Advice

A pair of Democratic leaders on the House’s tax-writing Ways and Means Committee have sent a letter to the Internal Revenue Service requesting details on the newly streamlined Form 1040 and the associated schedules, asking whether the IRS did any user testing or studies to find out if the new tax forms are any easier
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Bloomberg News The Internal Revenue Service is being urged to focus more on improving self-employment tax compliance as the so-called “gig economy” continues to expand. A new report from the Treasury Inspector General for Tax Administration pointed to the importance of the IRS providing accurate guidance and notices about self‑employment tax obligations. The gig economy
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Retirement financing takes planning — and some clients need a lot of it. True, clients are probably more conscious of growing their retirement accounts than ever before. And yes, contribution limits for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan increases are due to creep up again next year, but hardly
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Victims of the earthquake that took place on Nov. 30 in Alaska may qualify for federal tax relief, according to the IRS. President Trump has declared that a major disaster occurred in Alaska. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers
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For the 2019 filing season, the IRS projects that more taxpayers than ever will file and owe. Many will be able to pay – but a lot of them will need to make other arrangements because they can’t pay their full tax bills to the IRS. When taxpayers can’t pay their tax bills, they have
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Philly and Wayfair; better ways to tax the rich; how long to keep records; and other highlights from our favorite tax bloggers. That’s rich Bloomberg BNA (https://www.bna.com/news/#!topic=tax&type=blogpost&page=1): Philadelphia’s new regulation applying Wayfair-like economic nexus to income taxes and the potential criminal activities swirling around the city’s soda tax have definitely drawn the attention of tax
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For most accountants, tax season is pay season — the most important time of the year. But tax season offers even bigger opportunities that most accountants fail to capitalize on. With a little forward thinking, you can lay the foundation during tax season to make your practice stronger and more rewarding throughout the entire year.
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Any way it’s measured, 2018 was a momentous year in state tax developments. State tax professionals experienced a “Super Bowl and Olympics” in the form of the Supreme Court decision in Wayfair and the state and local tax implications of federal tax reform in the Tax Cuts and Jobs Act, according to Jamie Yesnowitz, principal
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