nation Keep Up to Date on Expiring Provisions CPAs Promote Simplicity, Fairness […]
Tax Newsletter February 2023
New guidance has been issued in the form of FAQ’s related to handling Form 1099-K and sale of personal property, unrelated to business. This was discussed in our year-end sessions. We have reproduced the FAQs for your convenience in this newsletter. Though IRS has announced a transition period for the new thresholds to become effective, […]
SECURE 2.0 Act: Everything a Tax Professional Should Know
Congress and the House of Representatives have been busy lately. This comprehensive blog, plus our accompanying educational webinar for CPE credits, attempts to demystify much of the information about Secure Act 2.0 for tax professionals. The SECURE 2.0 Act of 2022 was passed by the U.S. Congress on December 23, 2022, and signed into law […]
1099K Questions & Answers
During both our Fall and Year-end sessions, all instructors addressed various issues concerning the NEW 1099-K reporting. IRS at the time of the classes had failed to issue any definitive guidance, so we discussed possible options of reporting on the Sch C and Sch D if a gain is the result. IRS issued guidance in […]
Tax Newsletter January 2023
While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released the text of the mammoth “omnibus” spending bill, which includes a final SECURE 2.0 package (now officially named the SECURE 2.0 Act of 2022) that retains many of the key provisions supported by the American […]
Tax Newsletter September 2022
In This Issue: COVID Tax Relief Patiently Wailing for the New Circular 230 Update – Potential Changes Reminder: Fingerprint Card Cut-off Date for the e-file Application Summary of Tax Provisions in the Inflation Reduction Act (IRA) Tax Tip 2022-122, Tips on Closing a Business Court Authorizes Service of John Doe Summons Seeking the Identities of […]
Tax Newsletter July 2022
In This Issue IRS Increases Mileage Rate for Remainder of 2022 TIGTA Releases Public Service Announcements Warning Taxpayers of the Ongoing Threat of IRS Impersonation Scams Senate Bill Sets Stage for Crypto Tax Clarity Illinois—Cook County Minimum Wage Increase on July 1 Connecticut Provides a 10-year Statute of Limits, Revises Other Tax Collection Provisions, and […]
Tax Newsletter June 2022
IRS Statement Concerning the Destruction of 30 million Information Returns Due to Software Limitations – Tax Year 2020 In This Issue: Study States Nearly Half of Tax Returns Can Be Prefilled New Partnership Audits on the Horizon No Step-up in Basis for Private Foundation’s Assets Form 941 – A Bit of History Final Foreign Tax […]
