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    1. IRS changes procedure for reporting tax shelters

      IRS changes procedure for reporting tax shelters

      The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form.

      Until further notice, the IRS Thursday it’s permitting taxpayers and tax professionals to fax a copy of , the Reportable Transaction Disclosure Statement, to its Office of Tax Shelter Analysis, at (844) 253-2553 for the initial-year filing of the form with that office. However, taxpayers will still need to submit two copies of the Form 8886 to the IRS. Taxpayers will continue to file Form ...

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    2. What’s on the table for the next round of U.S. coronavirus relief

      What’s on the table for the next round of U.S. coronavirus relief

      With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus.

      Thursday’s Labor Department report, which showed a bigger than expected increase of 4.8 million jobs in June, didn’t lessen the sense of urgency for another round of stimulus in Washington.

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    3. House clears extension of Paycheck Protection Program to August

      House clears extension of Paycheck Protection Program to August

      The House gave final last-minute congressional approval Wednesday to extending the popular Paycheck Protection Program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.

      The Senate had passed the extension Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications at 11:59 p.m.

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    4. Retention rules vary for state e-file signature authorization forms

      How long should tax professionals hold onto the e-file signature authorizations of their clients? It depends on where they and their clients reside.

      Form 8879 , IRS e-file Signature Authorization, is signed by 1040 taxpayers to, among other things, authorize the Electronic Return Originator to electronically file the taxpayer’s federal tax return. EROs must retain the signed copy of the Form 8879 for three years from the return due date or date the return is filed, whichever comes later.

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    5. Coronavirus payments hit glitches

      Coronavirus payments hit glitches

      Errors are turning up in the Internal Revenue Service’s $1,200 payments to households this week, with some people receiving too little, a handful getting more than expected and some seeing their payment go into an unrecognizable bank account.

      Many of the millions of people expecting the payments are struggling with an IRS “Get My Payment” webpage intended to give the status of their funds.

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    6. IRS introduces new tool for taxpayers to track stimulus payments

      IRS introduces new tool for taxpayers to track stimulus payments

      The Internal Revenue Service, working with the Treasury Department, announced new tool Get My Payment, enabling taxpayers to check on their Economic Impact Payment date and update direct deposit information.

      The tool, available on IRS.gov, was created to help taxpayers track the initial round of more than 80 million Economic Impact Payments that have started to hit bank accounts and address some common questions.

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    7. IRS braces for onslaught of coronavirus stimulus scams

      IRS braces for onslaught of coronavirus stimulus scams

      The Internal Revenue Service is bracing for another epidemic -- scammers trying to get their hands on the $1,200 payments being sent out to millions of Americans to bolster the economy.

      The payments, plus an additional $500 for each child, have begun hitting bank accounts this week, opening a wide avenue of opportunities for scams, identity theft and low-tech crimes such as stealing checks from mailboxes.

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    8. IRS warns of coronavirus-related tax scams

      IRS warns of coronavirus-related tax scams

      The Internal Revenue Service issued a warning Thursday urging taxpayers to beware of scammers calling and emailing them about the stimulus payments they are expecting as a result of last week’s CARES Act, along with other schemes related to the novel coronavirus pandemic, as they could lead to identity theft and tax fraud.

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    9. IRS and Treasury offer guidance on deferring tax payments amid coronavirus

      IRS and Treasury offer guidance on deferring tax payments amid coronavirus

      The Internal Revenue Service and the Treasury Department released guidance Wednesday on how taxpayers can of up to $1 million until July 15 in response to President Trump’s emergency declaration granting relief amid the coronavirus pandemic.

      The guidance permits all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without incurring penalties or interest.

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    10. TurboTax phishing scam with Excel attachment makes the rounds

      A new TurboTax phishing scam is going around, and cybersecurity experts are warning taxpayers to be vigilant this tax season and protect themselves against cybercrime.

      The by cybersecurity managed services provider Trustwave, when the phishing email hit one of the company’s spam “honeypots” — dummy email addresses and domains designed to attract cybercriminals.

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    11. IRS plans visits to high-income taxpayers who didn’t file returns

      IRS plans visits to high-income taxpayers who didn’t file returns

      Internal Revenue Service officials said Wednesday they will be visiting approximately 800 taxpayers who earn over $100,000 a year and haven’t filed one or more tax returns in prior years.

      Thanks to recent budget increases, the IRS has been able to hire more revenue officers to handle tax enforcement, and the agency plans to increase its visits to high-income taxpayers amid criticism that it focuses too much on auditing low-income taxpayers who claim the Earned Income Tax Credit.

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    12. IRS proposes update to income tax withholding rules

      The Internal Revenue Service and the Treasury have proposed regulations updating the income tax withholding rules to reflect the changes in the Tax Cuts and Jobs Act, the recently redesigned Form W-4 and the IRS’s new Tax Withholding Estimator.

      The aim to take into account the redesigned , Employee’s Withholding Certificate, and the accompanying tables and computational procedures in , Federal Income Tax Withholding Methods.

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    13. Something you should know about = Life insurance’s major role in business succession planning

      Something you should know about = Life insurance’s major role in business succession planning

      For many business owners, succession planning is top of mind these days — with good reason. Last year, there were 30.2 million small businesses in the U.S., according to the Small Business Administration, which represented 99.9 percent of all U.S. businesses. Those businesses are operating amidst an unprecedented generational transfer; indeed, there is a tidal wave of business exits on the horizon. Early baby boomers have reached retirement age – they’ve already started transitioning their businesses – and the tail end of this generation will get there in a few short years. Proper business succession planning requires at least an 18-month time horizon; if they haven’t yet begun planning for business succession, they’ll need to catch up fast.

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    14. Moving from a high-tax state? Be prepared for a residency audit

      Moving from a high-tax state? Be prepared for a residency audit

      “Should I stay or should I go?” sang the Clash years ago. Residents of New York, Connecticut, New Jersey, Rhode Island, California and other high-tax states are now singing a similar song. The thought of moving to a lower-tax state is more prevalent than ever in light of the federal Tax Cuts and Jobs Act and its restrictive $10,000 cap on state tax deductions.

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    15. In corporate tax, the pressure is rising

      In corporate tax, the pressure is rising

      Growing complexity in the world of tax, and corporate pressures to do more with less, are creating opportunities for accountants to bring some much-needed relief to business clients, according to leaders at Deloitte Tax LLP.

      “There’s been a 40 percent reduction in the corporate tax rate – but at the same time, our clients in tax departments are under pressure to deliver the same value in a more cost-efficient fashion,” Deloitte Tax LLP chairman and CEO Steve Kimble told a recent gathering in New York City. “The complexity of the law is going up, but the pressure to drive costs down is also going up.”

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    16. Tax Fraud Blotter: House of straw

      Tax Fraud Blotter: House of straw

      Glendale, California: Former Wells Fargo branch manager Hakop Zakaryan, 34, has pleaded guilty to one felony count of bank fraud for using his position to help launder proceeds of a tax fraud and identity theft scheme.

      The scheme involved using false IDs and bogus Republic of Armenia passports to fraudulently obtain $14 million in federal refunds.

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    17. IRS sends second round of tax warnings to cryptocurrency investors

      IRS sends second round of tax warnings to cryptocurrency investors

      Some cryptocurrency investors are receiving a new round of letters from the Internal Revenue Service telling them that their federal tax returns don’t match the information received from virtual currency exchanges, a new front in the agency’s burgeoning scrutiny of the industry.

      The letters acknowledge that trading exchanges, not the taxpayers, may have made the errors.

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    18. The most common tax problems for 2020

      The most common tax problems for 2020

      With more freelancers than ever before, this also means more taxpayers will be required to pay quarterly estimated taxes for the 2019 tax year. Unfortunately, some people are not aware that they have to do this, or don’t know how and when to make their payments.A failure to pay quarterly estimated taxes does a couple of things. First off, it leaves the taxpayer with a massive tax bill come April. Secondly, it can actually trigger late fees and interest on top of the base tax figure.

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      Mentions: Robert Williams
    19. Bags stuffed with cash add to pressure for cannabis banking law

      Bags stuffed with cash add to pressure for cannabis banking law

      Senator Jeff Merkley once shadowed a cannabis grower and dispenser as he tried to pay his state taxes. He stuffed a backpack with $70,000 in $20 bills and drove 50 miles — unguarded — with the bulging bag in the back seat. Once he arrived at the Oregon Department of Revenue, he went through multiple rounds of security to deposit his satchel in a room packed with guards looking after the millions of dollars pouring in from other cannabis companies.

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    20. Xero makes powerful partnerships for the future

      Craig Walker, chief technology officer of Xero and a founding executive of the company, is the kind of guy who can build an app in a weekend — and that’s what he did back in 2011 when Xero first entered into a partnership with Stripe. At Xerocon, he described how he met with one of Stripes early business developers on a Friday, built the API integration for Stripe over the weekend, and deployed the payments button inside Xero by Monday.This year marks just the latest expansion of the partnership between the two companies. Walker and his team have built ...

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    21. IRS audit rate continued to decline last year

      IRS audit rate continued to decline last year

      The Internal Revenue Service’s audit rate went down again in 2018, according to data released Monday by the IRS.

      The IRS Data Book for 2018 showed that compared to 2017, there were fewer audits during fiscal year 2018, from Oct. 1, 2017 to Sept. 30, 2018. The IRS audited more than 892,000 individual income tax returns during the fiscal year, down slightly from the previous year.

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      Mentions: Robert Williams
    1-24 of 135 1 2 3 4 5 6 »
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