IRS Issues Standard Mileage Rates for 2024
The IRS recently issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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All Featured (28) For the Public (147) Tax News (468) Accounting & Auditing (227) Business & Industry News (134) Regulatory News (112) Legislative News (49) Chapter News (36) Young CPAs (75) Students (97) TSCPA Press Releases (75)Showing : 71–80 of 468
IRS Announces Delay in Lower Form 1099-K Reporting Threshold for 2023
Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the IRS released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.
View MoreIRS and Treasury Issue Proposed Regulations on Conservation Easement Deduction Disallowance
The U.S. Department of the Treasury and the IRS recently issued proposed regulations that provide guidance under a new section of the law that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities.
View MoreIRS Intensifies Efforts To Combat ERC Scams – Consider Getting a "Second Opinion"
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 MoreIRS Modernization – Preparing Clients
Internal Revenue Service (IRS) procedures seem to be outdated due to a lack of technology.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 MoreAICPA Tax Executive Committee Approves Revised Tax Standards
In August 2022, the American Institute of CPAs released proposed revisions to the Statements on Standards for Tax Services for public comment.
View MoreIRS Provides Tax Inflation Adjustments for Tax Year 2024
The 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 MoreFinCEN Finalizes Rule on Use of Identifiers in Beneficial Ownership Information Reporting
The 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 MoreAgricultural Exemption Holders Must Verify Information To Renew
The 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 More2024 PTIN Renewal Period Underway for Tax Professionals
The 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.
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