This two-part series will be devoted to the twists and turns in the rules that govern sales of investments to “related parties” (Internal Revenue Code Section 267). In most cases, the tax code allows an investor to claim losses on… Read More »Rules for Selling Investments to Related Parties
Return-to-office plans may lead to more resignations, separate research shows. In a survey of more than 1,000 professionals, half of the respondents currently working from home (50%) would look for a new job that offers remote options if … Professional… Read More »Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office
The Tax Court recently found that there’s indeed a limit on the tax-deductibility of wages paid to employees by the employer. What constitutes “reasonable” compensation for this purpose? It depends on the particular circumstances. Traditionally, the courts have relied on several… Read More »Tax Court Weighs in on Reasonable Compensation
The question, which on Form 1040 is just below the address block, asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Taxpayers must check either the “yes”… Read More »Individual taxpayers must answer the crypto-asset questions, IRS notes
When it comes to ACH Fraud, the fraudster sends what looks like a legitimate email from an employee or from a vendor, requesting a change to their ACH or Direct Deposit bank account. As a professional bookkeeper, Jody Linick personally knows of… Read More »Spotting ACH Fraud and What Bookkeepers Can Do
Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims. During a hearing, Thursday before the… Read More »Congress presses IRS on ERTC processing and tax penalty relief
For almost the past decade, there has been an annual spike in illicit voice, and now text, communications during tax season in the United States. Truecaller’s Clayton LiaBraaten shares tips on how tax professionals can educate clients and protect them… Read More »How Tax Pros Can Protect Clients Against Scams During Tax Season
It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you be able to say that? Your exposure is at least three years after when you file your return, but many… Read More »IRS Can Audit Your Taxes Forever If You Miss A Key Form
KEY POINTS Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to inflation, according to a Nationwide survey. However, these shifts may reflect a lack of understanding and confidence in their financial… Read More »Inflation is causing some older Americans to delay retirement plans, survey shows
IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022. Rettig appeared before the House Ways and… Read More »Commissioner to Congress: IRS will clear the backlog by year’s end