Advice

Invented expenses; hidden returns, client gifts; skimmed immigrants; and other highlights of recent tax cases. New York: Art dealer Mary Boone potentially faces months in prison after pleading guilty last year to two counts of filing false returns, news outlets said. Prosecutors reportedly wanted Boone, who was scheduled to be sentenced in mid-January, to serve
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Personal financial satisfaction declined in the fourth quarter of 2018 as stock market gyrations and the prospect of a government shutdown weighed on U.S. consumers, according to a survey by the American Institute of CPAs. The AICPA’s quarterly Personal Financial Satisfaction index (PFSi) decreased for the first time in two years. The decline in the
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The National Conference of CPA Practitioners is stepping up to help government employees dealing with the ongoing government shutdown. NCCPAP announced that it will give any furloughed or unpaid critical federal employee “a significantly discounted fee” to have their 2018 return prepared by a participating NCCPAP CPA. Federal employees must provide proof of employment. Those
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Remembering this season; retention pointers; IRS Mind; and other highlights from our favorite tax bloggers. Promises promises Mauled Again (http://mauledagain.blogspot.com/): AT&T, upstate New York, Florida and 150 positions: Why tax breaks for creating jobs should not be based on promises of future employee retention and hiring but on actual compliance with job creation. Tax Vox
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Andrew Harrer/Bloomberg While the ongoing government shutdown hasn’t delayed the expected start of tax season, other Internal Revenue Service functions have been impacted, with the service announcing today that it has cancelled a public hearing on proposed amendments to the regulations relating to imposing user fees for enrolled agents and enrolled retirement plan agents (REG-122898-17).
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South Dakota v. Wayfair Inc. has led to the largest change in sales tax in the last 50 years. Since 1967, businesses have operated under the premise that a substantial physical presence is needed in a state, in order for said state to subject the business to their sales tax collection and remittance requirements. ”Substantial
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Despite the partial government shutdown, the Internal Revenue Service has reopened the Income Verification Express Service used by mortgage lenders to verify borrowers’ income, relying on user fees to help pay the salaries of IRS employees working in the unit. Timothy Fadek/Bloomberg Approximately 70,000 IRS employees have been on unpaid furlough since the partial government
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Phony debts; dead wrongs; all ‘zeros’; and other highlights of recent tax cases. Joliet, Ill.: Preparer Leticia Rodriguez, 42, has been convicted of committing identity theft through returns, according to published reports, and was also recently barred from preparing returns or owning a tax prep business. She reportedly pleaded guilty to two counts of ID
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IRS Free File began its 17th filing season on Friday. The Internal Revenue Service said that it upgraded the free tax filing system, under which a dozen private-sector partners offer products to help eligible taxpayers navigate post-reform tax law and electronically prepare returns. More than 53 million taxpayers have used Free File since the program’s
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