IRS Issues Last Minute TIN Relief for Non-US Banks

In another last minute announcement, similar to the one issued just before Christmas, the Internal Revenue Service issued a 12-page determination the last working day...

Meet the all new Form 7203

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S Corporations may take you a little longer this tax season. Form 7203 is now required for shareholders of S Corps. It is important to...

IRS Tax Forums: Save the Date

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Earn CE/CFP credits. Hear the latest on tax laws, cybersecurity, ethics, and much more. The "2023 IRS Tax Forums" will be held in-person, so...

AICPA Encouraged by IRS Decision to Delay 1099-K $600 Threshold Implementation

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The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) delaying the implementation of the $600...

AICPA expresses ‘deep concerns’ regarding Form 1099-K reporting threshold

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In a letter to Congressional leadership of the Senate Finance Committee and the House Ways and Means Committee, the American Institute of CPAs (AICPA)...

IRS is recruiting volunteers nationwide to help taxpayers this filing season

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Last year, more than 58,000 Internal Revenue Service (IRS) volunteers gave back to their communities by preparing more than 2.2 million federal income tax...

A pause to the 1099-K change?

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Tax Practice News recently released several articles on the changes to the 1099-K reporting requirements for 2022 tax return. Starting with calendar year 2022,...

Are there extra audits on the horizon?

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The Internal Revenue Service’s $80 billion budget increase was the talk of the town earlier this year when the Inflation Reduction Act boosted the...

Using IRS tax stats

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Few tax practitioners are taking advantage of the IRS tax statistics page. For the site, CLICK HERE. The welcome to the page says you “find...

IRS to raise interest rates for Q1 2023

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As we head into a new tax year, the first bit of news has dropped from the Internal Revenue Service (IRS). Beginning on the...

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Why tax efficiency is a top concern

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We recently marked the official opening of the 2022 return filing season. The IRS began accepting returns on Jan. 23. As per usual, not...

3 ways to encourage creativity in your practice

Accountants tend to think in black and white. Maybe it is the world of numbers and rules we live in all day. But when...

Your 1099-K update here

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The much-anticipated 1099-K changes have been delayed by a year. Anticipated is used with a grain of salt as many practitioners were dreading the...