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AICPA Requests Tax Treatment Guidance for Digital Asset Losses
The Internal Revenue Service (IRS) has been urged by the American Institute of CPAs (AICPA) to provide guidance regarding the tax implications of digital asset losses. In a statement, AICPA […]
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Watch Out for Tax Avoidance Schemes Aimed at High Earners
The IRS has identified abusive tax avoidance schemes as one of the “Dirty Dozen” scams and schemes that taxpayers and tax professionals should watch out for. These schemes are primarily […]
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GAO Wants to Reduce Tax Gap
The U.S. Government Accountability Office (GAO) has suggested measures to reduce the tax gap and improve fiscal benefits, even with a small reduction in the gap between what is owed […]
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ERC Scams Added to IRS Dirty Dozen
The annual Dirty Dozen list of tax scams has been updated by the IRS to include promoter claims surrounding Employee Retention Credits (ERC) that have been circulating widely. These claims […]
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Electronic Filing Regulations Issued
The IRS has issued final regulations regarding electronic filing (e-filing) of certain returns and documents. The regulations apply to those who must file returns for partnerships, corporations, unrelated business income […]
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Biden Requests 15% Increase in IRS Budget
The White House has proposed a 15 percent increase in the Internal Revenue Service’s (IRS) budget for Fiscal Year 2024. The proposed increase would give the agency $16.3 billion in […]
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Homeowner Tax Relief in Connecticut
If you own a home in Connecticut, you know that property taxes can add up. But did you know that qualifying seniors and the disabled can take advantage of a […]
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IRS Allocates $10 Billion in Credits for Advanced Energy Projects
The IRS recently announced it is allocating $10 billion of credits for qualified investments in eligible advanced energy projects. A minimum of $4 billion of these credits may be allocated only to […]
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Real Estate Developers Face New Rules
The IRS has recently issued new guidelines and conditions for the real estate developer alternative cost method, which is an optional safe harbor method of accounting to determine common improvement […]
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Electronically-Filed Amended Returns Can Now Get Direct Deposited Refunds
The IRS has made an announcement that taxpayers who electronically file their Form 1040-X, the Amended U.S Individual Income Tax Return, will now have the option to choose direct deposit […]
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Tax Status of State Special Payments Clarified
The IRS has issued clarification regarding the federal tax status of special payments made by 21 states in 2022. Taxpayers in many of these states will not be required to […]
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Employees Urged to Use Saver’s Credit In 2023
Eligible workers from low and moderate income groups can still make qualifying retirement contributions and get the Saver’s Credit on their 2022 tax return. Taxpayers have until the due date […]
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