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AICPA Urges Tax Code Simplification as Key Priority
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 […]
CT Passes Largest Personal Income Tax Cut in History
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 […]
Impact of IRA Funding Reduction on IRS Operations Expected to be Limited in the Near Term
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 […]
IRS Struggles to Resolve Amended Return Backlog
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 […]
IRS Gathering Ideas to Enhance Taxpayer Experience
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 […]
The Inflation Reduction Act Strategic Operating Plan: A Dynamic Blueprint for IRS Transformation
UPDATE:Â The debt ceiling and budget cuts package passed by Congress on May 31 rescinded $1.4 billion given to the IRS in the Inflation Reduction Act and includes a separate agreement […]
IRS Resumes Collections Notices as Pandemic Measures Ease
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 […]
Navigating QuickBooks Desktop Changes
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 […]
Lawmakers Propose Sweeping Tax Cut Plan for Low-Income Filers in Connecticut
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 […]
IRS Urged to Focus on Customer Service with New Funds
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 […]
AICPA Requests Tax Treatment Guidance for Digital Asset Losses
The Internal Revenue Service (IRS) has been urged by the American Institute of CPAs (AICPA) to provide guidance regarding the tax implications of digital asset losses. In a statement, AICPA […]
Watch Out for Tax Avoidance Schemes Aimed at High Earners
The IRS has identified abusive tax avoidance schemes as one of the “Dirty Dozen” scams and schemes that taxpayers and tax professionals should watch out for. These schemes are primarily […]