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Recall I reported earlier in the year that the IRS issued IR-2022-183 warning against third parties improperly computing the ERC. Then, the IRS issued a "renewed warning" in IR-2023-40 warning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.
View MoreInternal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology. On a good day, one can call the IRS and only wait on hold for an hour or two before speaking to an agent who may request a form be faxed. A tax professional may have spent half their workday by the time the situation is resolved or a plan of action has been established.
View MoreIn August 2022, the American Institute of CPAs released proposed revisions to the Statements on Standards for Tax Services for public comment.
View MoreThe IRS recently announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.
View MoreThe Financial Crimes Enforcement Network (FinCEN) recently issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.
View MoreThe Tennessee Department of Revenue is reminding agricultural exemption holders they must verify their exemption with the department by Dec. 31, 2023, to keep buying certain agricultural items tax-free.
View MoreThe IRS recently reminded the nearly 800,000 active tax return preparers that they can take the first step in their filing season readiness by renewing their Preparer Tax Identification Numbers now.
View MoreAs part of a larger effort to protect small businesses and organizations from scams, the IRS recently announced the details of a special withdrawal process to help those who filed an Employee Retention Credit claim and are concerned about its accuracy.
View MoreAs part of larger transformation efforts underway, the IRS recently announced key details about its Direct File pilot for the 2024 filing season, with several states planning to join the effort.
View MoreThe Social Security Administration (SSA) recently announced that individual taxable earnings of up to $168,600 annually will be subject to Social Security tax in 2024.
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