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IRS Commissioner Chuck Rettig expressed his appreciation to tax professionals Tuesday for their cooperation during the extended tax season that was prolonged by the novel coronavirus pandemic and pledged to deliver any future stimulus payments approved by Congress. “I realize you’ve just been through a very challenging tax season, and for many of you, it’s […]
Trusts and taxes; recovering revenues; advising clients who needed more than three extra months; and other highlights from our favorite tax bloggers. Unending battles Taxing Subjects (https://www.drakesoftware.com/blog): A new TIGTA report gives the IRS high marks for the fight against refund fraud and ID-theft refund rip-offs. Now just keep it up inexhaustibly. Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): […]
The American Institute of CPAs offered six policy suggestions for the next phase of federal COVID-19 relief legislation under consideration in Congress. Lawmakers are meeting this week to discuss the fifth round of legislation in response to the coronavirus pandemic. Among the issues under consideration are President Trump’s demand for a payroll tax cut, which […]
Senate and House Republicans introduced legislation that would give businesses refundable tax credits against payroll taxes to meet some of the expenses associated with reopening during the novel coronavirus pandemic. Sen. Rob Portman, R-Ohio, introduced the Healthy Workplaces Tax Credit Act on Monday to help businesses safely reopen while ensuring the safety of employees and […]
Jirav has received $8 million in Series A funding to boost development and adoption of its all-in-one budgeting, forecasting, reporting, and dashboarding software. The value of analytics has become rapidly apparent during the novel coronavirus pandemic as businesses face disruption to unprecedented degrees. Jirav’s cloud-based solution provides user-driven financial modeling, which sits at the core […]
CLA Foundation grants over $500K to 40 organizations; KLR promotes three; and more CPA news.
Woodard Events announced that it will be moving the date of its major accounting technology conference, Scaling New Heights, to Nov. 8-11, in response to the current state of the coronavirus pandemic in Florida, which has seen a major upsurge of cases recently. There will also be a remote option for accountants, business advisors and […]
The American Institute of Certified Public Accountants (AICPA) and its business and technology arm, CPA.com, has released a Paycheck Protection Program (PPP) loan forgiveness platform, PPPForgivenessTool.com, which automates the forgiveness process for small business owners who received funds from the PPP. Part of the CARES Act stimulus package, the PPP is designed to help businesses […]
Over a hundred members of Congress are asking the Internal Revenue Service to resolve a number of issues preventing the remaining Economic Impact Payments from going out to taxpayers who desperately need the money as they struggle through the novel coronavirus pandemic. The letter, signed by 111 lawmakers, was addressed Thursday to IRS Commissioner Chuck […]
New York State’s Department of Financial Services issued a report saying five tax prep software companies have been making it difficult for taxpayers to access the free versions of their software, even though they belong to the Free File Alliance. A series of reports over the past year by the investigative news site ProPublica have […]
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