Tax Pros Brace for ‘Tidal Wave’ of Crypto Tax Scrutiny From the IRS. What Investors Need to Know
As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency.
Tax Prep Fees are Rising Because Accounting is not a ‘Cool’ Career
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.
Tax Panels Face Personnel Changes Ahead Of TCJA Debate
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.
Tax Incentives Small Businesses Can Claim in 2023
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.
Tax bill failure in Senate could decimate small-biz R&D
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.
Tackling Explainability and Interpretability in Language Models
The very nature of language models—large language models (LLMs), foundation models, and frontier models—confounds the notions of explainability and transparency.
Supreme Court Case Pits Privacy Against IRS Power to Trace Cash
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.
Supply Chain Issues for CPA Firms???
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.
Suder v. IRS: Big Tax Court Win for Small Businesses and R&D Tax Credit
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.
Staffing Hurdles Could Slow Impact of IRS Audit Boost
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.