Advice

Internal Revenue Service Commissioner Charles “Chuck” Rettig told an audience of tax professionals and accountants at the AICPA National Tax Conference in Washington, D.C., on Thursday that he wants to hear from them about the impact of the far-reaching IRS reform legislation that Congress passed earlier this year. Rettig, a former Beverly Hills tax attorney,
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The Internal Revenue Service is planning an extensive cyber awareness campaign beginning immediately after Thanksgiving, according to Stephen Mankowski, national tax chair of the National Conference of CPA Practitioners: “The campaign will emphasize to practitioners and taxpayers the potential dangers they face during the holiday shopping season and the filing season ahead.” “National Tax Security
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Marcum LLP has issued its 2019 Year-End Tax Guide, providing tips for taxpayers on how to comply with the Tax Cuts and Jobs Act and other tax provisions. The report covers topics such as observations and strategies for dealing with the TCJA after it went into effect last tax season. It also discusses the choice
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Three senators have reintroduced a bill that would exempt small broker-dealers from the expanded audit requirements of the Dodd-Frank Act of 2010 and reinstate looser auditing requirements. Sen. Tom Cotton, R-Ark., Thom Tillis, R-N.C., Doug Jones, D-Ala., and Kyrsten Sinema, D-Ariz., reintroduced the Small Business Audit Correction Act last week to give regulatory relief to
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Canopy founder and CEO Kurt Avarell stepped down Thursday as the tax software company laid off 73 employees, after cutbacks earlier this year. Chief revenue officer Jordan Ray will become interim CEO. In March, Canopy laid off approximately 100 employees, or around a third of its full-time workforce, according to a spokesperson. Prior to the
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Salon scam; Mr. Guilty; secret identity; and other highlights of recent tax cases. Brentwood, New York: Business owner Jose Cerritos has pleaded guilty to corruptly endeavoring to obstruct and impede internal revenue laws. Cerritos owned and operated La Centro Americana Corp., a wholesale food distribution business that sold imported food products for resale in the
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The Internal Revenue Service issued its annual inflation adjustments for dozens of tax items and tax schedules Wednesday, saying the standard deduction for married taxpayers who file joint tax returns will increase $400 to $24,800 in tax year 2020, while for single taxpayers and married individuals who file separately, the standard deduction will go up
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Over a year has passed since the landmark Supreme Court decision in South Dakota v. Wayfair, Inc., which fundamentally changed the sales tax nexus landscape in the United States. Now the wait is over to see how states will respond as nearly every state has adopted economic nexus laws or guidance, with the last states
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With Halloween leftovers still available, and Thanksgiving and end-of-year holiday feasts right around the corner, many people are hoping to cut their consumption of sugar-laden drinks and snacks. But they may have second thoughts about imposing or paying a soda tax as a means of discouraging indulgence in the extra calories such drinks contain. Before
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The Internal Revenue Service and the Treasury Department released a draft version of a proposed tax form to collect information about qualified opportunity zones. The proposed Form 8996 asks for information about qualified opportunity funds for tax year 2019. Opportunity zones were ushered in by the 2017 tax cuts law and provide substantial tax breaks
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With an additional year to digest the Tax Cuts and Jobs Act, time spent preparing for and conducting client interviews will be different, and from a tax savings perspective more efficient, for the filing season ahead than from a year ago. “The good news is that we’re coming into planning season when at least we’re
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Bundling goods or services, usually with a discount, is a common practice in many industries. Whether it’s a fast-food combo or a cable company “triple play,” bundles appeal to the market because consumers believe they are getting a better value compared to à la carte pricing. Bundles also appeal to sellers because the discounted packages
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