Tax Newsletter September 2022
In This Tax Newsletter 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 […]
Tax Newsletter July 2022
In This Tax Newsletter 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 […]
Tax Newsletter June 2022
Tax Newsletter: 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 […]
Tax Newsletter May 2022
Newsletter: Tax Season Is Officially Over – Notice Season Begins – Join Us for our May Webinars In This Issue: Reasons Why Some Tax Refunds Filed Electronically Take Longer Than 21 Days IRS Suspends Mailing of Certain Exempt Organization or Government Entity Notices Biden Administration 2023 Revenue Proposals – Not Law Yet but You Could […]
Tax Newsletter April 2022
Tax Newsletter: 2022 Filing Season Updates! In This Issue: Taxpayer Experience Office Formally Established IRS Update Regarding Recent Electronic Filing Challenges in Connection with Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations President Biden Signs Executive Order on Digital Assets Iowa Tax Changes IRS Finalizes Fee Increase for SEE, Proposes Higher EA Fees […]
Tax Newsletter March 2022
Tax Newsletter: March 2022 In This Issue IRS Taxpayer Assistance Centers Open on Special Saturdays for Face-to-Face Assistance IR 2022-26 Offer in Compromise – What Are Our Options When the Client Owes Tax IRS Announces Transition Away from Third Party Verification When It Involves Facial Recognition Math Error Notices Galore Due to the Recovery Rebate […]
Tax Newsletter February 2022
Tax Newsletter: 2022 Tax Season Begins on January 24th 2022, and Announces Deadline Information In This Issue List of Provisions Expiring in 2021 – Tax Planning Issues The 2022 Form W-4 Employee’s Withholding Certificate IRS Corrects the American Opportunity Tax Credit Identification Requirement in the FAQ’s IRS Announced Delays in Processing Employer Credit Advanced Payments […]
The Tax Considerations of Cryptocurrency: An Accountant’s Primer
Tax Considerations of Cryptocurrency Digital/Virtual/Cryptocurrency are an electronic representation of monetary value, an alternative asset. The market is highly volatile, and questions remain as to whether digital is a legitimate currency. This article will help you better understand cryptocurrency, as well as its tax implications. In its infancy, such items as Bitcoin and certain other […]
Tax Newsletter: Summary of Q&A from Tax Seminars
Tax Newsletter: Q&A Summary In This Issue Issue 1: Treasury Reviewing Planned Changes to Tax Professional Ethics Rules The U.S. Treasury Department is currently reviewing proposed updates to ethics standards for tax professionals who represent clients in matters involving the Internal Revenue Service. IRS efforts include correction or removal of those sections of the Circular […]
Tax Newsletter December 2021
Tax Newsletter: December 2021, Advanced Child Tax Credit Payments In This Issue Issue 1: How A Client’s Custody Situation Affect Their Advanced Child Tax Credit Payments Issue 2: Social Security Numbers for Amish Children – IRM 21.6.1.6.1 Issue 3: NTA Blog: Decoding IRS Transcripts and the New Transcript Format Tax Planning Opportunities Issue 4: Flexible […]
