Advice

It’s been said that the vacation rental industry is a bubble or a fad. And, conversely, that the rapid adoption of vacation rentals as a travel option is going to drive the hotel industry out of business and completely upend the travel industry. The truth lies somewhere in the middle. Vacation rentals aren’t a passing

We’re roughly halfway through 2019, which means the 2020 tax season will soon be upon us. But rather than wait until next March or April to think about their tax returns, taxpayers — and their advisors — should proactively consider some of the challenges that they could face. While it’s been more than a year

The leaders of the Senate Finance Committee issued three summary reports from their internal task forces examining what to do about the perennial problem of temporary tax breaks that need to be extended every few years. Even though the PATH Act of 2015 and the Tax Cuts and Jobs Act of 2017 were supposed to

Renters’ rebates; nominal fees; bail fail; and other highlights of recent tax cases. Pennsauken, New Jersey: Preparers Omar Faruq, 37, and co-conspirator Omar Ali, 36, have both entered pleas of guilty on one count each of conspiracy to defraud the IRS, aiding another in the filing of a false return and filing a false return.

Big Four firm Deloitte has created a new product, CognitiveTax Insight, or “CogTax,” to analyze indirect tax data sets using artificial intelligence. The product uses AI to assess the full population,of a clients’ accounts payable transactions, compared to a traditional, sampled approach. The use of AI is proliferating in the accounting space, especially to leap-frog

A series of budget cuts at the Internal Revenue Service has led to an estimated $34.3 billion in lost tax revenue from large companies, according to a new study. New research from the Indiana University Kelley School of Business backs up previous statistics indicating that the IRS is auditing fewer tax returns from corporations because

Todd and Julie Chrisley, the stars of the reality TV series “Chrisley Knows Best,” were indicted by a federal grand jury in Atlanta on charges of tax evasion, bank fraud, wire fraud and conspiracy, while their accountant Peter Tarantino was also indicted on tax-related charges Tuesday. Their show, which revolves around the lives of Todd

The Internal Revenue Service said Wednesday it would automatically waive the estimated tax penalty for over 400,000 eligible taxpayers who have already filed their 2018 federal income tax returns but didn’t claim the waiver. Earlier this year, in response to complaints from taxpayers who discovered they hadn’t withheld enough from their paychecks last year after

Few ideas in the last decade have provoked as much excitement — or as much misinformation — as the introduction of artificial intelligence in tax and accounting. Starting around 2015, the business world became captivated with the technology, drawn in by headlines that ran the gamut of emotion from hype (H&R Block is Using AI

Taxpayer defined; W-4 2.0; cryptocurrency and FBAR; and other highlights from our favorite tax bloggers. Unresolved issues IRS Mind (https://www.irsmind.com/): In 2018, the IRS questioned the accuracy of about 6 million returns, most often using a CP2000 — under-reporter — matching notice. About 3 million CP2000 notices were sent in 2018. In second place is

The Association of International Certified Professional Accountants and the Management Accounting Section of the American Accounting Association have recognized two professors for their contributions to management accounting research. Adam Presslee uwaterloo.ca Adam Presslee, assistant professor of accounting at the School of Accounting and Finance at the University of Waterloo in Ontario, Canada, and Laura Wang,

Companies doesn’t need to be haunted by ghost assets. And yes, ghost assets are very real and can have a scary impact on the bottom line. What is a ghost asset, you ask? Well, it’s a fixed asset in a general ledger that cannot be accounted for because it is physically missing or otherwise rendered

New York’s top lawyer told a Washington judge that he shouldn’t be the one hearing President Donald Trump’s suit to block the state from handing his tax records to Congressional Democrats. In papers filed Friday with U.S. District Judge Carl Nichols, Attorney General Letitia James said the federal court in Washington doesn’t have jurisdiction to

The former chief executive officer of HSBC Holdings Plc’s Swiss private bank pleaded guilty to helping wealthy clients hide assets worth at least 1.6 billion euros ($1.8 billion) as French prosecutors flex their muscles to tackle white-collar crime. Peter Braunwalder was fined 500,000 euros and given a one-year suspended jail sentence, according to a Paris

Senator Jeff Merkley once shadowed a cannabis grower and dispenser as he tried to pay his state taxes. He stuffed a backpack with $70,000 in $20 bills and drove 50 miles — unguarded — with the bulging bag in the back seat. Once he arrived at the Oregon Department of Revenue, he went through multiple

Real estate investors who want to maximize the return on investment from participating in the opportunity zone program will reap extra tax breaks if they finalize the transaction before the end of the year, but one expert is still urging they do their due diligence before rushing into the program. The Tax Cuts and Jobs

Uber Technologies Inc., responding to a European crackdown on offshore tax havens, created a $6.1 billion Dutch tax deduction that will help the company reduce a chunk of its global tax bill for years to come. San Francisco-based Uber generated the outsized deduction before its initial public offering in May because it moved some of

The Treasury Department and the Internal Revenue Service released a redesigned Form W-4 on Friday for tax year 2020, making a number of changes to earlier draft versions of the form after hearing complaints from tax professionals. The Treasury said it doesn’t expect to make further changes to the redesign beyond some minor updates for

A group of 42 Senate Democrats has sent a letter to Treasury Secretary Steven Mnuchin, urging him to refrain from unilaterally cutting capital gains taxes without congressional approval by indexing the tax rate to inflation. The group, led by Senate Finance Committee Ranking Member Ron Wyden, D-Ore., Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio,

Different kind of bracelets; Bentleys and a rinse; ministry of fraud; and other highlights of recent tax cases. Baton Rouge, Louisiana: A state court has barred former tax preparer Joseph A. Gillies from preparing state income tax returns. Gillies was arrested in January 2017 on felony charges that he used ghost companies and fabricated business