Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
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The service lifted the limit from $19,500 as part of its annual inflation adjustments.
November 4
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Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.
November 4
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Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.
November 4
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The Internal Revenue Service provided detailed reporting directions Wednesday for certain passthrough entities and taxpayers reporting partnership interests held in connection with the performance of services, often referred to as “carried interest.”
November 3
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The deals will help merchants automate cross-border transactions.
November 3
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The move would help offset the benefits from a proposed expansion of the federal deduction of state and local taxes.
November 3
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The IRS reaches north; no questions asked on the Mars minis; new on the block; and other highlights from our favorite tax bloggers.
November 2
