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Education Secretary Betsy DeVos was accused in a lawsuit of illegally seizing millions of dollars in tax refunds from students who defaulted on federal loans despite a congressional ban on such collections during the pandemic. The groups Student Defense and Democracy Forward filed the proposed class-action suit, which also named Treasury Secretary Steven Mnuchin, Friday […]
This summer for the first time, taxpayers will be able to electronically file their Form 1040-X, “Amended U.S. Individual Income Tax Return.” Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years, the agency said, adding that it’s also been an ongoing request from the tax […]
Pushing Tax Day to July was hailed as a great time relief for taxpayers slammed by the pandemic. Has it worked out that way for preparers? Yes and no — and maybe, depending on what clients need in this new time. “Not at all,” said Burbank, California, CPA Brian Stoner. “I’ve been answering questions and […]
On the run; Talent for fraud; relative chips in; and other highlights of recent tax cases. Providence, Rhode Island: Chiropractor Eugene Kramer, 50, has agreed to plead guilty to charges relating to a scheme to defraud health care benefits programs and that he allegedly failed to pay taxes to the IRS for some of the […]
The Internal Revenue Service and the Treasury Department issued proposed regulations Wednesday to update the income tax withholding rules for periodic retirement and annuity payments made after Dec. 31, 2020. Before Congress passed the Tax Cuts and Jobs Act in late 2017, if no withholding certificate was in effect for a taxpayer’s periodic retirement and […]
The Treasury and the IRS have issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. Among other provisions, the regs incorporate the existing exception from having to file an annual return for certain organizations that normally have gross receipts of $50,000 or less. The regulations also provide that the requirement to report […]
On May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (SBA Form 3508). While the application clears up several of the outstanding questions that borrowers may have with regards to forgiveness eligibility, there are still some questions left unaddressed. As a crisis management professional, I have been immersed in all things […]
The National Association of State Boards of Accountancy has proposed a set of revisions to the Uniform Accountancy Act Model Rules for CPAs, including the addition of more course content on data analytics and digital acumen, and the ability to take courses outside a school of business. Other proposals involve recognition of accrediting organizations by […]
The Public Company Accounting Oversight Board released a document Tuesday with information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies. The Spotlight document, Audits Involving Cryptoassets – Information for Auditors and Audit Committees, is part of the PCAOB’s Strategic Plan to monitor the development and implementation of […]
Waiting for refunds; EIP debit cards; using state-level OICs; and other highlights from our favorite tax bloggers. Good examples Taxable Talk (http://www.taxabletalk.com/): The tale of two clients waiting for refunds this turbulent season, with the apt title “Patiently.” The Income Tax School (http://www.theincometaxschool.com/blog/): A few technology tools to help make remote teamwork and management that […]
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