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So far this year, we’ve seen the transition of power in Congress, an extended government shutdown and still no technical correction to the Tax Cuts and Jobs Act. This leaves many taxpayers wondering how to move forward with their 2018 returns. While the TCJA was passed with much fanfare, it created a large drafting error […]
Grant Thornton has set up a three-member Audit Quality Advisory Council, only a week after Ernst Young made a similar move. The new council is tasked with advising Grant Thornton’s partnership board on improving the firm’s audits. The trio includes two independent members, Chris Mandaleris and Ann Yerger, in addition to Grant Thornton partnership board […]
The Internal Revenue Service has agreed to postpone the closure of its tax transcript fax service after a bipartisan request from the leaders of the Senate Finance Committee. “IRS will extend its transcript faxing service beyond the planned Feb. 4 end date and is reviewing options for a new timeframe,” said a statement Wednesday from […]
The 35-day partial government shutdown had a negative impact on the outlook for small business owners, although there was a slight uptick in hiring and wages last month, according to payroll giant Paychex. Paychex found the shutdown negatively impacted business outlook for 19 percent of the 300 small business owners surveyed. But despite the length […]
A trio of Republican senators has reintroduced legislation to permanently repeal the estate tax. The estate tax was originally on the chopping block during negotiations over the Tax Cuts and Jobs Act, but instead the TCJA doubled the exemption amount for estates subject to the tax from $5 million to $10 million, indexed for inflation. […]
Open for business; new challenges for small biz; football-related tax tips; and other highlights from our favorite tax bloggers. Sing a song of cheer again Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Yes, the IRS should be fully staffed as we officially start the 2019 season. “Holdover shutdown issues, however, still could cause delays, which many taxpayers […]
The private collection agencies that contract with the Internal Revenue Service to collect long-overdue tax debts were able to garner only about 2 percent of the taxes owed on the more than 700,000 taxpayer accounts assigned to them since 2017, according to a new government report. Andrew Harrer/Bloomberg The report, from the Treasury Inspector General […]
Sales and use tax accounted for the largest net tax change at the state level in 2018, with an increase of $847.1 million, according to a recent report from the National Conference of State Legislatures. “States faced an abnormal set of federal changes that resulted in an uptick in activity” during the year, the report […]
Canopy, a provider of cloud-based practice management software for tax professionals and accountants, is continuing to develop its professional tax preparation software, with an eye toward beta testing it this tax season and selling it this summer in time for next tax season. Canopy originally disclosed plans for the software last November, but is releasing […]
LeaseQuery reaches revenue milestone as customers prepare for new lease accounting standards LeaseQuery, which provides lease accounting software, reported year-on-year revenue growth of 708 percent in fiscal year 2018. The company states that the growth was fueled by “the timeliness of LeaseQuery’s solution, as companies prepare to comply with new standards for lease accounting.” The […]
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