Tax Newsletter March 2024

This month we are including the Taxpayer Advocate annual report which defines many of the issues IRS faces and how they intend to improve on.  It is worth a read, as it identifies key points which we as tax professional struggle with such as delays in correspondence and processing. It also acknowledges the improvements IRS […]

Tax Newsletter February 2024

File storage

In this Issue: Beneficial Ownership Information (BOI) & the Corporate Transparency Act (CTA) Resource Materials Developed by A.J. Reynolds Taxpayers Should Continue to Report All Cryptocurrency, Digital Asset Income Business Digital Asset Transaction Reporting Delayed – Form 8300 E-file Unavailable for Form 990-T and Form 1120-POL until March 17, 2024. An Extension Can be Filed […]

Tax Newsletter January 2024

tax provision

In this Issue: 60 Tax Provisions for Tax Year 2024 – Revenue Procedure 2023-34 – IR-2023-208, Nov. 9, 2023 Employee Retention Credit IRS reminder: Still Time to Withdraw Pending ERC Claims Credit for Builders of New Energy-Efficient Homes IRS: 2024 Flexible Spending Arrangement Contribution Limit Rises by $150 Preparers Receiving Due Diligence Reminders OPR Issues […]

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 August 2023


In this Issue: IRS Spring Regulatory Agenda Includes Three Final and Several Proposed Regulations Expected in December Client Letter: Know the Signs of an Employee Retention Credit Scam Learn the Warning Signs of Employee Retention Credit Scams IRS Commissioner Signals New Phase of Employee Retention Credit Work; with Backlog Eliminated, Additional Procedures Will be Put […]

Tax Newsletter July 2023

bipartisan bill

In this Issue: Taxpayers Face Deadline to Claim Tax Year 2019 Refunds Authorized IRS e-file Providers/EROs information Concerning Fingerprints Helpful Information for the Military Personnel Client – Reminder for Us Bipartisan Bill Would Move Estimated Tax Deadlines to Quarterly Basis – NOT LAW YET – Heads Up Chief Counsel Advice Discusses FICA Refunds Form I-9 […]

Tax Newsletter May 2023

I hope you are resting after tax season. TAKE A BREAK! And read this newsletter.. In This Issue: Werfel Settles into Role as New IRS Commissioner Where Are We with the Federal Debt a Report Identifies Tax Cuts as Primarily Responsible Basis Adjustment Does Not Apply to Assets of Irrevocable Grantor Trust Retirement Plan and […]

Tax Newsletter July 2022

July 4th

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 April 2022

Taxes Spring

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 Crowdfunding May […]

Tax Newsletter September 2021

Paid Leave Vaccination

Reminder: Register for the Virtual Tax Seminars: Each session includes 7 hours of Tax Law and 1 hour of Ethics Virtual Tax Seminar Information is available here: Fall & Year-End Tax Seminars In This Issue Paid Leave Credits Available for Providing Leave to Employees Caring for Individuals Obtaining or Recovering from COVID Immunization R. 3684: To […]