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Tax Preparation
Your CPAs Guide To The New ERC Crisis
IRS Announces Moratorium on the Employee Retention Credit and Provides Guidance for Civil Penalty Amnesty to Withdrawing Improper Claims, Also Known As - Don’t Deposit That Check and Hire Legal Counsel The expansion and strong marketing tactics of good-for-nothing “accounting advisors” who encouraged taxpayers to qualify for the Employee Retention Credit (“ERC”) when they did not technically qualify has caused…
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A Dynamic Debate Performance Paired With An Incoherent Economic Agenda.
Following the first Republican presidential primary debate, businessman Vivek Ramaswamy seems to be having a moment. That makes it a good time to explore his unorthodox fiscal agenda. While in many respects his platform appears to be standard Republican stuff, it includes some real surprises. But its unrealistic assumptions, yawning…
Businesses With Large Cash Transactions May Need To E-File Some Forms Beginning Next Year
The IRS has announced that beginning Jan. 1, 2024, businesses that are required to file Form 8300, Report of Cash Payments Over $10,000, may be required to file electronically instead of filing a paper return. Cash Reporting Requirements Under U.S. law, any individual or business who receives more than $10,000…
IRS Gives Hurricane Idalia Victims Tax Extension To Feb. 15 + Relief
The IRS as announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal…
IRS Exempts Most State Tax Refunds, Some Other Payments From Tax
The IRS has announced guidance on the federal tax status of refunds of state or local taxes, and certain other payments by state or local governments to individuals. Earlier this year, the IRS provided guidance on state payments made in 2022 in news release IR-2023-23, where the IRS exempted 21…
Tax-Free Crypto Profits? Robert F. Kennedy Jr.’s Unusual Plan
Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine Robert F. Kennedy Jr.’s cryptocurrency tax proposal, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: There is a presidential election next year, and some of the candidates are already teasing us with…
Uncashed Gifts Are Included In An Estate
A gift is only a gift when it is completed, according to the tax code. In a recent case, an individual signed a power of attorney appointing his son as agent. Over seven years, the son used the power to make year-end annual gifts from the father to family members.…
IRS Issues Reminder About Tax-Free Way To Help Employees Pay Student Loans
Student debt has more than tripled since 2006. That year, borrowers collectively owed more than $500 billion in student loan debt—less than car loans and other consumer debt like credit cards. And while debt has overall edged higher for consumers, it’s skyrocketed for student borrowers. According to the office of…
Tax And The Future Of Artificial Intelligence
John McGowan of HubSync discusses artificial intelligence and its role in the tax field. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International. This week: Friend or foe? Artificial intelligence has been…
South Carolina Revenue Department Hopes That Back To School Includes Tax Education
Today was the first day of school for my son. His schedule was packed with math, foreign languages, English, science—but not economics or financial literacy. Many schools don't offer those kinds of classes. Just about half of states require either a personal finance or economics course to graduate high school,…
The Potential For Direct Tax E-Filing In The United States
Google, Meta, and several tax prep companies, including H&R Block and TaxAct, are fielding an escalating number of U.S. lawsuits alleging that they allowed tracking pixels to unlawfully collect taxpayers’ confidential information as they filed their federal income tax returns online. The claims, which were first reported in November 2022…
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