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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Italy and Spain also offered to limit the scope of a proposed global digital tax, a concession after the U.S. threatened to hit countries with tariffs if they moved ahead with levies on tech companies.
June 26
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The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.
June 26
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The extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.
June 25
Expat Tax Professionals -
Bug in the system, again; the category is fraudster; pit stop; and other highlights of recent tax cases.
June 25
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The federal government’s quick action to issue stimulus payments led to more than a billion dollars of fraudulent payments, according to the GAO.
June 25
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Top Democrats in the House and Senate are backing a measure that would deny coronavirus aid to companies that moved their official headquarters offshore to avoid U.S. taxes.
June 25
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Taxpayers who are owed a refund may also get a second check this year if they took advantage of the July 15 extended filing deadline, according to the Internal Revenue Service.
June 25
