Advice

Employees working from home during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets. Emburse, an expense management software company, released a compilation Wednesday of some of the craziest expenses it has seen claimed this year, some of which were actually approved. That included $1,895, which was

The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from

The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven. In a joint statement Thursday, Senate Finance Chairman Chuck Grassley and Democrat Ron Wyden said the Treasury is depriving some small

The IRS Advisory Council, a federal advisory committee that provides a public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public, sees a danger in chronic underfunding of the agency. IRSAC made the point in its annual report, which also highlighted the importance of the Taxpayer First Act

Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report. The report, released Friday by the advocacy group Tax Justice Network, in collaboration with Public Services International, the Global Alliance for Tax Justice

The Internal Revenue Service reminded taxpayers Thursday that they only have until Nov. 21 at 3 p.m. Eastern Time to register for an Economic Impact Payment of $1,200 or more. The payments were included as part of the CARES Act that Congress passed in March to provide relief amid the COVID-19 pandemic. They provide $1,200

Drug money; Phoenix descending; stepping down; and other highlights of recent tax cases. Las Vegas, New Mexico: Preparer Carlos Perea, 44, has pleaded guilty to two counts of aiding and abetting the preparation of false income tax returns. Perea owned and operated Perea Fast Tax, where he prepared income tax returns for clients and filed

The Internal Revenue Service is planning to ramp up audits of smaller businesses and their investors by about 50 percent next year, following years of persistently low examination rates, an agency official said Tuesday. The result could be a surge in audits of companies ranging from mom-and-pop retail stores and technology startups to investment funds

The novel coronavirus pandemic is throwing a monkey wrench into plans for the Internal Revenue Service to reorganize itself to provide better taxpayer service, as mandated by the Taxpayer First Act that Congress passed last year. A new report released Wednesday by the Government Accountability Office found that so far the IRS’s planning has only

When President-elect Joe Biden takes office in January, he’ll face a quandary: how to reform the tax system to raise much-needed government revenue. One promising option: Give the Internal Revenue Service the resources needed to ensure the wealthiest are paying the taxes they already owe. As it turns out, Donald Trump isn’t the only affluent

Even before the pandemic hit, states were looking for ways to increase their revenue. Of course, as a result of the pandemic and the accompanying shut downs it engendered, many states are facing unprecedented shortfalls in revenue. States have sought to remedy this by raising taxes, broadening their tax base, and going after remote sellers

The Internal Revenue Service’s Criminal Investigation unit has been initiating fewer investigations of abusive tax return preparers this past year, while also recommending fewer prosecutions, and seeing fewer indictments and prison sentences this year, according to a new report. However, the IRS CI division managed to identify $2.3 billion in other types of tax fraud

Let’s say you are a business owner, CPA or EA. Your business has been prospering for many years. You’re sitting back in your chair, wrapping up your day’s work, and sending off one last email. You grin with satisfaction, knowing that soon you will be able to leave your office and spend some quality time

What a POS; bad bet; too sick to go to prison; and other highlights of recent tax cases. Moss Point, Mississippi: Preparer Talvesha Glaude has been sentenced to 22 months in prison for preparing false returns. She owned and operated a tax prep business under multiple names, including TMG Tax Service and Regional Tax Service.

The Internal Revenue Service said Friday it intends to start “masking” sensitive information on business tax transcripts, beginning Dec. 13, to safeguard taxpayers against the threat of identity theft. Friday’s announcement gives taxpayers and tax professionals 30 days to make any necessary adjustments. The IRS began telling tax professionals about the upcoming change during its

The tables used to compute required minimum distributions from retirement plans have been updated for 2022. The new tables take effect as the Internal Revenue Service have issued revised regulations under IRC Sec. 401(a)(9) and can be used for calculations for distribution calendar years beginning Jan. 1, 2022. They also generally reflect longer life expectancies.

New York’s attorney general continues to gather information about President Donald Trump’s business, obtaining financial records this month from the family of the Trump Organization’s CFO that could provide further insights into the company’s operations and tax strategies. The office of Attorney General Letitia James is reviewing tax records associated with a son and ex-daughter-in-law

Tax policy for the next two years, and therefore tax planning strategies, may be determined in Georgia early next year. On Jan. 5, 2021, the state will hold runoff elections for two Senate seats, which may determine whether Republicans retain control of the Senate or whether Democrats will have a trifecta — control of the

The Internal Revenue Service plans to issue proposed regulations to allow partnerships and S corporations to exceed the $10,000 limit on state and local tax deductions imposed by the Tax Cuts and Jobs Act. The IRS issued a notice Monday saying the proposed regulations would clarify that state and local income taxes imposed on and

The IRS has been undertaking a number of steps to hone its approach to the filing season ahead. Among these are launching its 2021 “Get Ready” campaign, addressing online services and enterprise digitalization and case management, and implementing e-signatures on additional forms. In addition, it has reviewed the 2020 Tax Forums and is planning for