Advice

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
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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.
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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
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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
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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,
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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
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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
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