Tax

The American Institute of CPAs has posted a set of frequently asked questions and answers aimed at helping CPAs and their clients with tax filing and tax relief in response to the novel coronavirus pandemic, while pointing out the various shortcomings in the federal government’s response.

Cherry Bekaert, a Top 25 Firm based in Richmond, Virginia, has acquired Tax Advantage Group, a consulting firm in Greenville, South Carolina that specializes in providing services related to the New Markets Tax Credit to clients across the U.S.

Taxpayers who meet the requirements for investing in an opportunity zone can potentially take advantage of increased depreciation deductions through cost segregation, further decreasing their tax liability.

The PPP; customer service now; answers and CARES; and other highlights from our favorite tax bloggers.

The coronavirus has caught a number of states off guard, threatening their revenue and impairing their ability to meet obligations that have grown as a result of the epidemic.

The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions.

It is important to look at cost segregation and what it can do for a taxpayer.

Keeping in touch with clients is very important, especially during this period of isolation. Here is a way to provide updates to clients regarding their tax returns and to keep in touch generally.

Richard Branson moved assets from the U.S. to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic.