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 »
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 Director for Tax Policy & Advocacy, Eileen Sherr, said, “With the complexities and recent bankruptcies involved with digital asset exchanges, taxpayers and practitioners are facing
AICPA Requests Tax Treatment Guidance for Digital Asset Losses Read More »
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 aimed at high-income individuals who want to reduce or eliminate their tax obligations. To avoid falling prey to these schemes, the IRS advises taxpayers to
Watch Out for Tax Avoidance Schemes Aimed at High Earners Read More »
The U.S. Government Accountability Office (GAO) has suggested measures to reduce the tax gap and improve fiscal benefits, even with a small reduction in the gap between what is owed and what is paid. According to a GAO “snapshot” report released on February 27, 2023, Internal Revenue Service data for the years 2014-2016 revealed that
GAO Wants to Reduce Tax Gap Read More »
The annual Dirty Dozen list of tax scams has been updated by the IRS to include promoter claims surrounding Employee Retention Credits (ERC) that have been circulating widely. These claims can be based on inaccurate information related to eligibility and calculation of the credit. It is important to note that eligible taxpayers can claim the
ERC Scams Added to IRS Dirty Dozen Read More »
The IRS has issued final regulations regarding electronic filing (e-filing) of certain returns and documents. The regulations apply to those who must file returns for partnerships, corporations, unrelated business income tax, withholding, excise taxes, as well as information returns, disclosure statements, and other documents. The electronic filing requirements generally take effect for applicable returns and
Electronic Filing Regulations Issued Read More »
The White House has proposed a 15 percent increase in the Internal Revenue Service’s (IRS) budget for Fiscal Year 2024. The proposed increase would give the agency $16.3 billion in discretionary budget authority, with most of the funds directed towards enhancing customer service and outreach to underserved communities. The IRS budget includes a $642 million
Biden Requests 15% Increase in IRS Budget Read More »
If you own a home in Connecticut, you know that property taxes can add up. But did you know that qualifying seniors and the disabled can take advantage of a tax credit program and reduce or eliminate what they pay? Seniors The property owner or spouse can apply for tax relief the year after turning
Homeowner Tax Relief in Connecticut Read More »
The IRS recently announced it is allocating $10 billion of credits for qualified investments in eligible advanced energy projects. A minimum of $4 billion of these credits may be allocated only to projects located in certain areas. The guidance announcing the program also: Defines the meaning of qualifying advanced energy project, specified advanced energy property, eligible property, the placed in service
IRS Allocates $10 Billion in Credits for Advanced Energy Projects Read More »