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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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.
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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
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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
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