With the new administration calling for a significant increase in funding for the IRS -– many potential tax whistleblowers are considering whether they should now come forward and submit a Form 211 to the IRS.
As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency.
A national shortage of CPAs and support staff is driving up prices. American taxpayers had to pay at least 20% more on average to get their taxes done last year — and accountants aren’t thrilled about it either.
The House and Senate tax-writing committees are both set to lose veteran lawmakers in the next Congress, changing the dynamic on the panels as they gear up for a major fight next year over the fate of the expiring provisions of the Tax Cuts and Jobs Act.
2023 will bring some exciting and lucrative tax incentives for small and medium businesses across America. Taking advantage of these opportunities can significantly impact your business’s bottom line, so it’s essential to stay informed about the incentives available.
The Senate’s failure to approve a measure passed earlier this year by the House has delayed, for now, a solution to the quandary faced by many small and midsized companies that are severely hampered by the absence of the ability to currently deduct research & development expenses.
The US Supreme Court is slated to hear a case Wednesday that will test the reach of privacy protections against the IRS’s power to demand bank account records without ever notifying account holders.
Even CPA Firms Are Facing “Supply Chain” Issues. It is no secret that the US is facing a serious shortage of accounting professionals which will result in severe circumstances for the CPA profession and the market for CPA firm services. The latter point is always overlooked.
In a decision that is being regarded as a major win for U.S. business owners, in the case of Suder v. IRS, the U.S. Tax Court has reaffirmed recent judicial precedent with respect to the R&D tax credit, reaffirming that businesses that are building on the work of others or performing applied research may be eligible to claim the incentive.
The Internal Revenue Service’s intended ramping up of enforcement on wealthy people, large corporations and complex partnerships may not have a meaningful impact in the short term because of challenges in hiring and training people to do the work.