Recently, the American Institute of CPAs (AICPA) has contacted the Internal Revenue Service (IRS) with a series of recommendations on how non-fungible tokens (NFTs) should be handled for tax purposes. For the uninitiated, NFTs are digital assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them […]
AICPA Calls for Clarity on NFT Tax Treatment Read More »
As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for
New IRS Funding Boosts Enforcement and Taxpayer Assistance Read More »
The American Institute of CPAs (AICPA) recently recommended a number of ways to simplify and clarify the current tax code in the upcoming year to the Department of the Treasury and the Internal Revenue Service. These recommendations aim to streamline the tax filing process and provide a more straightforward framework for taxpayers. Promoting Simplicity in
AICPA Urges Tax Code Simplification as Key Priority Read More »
Connecticut Governor Ned Lamont recently signed a comprehensive two-year state budget bill which includes significant tax changes to provide relief to middle-class households. The bill includes the largest personal income tax cut in the state’s history, along with several modifications to corporate business tax and the CT pass-through entity tax. Let’s explore the highlights of
CT Passes Largest Personal Income Tax Cut in History Read More »
The recent reduction in funding allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act of 2022 is not anticipated to have significant immediate consequences for the agency’s plans, according to an IRS official. Although over $21 billion of the allocated funds was rescinded or repurposed, leaving approximately $60 billion remaining, the IRS
If you have filed an amended tax return with the IRS, don’t expect a quick response. In the aftermath of the COVID-19 pandemic, the Internal Revenue Service (IRS) has made significant progress in processing paper original tax returns. However, the agency continues to grapple with a substantial backlog of unprocessed amended returns, as reported by
IRS Struggles to Resolve Amended Return Backlog Read More »
The IRS Independent Office of Appeals, in collaboration with the National Taxpayer Advocate, is reaching out to the public to gather feedback on how it can enhance conference options for taxpayers and their representatives. This initiative aims to provide improved accessibility and convenience to individuals who are not located near an Appeals office, as well
IRS Gathering Ideas to Enhance Taxpayer Experience Read More »
UPDATE: The debt ceiling and budget cuts package passed by Congress on May 31 rescinded $1.4 billion given to the IRS in the Inflation Reduction Act and includes a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other non-defense programs. With fewer discretionary funds at
As the world gradually recovers from the impact of the COVID-19 pandemic, the Internal Revenue Service (IRS) has announced its plans to resume issuing collections notices to taxpayers, after a suspension period to alleviate the financial burden faced by individuals and businesses during the crisis. While an exact date for the resumption of these notices
IRS Resumes Collections Notices as Pandemic Measures Ease Read More »
Have you gotten a notice that QuickBooks is no longer going to support your 2020 desktop application? Don’t panic. You can continue working on a desktop version of the software if you are not yet ready to move to QuickBooks Online. However, this may not be the case forever, so it might be time to
Navigating QuickBooks Desktop Changes Read More »
In April, Connecticut lawmakers proposed a comprehensive tax cut plan that could have a significant impact on the lives of low-income residents, especially those living in neglected neighborhoods. The proposed plan includes income tax cuts for all CT residents and a three-year exemption for some residents of “high poverty” census tracts. The tax exemption is
Lawmakers Propose Sweeping Tax Cut Plan for Low-Income Filers in Connecticut Read More »
What do you do if you are suddenly giving a substantial budget increase? The American Institute of CPAs (AICPA) thinks the IRS should focus more on taxpayer service. In a letter to the Internal Revenue Service (IRS) and the Department of the Treasury, the AICPA is urging the IRS to place greater emphasis on taxpayer
IRS Urged to Focus on Customer Service with New Funds Read More »