Taxation

  • TIGTA Says New Form 1040 Stressed IRS Capacity

    By:
    Chris Gaetano
    |
    Apr 22, 2019
    In a report issued last week, the Treasury Inspector General for Tax Administration said that the introduction of the new Form 1040, on top of all the other things that the IRS had to do to implement the Tax Cuts and Jobs Act, created a great deal of additional work for the agency at its busiest time of the year. 
  • IRS Announces Plan to Modernize Aging Tech Infrastructure

    By:
    Chris Gaetano
    |
    Apr 19, 2019
    The IRS has announced an initiative aimed at modernizing the service's information technology infrastructure, and integrating that modernization into every aspect of its operations. 
  • Should Tax Records Be Public?

    By:
    Chris Gaetano
    |
    Apr 17, 2019
    A recent opinion piece in the New York Times makes the case that tax information should be made public. 
  • Senators Introduce Bill Regulating Tax Preparer Qualifications

    By:
    Chris Gaetano
    |
    Apr 12, 2019
    Senator Ron Wyden (D -Ore.) has introduced legislation that would give the IRS the authority to set minimum standards for all tax practitioners, as well as add new competency requirements. 
  • IRS Releases Guidance on Valuing Contracts for Professional Athletes

    By:
    Chris Gaetano
    |
    Apr 11, 2019
    The IRS has issued a new revenue procedure that provides relief for professional sports teams that, before, were bedeviled by how to value their players' contracts. 
  • IRS Reform Bill Clears House With Controversial Provision Regarding Free Filing

    By:
    Chris Gaetano
    |
    Apr 10, 2019
    The House has passed legislation that introduces major structural changes to how the IRS is run, representing the first major overhaul of the agency in decades, though its passage in the Senate will likely be more fraught due to a provision that some Democrats are saying prevents the IRS from developing its own free tax-filing platform. 
  • Study: Average Pay for NYC-Area Tax Analyst is $71,780

    By:
    Chris Gaetano
    |
    Apr 10, 2019
    Are you a tax analyst in the New York City area making less than $71,780? Then you should probably ask for a raise because that is below the average.