IRS increases mileage rates for the remainder of 2022
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.
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Reminder – S corporation shareholder basis reporting requirements must not go overlooked
How will the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, impact tax filings for family offices and other taxpayers?
An update on the tax policy landscape against inflation backdrop
The tax policy landscape in Washington remains unsettled as we approach the summer months, while inflation remains the dominant economic issue. Within the context, we look at what's currently on the legislative agenda for Congress.
Executive Order provides path to regulation of digital assets
Executive Order provides an outline for next steps related to guidance and regulation in the digital asset space.
Business connecting lease parties not qualified under section 1202
IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
Smile! New IRS identity verification process requires a selfie
The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.
Congress open to considering a pause on automated tax notices
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
National Taxpayer Advocate provides 2021 annual report to Congress
The Taxpayer Advocate Service highlighted 10 major IRS problems affecting taxpayers and made several recommendations to mitigate the issues.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
The IRS hired more than 1,000 new assisters to staff phone lines
The IRS foresees better phone service for taxpayers by hiring more than 1,000 new phone assisters across all call lines.
Ways and Means proposed IRA changes – what to keep an eye on
Several provisions would tighten IRA rules for high-income individuals, and some other changes apply regardless of income level.
House proposed changes – What should wealthy individuals consider?
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
House Ways and Means releases reconciliation tax payfors
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.
Senator Wyden’s draft proposals target partnership tax rules
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.
Security Summit warns of identity theft and unemployment fraud
The Internal Revenue Service Security Summit discusses the common warning signs of identity theft and unemployment benefits theft.
State tax law changes for the second quarter of 2021
A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending June 30, 2021.