Advice

Tax preparers deal a lot in numbers. So, it seems, do some prospects. “I didn’t achieve the knowledge and experience I have to be the lowest cost provider in the business,” said Bruce Primeau, a CPA and president at Summit Wealth Advocates, in Prior Lake, Minnesota. “The cost of my services, in my opinion, is
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Intuit has introduced a range of new features to ProConnect Tax Online, its professional tax preparation product, for tax year 2019. Updates include new forms, e-file capabilities, and behind-the-scenes software upgrades. Responding to recent upheavals in tax law, Intuit states it has been making key improvements to ProConnect Tax Online to ensure continued support for
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CPAs gone wrong; on the waterfront; trooper tricks; and other highlights of recent tax cases. Jacksonville, Florida: Preparer Joanna Arlean Tukes has pleaded guilty to aiding and assisting others with the filing of fraudulent tax returns. Since 2012, Tukes owned and operated a prep business where she reported false information on returns, including false claims
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The Internal Revenue Service’s proposed regulations on the classification of cloud transactions and transactions involving digital content could mean some unexpected tax bills for some publishers, especially those based abroad who sell copyrighted articles to U.S. readers. The IRS released the proposed regulations in August and accepted comments on them until Nov. 12. However, publishers
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Sharyn Fisk has been picked to lead the Internal Revenue Service’s Office of Professional Responsibility. Fisk, most recently a professor of tax at Cal Poly Pomona, will assume leadership of OPR early next year. “Fisk is extremely well respected both internally at the IRS and throughout the tax professional communities,” said IRS Commissioner Chuck Rettig
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The Internal Revenue Service’s Criminal Investigation division identified $1.8 billion in tax fraud in 2019, with a 91.2 percent conviction rate for all financial crimes, according to the division’s 100th annual report released Thursday, which also highlighted a continued focus on employment tax, cryptocurrency and cybercrime. This year’s report, which marked the agency’s 100th anniversary,
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Taxpayers should assemble a recordkeeping system — electronic or paper — that keeps important information in one place. This includes copies of filed returns and all supporting documents for at least three years: W-2s, 1099s, other income documents, records documenting all virtual currency transactions and 1095-As. Clients should also confirm that each employer, bank or
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Her (dis)Honor; fenced in; death and taxes; and other highlights of recent tax cases. Baltimore: Former mayor Catherine Pugh, 69, has pleaded guilty to conspiracy to commit wire fraud, conspiracy to defraud the U.S. and two counts of tax evasion. In 2011, Pugh ran an unsuccessful campaign to be mayor of Baltimore. Four years later
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While the smoothest tax season might be one with no surprises, the practitioner who anticipates and is ready for unexpected issues will sleep better at night knowing they are prepared. One area of potential consequence for preparers is the new partnership K-1s, according to Joe Buble, the tax practice leader at Top 100 Firm Citrin
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Virtual currencies have been growing rapidly in terms of type and frequency of use. They are increasingly becoming an accepted form of payment even by major established companies and financial institutions. Not all taxpayers, however, appear to be familiar with or complying with their tax reporting obligations involving virtual currencies. The Internal Revenue Service estimates
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