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The Internal Revenue Service issued a revised Form 1024-A application Tuesday for tax-exempt status under Section 501(c)4 of the Tax Code, along with instructions permitting it to be filed electronically. The move is part of the agency’s ongoing efforts to expand the range of forms that can be filed electronically. Last year, soon after the […]
The Internal Revenue Service hasn’t been pursuing cases involving hundreds of billions of dollars in income from individuals and businesses whose income has been showing up in Form 1099-K information returns filed by credit and debit card providers, but has been otherwise unreported. A new report released Tuesday by the Treasury Inspector General for Tax […]
Over one-third of U.S. public company audits rely on at least one audit firm abroad, according to new research. The report found that 37.6 percent of U.S. public company audits utilize at least one foreign audit firm. For those that do, on average they’re using 3.7 percent foreign auditors to conduct 17.7 percent of the […]
The Internal Revenue Service is increasing many of the fees for requests for private letter rulings by 26.7 percent, starting Feb. 4. In Revenue Procedure 2021-1, the service revised the procedures for obtaining private letter rulings from the IRS Office of Chief Counsel. The OCC said it conducted a biennial review of the user fees […]
Leaders of the Big Four CPA firms and other major companies are stepping in and asking Congress to allow a smooth transition to the Biden administration as Congress prepares Wednesday for a certification of the Electoral College vote. The normally perfunctory vote usually occurs every four years without incident in Congress, but this year, amid […]
Ooo, the pain; off the market; a lower calling; and other highlights of recent tax cases. Washington: Bobby Tucker, 63, of Suffolk, Virginia, former chief of collections for the District of Columbia Office of Tax and Revenue, has been sentenced to 14 months in prison for his conviction for a bribery charge. The charge stemmed […]
Notwithstanding the horrors of 2020, 2021 ushers in a new breed of hope and concern for all. A new year is a new opportunity to start off on the right foot and improve on everything that you do for your clients, staff and firm. In our firm, we use each January to update our business […]
This year showed us that disruption could happen at any time, but as a forward-thinking and innovative profession, it also showed us that we were prepared to handle it. While it’s true that 2020 disrupted how accountants worked, it didn’t change the importance of what we do — in fact, it showed us that we […]
A federal appeals court in Washington agreed with President Donald Trump that a lower court should decide whether Democrats in Congress must narrow their subpoena to his accounting firm for his financial records. Trump argued that the case over documents held by Mazars USA LLP should be remanded to a district judge after the U.S. […]
Given the size and number of tax changes proposed by the Biden administration, it’s no wonder advisors face challenges in helping clients prepare for the year ahead. The Georgia special election that is a few days away will be pivotal in determining if Biden’s administration is able to pass its proposed tax plan. Potential outcomes […]
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