Taxation

  • IRS Warns of Scammers Posing as Accounting or Professional Organizations

    By:
    Ruth Singleton
    |
    May 24, 2018
    The IRS has issued an alert to tax professionals about phishing emails that appear to come from accounting or professional organizations. The scammers behind these emails targeted, in particular, tax practitioners in Iowa, Illinois, New Jersey and North Carolina.
  • NY Proposals Seek to Ease Burden of SALT Caps, Other Limits

    By:
    Chris Gaetano
    |
    May 14, 2018
    While the Tax Cuts and Jobs Act (TCJA) concerns only federal policies, the size and scope of its provisions are having complicating effects on state-level tax planning, as well.
  • TCJA Changes Incentives for Corporate Behavior

    By:
    Chris Gaetano
    |
    May 8, 2018
    The Tax Cuts and Jobs Act presents domestic and international corporations with a wave of new opportunities—and challenges—as the law’s changes call old tactics into question while bringing new ones to the fore.
  • For Some Individuals, the TCJA Has Led to More Complicated Planning, but Also More Opportunities

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    The new federal tax law has dramatically shifted the individual taxation landscape, leading CPAs to rethink old assumptions about how best to plan for their clients. The process is becoming simpler for some and more complicated for others, and with these changes come opportunities.

  • IRS Individual Audits Drop to Lowest Rate Since 2002

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    In the fiscal year ending Sept. 30, 2017, the IRS audited roughly 1 in 160 individual tax returns. As reported in the Wall Street Journal, that represents the lowest rate--0.62 percent--since 2002, and it follows the sixth consecutive year of a decline in the percentage of individual audits.
  • IRS, State Tax Agencies Warn of Scam Targeting Tax Professionals

    By:
    Ruth Singleton
    |
    Mar 22, 2018
    The IRS, state tax agencies and members of the tax industry are warning about a "new client" scam targeting tax professionals. According to the IRS, in this scam, a supposed “new client” emails the tax pro about a tax issue, attaching documents to the email that the sender claims to be an IRS notice or prior-year tax information. The documents actually contain malware that, if opened, enable the criminals to steal taxpayer information.
  • Guest Blog Post: Individual Tax Extenders Included in the Bipartisan Budget Act of 2018

    By:
    Mark H. Levin, CPA, M.S. (Taxation)
    |
    Mar 9, 2018
    On Feb. 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 as P.L. 115-123 (the Budget Act). Division D, Title 1, of the Budget Act enacts many of the long-awaited extenders of provisions that expired at the end of 2016. Some of these provisions are extended only for the tax year 2017, while others are extended for multiple years.

    This article discusses those extenders that, in the author’s opinion, will have the greatest impact for CPAs.

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