Beware of traps with paid time off policies
Some common paid time off (PTO) policy features cause taxable income to unexpected parties at unexpected times. Learn more here.
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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.
President Biden signs American Rescue Plan Act of 2021
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
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?
Opportunity zone investors should consider state and local tax credits
Companies may be able to realize additional tax savings through state tax credits and other incentive programs.
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.
The IRS takes aim at high net worth individuals
A discussion on the IRS concern with non-filers and what can be done to mitigate the risk is provided in this article.