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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Practitioner groups are taking their members’ concerns to Washington.
May 25
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A federal court in Minneapolis has found Wells Fargo liable for a 20 percent negligence penalty for participating in a tax shelter sold by Barclays Bank that generated $350 million in foreign tax credits.
May 25
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The Big Four firm will offer tax analysis, research and newsletters through the Wolters Kluwer product.
May 25
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The Internal Revenue Service had to roll out a manual process last year to provide advance payments on Health Coverage Tax Credits every month to health plan administrators on behalf of displaced workers and retirees, but it mistakenly provided the tax credits for thousands of people who were old enough to qualify for Medicare.
May 25
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The Treasury Inspector General for Tax Administration has concerns about the Internal Revenue Service’s recently revived private debt collection program in light of the ongoing problem of scammers pretending to be IRS employees calling taxpayers to demand bogus tax debts be paid immediately.
May 24
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Trump's budget aims to cut approximately $3.6 trillion in spending, in part from eligibility changes for the Earned Income Tax Credit and Child Tax Credit.
May 24
Thomson Reuters Checkpoint -
The Texas legislature has passed a bill granting an exemption to CPA firms allowing them to provide a limited amount of insurance services to clients without being subject to sales taxes.
May 24
