Advice

Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions. House Speaker Nancy Pelosi has said the next coronavirus response

The deadline for applying for membership on the Taxpayer Advocacy Panel for 2021 has been extended through April 20. Individuals may submit a TAP application online at www.improveirs.org. The panel is particularly interested in getting more applicants from Vermont, Rhode Island, Washington, D.C., Idaho, South Dakota, and Nebraska. Thirty-three new members have been selected for

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes. After all, the idea of a tax shelter is largely based

The Internal Revenue Service issued a warning Thursday urging taxpayers to beware of scammers calling and emailing them about the stimulus payments they are expecting as a result of last week’s CARES Act, along with other schemes related to the novel coronavirus pandemic, as they could lead to identity theft and tax fraud. Taxpayers and

Over the Topps; a thirst for fraud; the sky is limited; and other highlights of recent tax cases. Grand Prairie, Texas: A federal court has permanently enjoined preparers Smart Ajayi and JoAnn Villarreal from owning or operating a tax prep business and preparing returns for others. The complaint against Ajayi (d.b.a. Harplett Marketing, Topps Tax

The Internal Revenue Service and the Treasury Department have reversed course on requiring senior citizens to file a “simple tax return” in order to receive a stimulus payment as part of the coronavirus package passed by Congress last week. An information page on the IRS’s website about the so-called “economic impact payments” had sparked concern

President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak. The president said Sunday he’d spoken with celebrity restaurateurs including Wolfgang Puck, Daniel Boulud and Jean-Georges Vongerichten on the subject. Restaurants nationwide have been forced to close or restrict their business

First, the payment deadline for individual tax returns was extended from April 15, 2020 to July 15, 2020, first announced at a news conference by the Secretary of the Treasury. The first quarter estimated tax payment was also extended to July 15, with the second quarter payment unchanged, for now. Then it was announced that

The Internal Revenue Service has asked all of its employees to work from home as a result of the coronavirus pandemic. In an email to staff last Friday, the IRS told all of its staff to begin working from home this week. “As a result of recent OPM [U.S. Office of Personnel Management] guidance, starting

The Internal Revenue Service is now accepting email and digital signatures on tax documents to make it easier for tax professionals and taxpayers to communicate with the agency during the novel coronavirus pandemic. The IRS said Monday that, effective immediately, it would “begin temporarily accepting images of signatures (scanned or photographed) and digital signatures on

While West Virginia was the first state to enact a sales tax in 1921, the majority of states instituted sales taxes in the 1930s. At the time, tangible personal property comprised the sales tax base, and only later did some states add services. As the tax base of retail sales in the economy has shrunk

The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic. The IRS issued Notice 2020-20 on Friday, extending the relief it provided earlier this month on the tax-filing and payment dates for most other types

AccountingSuite, which makes accounting software with built-in inventory management features, has integrated its software with Tax1099, an IRS-approved, cloud-based e-filing system for the 1099 MISC form and 40 other forms. The integration is aimed at improving the e-file experience for businesses with contractors. The integration allows users of both systems to pull data from an

The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to give taxpayers more tax filing and payment relief during the coronavirus pandemic, in addition to the three-month extension until July 15 that has already been announced. The AICPA submitted several priority questions and recommendations for consideration in a letter Thursday

Health reimbursement arrangements are arrangements in which an employer reimburses employees for medical costs incurred by the employee or individual health insurance premiums for health insurance procured by the employee. When the Patient Protection and Affordable Care Act, or ACA, was enacted in 2010, HRAs were viewed as violating the ACA by putting impermissible limits

The House passed a massive $2.2 trillion stimulus bill Friday containing tax relief for both businesses and individuals and other stimulus measures in response to the coronavirus pandemic, and President Trump quickly signed it into law. The Senate passed the same far-reaching bill Wednesday (see our story). According to the Washington National Tax Office of

Erin Collins will start her term as the National Taxpayer Advocate on March 30 — earlier than expected. Collins is taking up her post earlier ahead of schedule due to the national emergency created by the coronavirus pandemic. “I can’t imagine a more critical time to lead the Taxpayer Advocate Service,” she said. She replaces

The Internal Revenue Service said Friday that it is shutting down its Practitioner Priority Service line, the e-Services Help Desk, as well as the e-Services FIRE and AIR system help desks are closed until further notice, due to staff limitations amid the coronavirus pandemic. The move comes on the heels of the IRS closing its

Quite an education; food for thought; Motion denied; and other highlights of recent tax cases. Tampa, Florida: A federal court has permanently barred Steven Doletzky, formerly doing business as Liberty Tax Service, from operating a prep business and preparing federal returns for others. The court also ordered Doletzky to disgorge $175,000 that the U.S. alleges

Large retailers like Walmart Inc. and Target Corp., as well as student loan borrowers, are on a long list of potential winners from tax breaks included in a $2 trillion coronavirus relief bill approved by the Senate. The stimulus package would provide swift tax relief for companies struggling to pay employees and operating costs. It