Don’t Miss the NOL Carryback
The 2020 Cares Act reinstated the five-year carryback rule for Net Operating Losses that were incurred after Dec. 31, 2017, and before Jan. 1,...
A pause to the 1099-K change?
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,...
AICPA endorses legislation to modify requirements to form 1099-K reporting threshold
For many months, the American Institute of CPAs (AICPA) has expressed its concerns regarding the lowered Form 1099-K reporting threshold, which is in effect for 2023,...
Using IRS tax stats
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...
Sales taxes a continued hot industry issue
Technology, the rise of the online entrepreneur, direct sales markets, and COVID work-from-home gigs have all created a huge backlog of complicated sales and...
AICPA expresses ‘deep concerns’ regarding Form 1099-K reporting threshold
In a letter to Congressional leadership of the Senate Finance Committee and the House Ways and Means Committee, the American Institute of CPAs (AICPA)...
AICPA urges IRS to address backlog ahead of 2023 tax year
Throughout the pandemic, the American Institute of CPAs (AICPA) continuously urged actions by the Internal Revenue Service (IRS) to address taxpayer service challenges worsened...
What will Congress pass?
With mere weeks left in the working year, the current lame-duck Congress is under pressure to negotiate on taxes. Republicans want to see extensions...
Attention Truckers: Aug. 31 is deadline to file and pay heavy highway vehicle use...
The heavy highway vehicle use tax is a federal excise tax. These taxes are used to pay for highway and mass transit projects. It...
Breaking down the Inflation Reduction Act
With the Inflation Reduction Act of 2022 signed into law by President Joe Biden last week, here's an in-depth breakdown of what it includes...
Latest article
Adjustments sought for R&D Tax Credit Form
There are changes coming to certain sections of Form 6765, Credit for Increasing Research Activities—the document used by taxpayers to claim the research and...
AICPA requests IRS contingency plan in case of government shutdown
The American Institute of CPAs (AICPA) submitted a letter to the Department of the Treasury, the Internal Revenue Service (IRS) and Congressional leadership requesting the release of the...
Fearing the future: Where firms are falling behind
This past weekend, Botkeeper hosted AI Unchained in Boston. The three-day event was centered around technology for accountants and bringing your practice to the next level....