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The Internal Revenue Service has come under criticism from lawmakers complaining about the agency’s disproportionate number of tax audits of low-income taxpayers who claim the Earned Income Tax Credit and other refundable tax credits, as opposed to higher-income taxpayers. A recent series of articles in ProPublica found that EITC recipients, who on average tend to […]
Customer service and bothersome clients; SALT works-in-progress; time needed for Trump’s returns; and other highlights from our favorite tax bloggers. Tips and tricks Liberty Tax (http://www.libertytax.com/tax-lounge): The IRS estimates that almost a third of Americans file in the first two weeks of April (most of them in your office…). Five pointers for filing near the […]
Clients’ financial planning needs are changing. With 82 million U.S. retirees by 2040, an estimated 15 trillion wealth transfer over the next 15-years, and rampant mistrust in the financial services industry clients are looking for objective, trusted insights from their CPA. As their trusted accountant, you might be stepping up to the opportunity by offering […]
Many private companies will benefit from the new Tax Cuts and Jobs Act thanks to a key provision of the law that provides certain private businesses with a 20 percent deduction for certain qualified pass-through business income. The deduction is covered under Section 199A of the Internal Revenue Code. The proposed regulation came out in […]
As Tax Day approaches next week, accountants are finally getting to the end of a particularly grueling busy season. Some CPAs are finding particular sticking points for their clients. “Lots of clients are surprised by the payroll withholding change for 2018 vs 2017,” said Steven Zelin, a CPA in New York City who is known […]
Behold, the IRS audit. They are rare these days. Only one out of every 184 taxpayers experienced an IRS audit in 2017. And less than a quarter of these audits are conducted in person by the IRS. For many, navigating an IRS audit looks as simple as parting the Red Sea. Fortunately, most IRS audits […]
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Professional partnerships require hard work, according to ConvergenceCoaching founder and leading consultant Jennifer Wilson, who offers solutions for overcoming the stumbling blocks.
A federal appeals court has overruled the Tax Court and sided with a taxpayer who overpaid her taxes and later filed for a refund. The Second Circuit Court of Appeals, considering an issue of first impression, reversed a Tax Court decision that denied a taxpayer seeking a refund of her overpayment of 2012 income tax. […]
Courtesy: Institute of Management Accountants The Institute of Management Accountants has been named a new sponsor of the PhD Project, a program designed to bring more diversity to the corporate world by diversifying business school faculty. Launched in 1994, the PHD Project looks to encourage more diverse business school students by promoting more diverse instructors. […]
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