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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • TIGTA Report: IRS Issued Potentially Improper Recovery Payments Totaling $898M

    By:
    Ruth Singleton
    |
    May 24, 2022
    A report issued by the Treasury Inspector General for Tax Administration (TIGTA) has found that the IRS issued potentially improper Recovery Rebate Credit payments, pursuant to the CARES Act, totaling $898 million.  

  • Bipartisan Bill Introduced in Senate Would Bar Tax Breaks for Companies Paying Taxes to Russia, Belarus

    By:
    Ruth Singleton
    |
    May 13, 2022
    A bipartisan bill introduced in the Senate on Thursday would bar companies that pay taxes to Russia or Belarus from receiving foreign tax credits or other benefits.  Senate Finance Committee Chair Ron Wyden (D-Ore.) and Sen. Rob Portman (R-Ohio) sponsored the legislation, which would add those two countries to a list of countries already ineligible for foreign tax credits, including North Korea, Iran, Syria and Sudan.  

  • Congress Confronts Approaching Expiration of Several TCJA Provisions

    By:
    Ruth Singleton
    |
    May 10, 2022
    As provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 approach their expiration dates, Congress has to make decisions about which ones to extend. Congressional Republicans passed the TCJA, using familiar budget strategies, including setting many provisions to expire in a few years and scheduling some taxes to increase. Their expectation was that future members of Congress would extend the popular provisions and repeal the unpopular ones. 

  • Study: IRS Has Ability to Accurately Autofill Over 40 Percent of Individual Tax Returns

    By:
    Ruth Singleton
    |
    May 9, 2022
     A study by the National Bureau of Economic Research has found that the IRS has the capability to accurately autofill between 62 and 73 million individual returns (41 to 48 percent of them) using only current-year information returns and the prior-year return. The study’s authors used a random sample of 344,400 individual income tax returns for 2019 constructed by the Statistics of Income Division of the IRS.  

  • IRS to Transfer Services for Tax Professionals to ID.me, Despite Concerns About Company

    By:
    Ruth Singleton
    |
    May 6, 2022
    The IRS plans to transfer its online services for tax professionals to ID.me, a third-party authentication service provider, this summer, in spite of objections to the company raised by members of Congress.

  • Report: 19 Fortune 100 Companies Paid Little or No Taxes for 2021

    By:
    Ruth Singleton
    |
    Apr 27, 2022
    Nineteen of the largest U.S. corporations paid little or no taxes last year, according to an analysis of financial filings prepared by the Center for American Progress (CAP). The CAP report found that while corporate profits are surging to record levels, these corporations within the Fortune 100 paid an effective tax rate in the single digits—or nothing at all. 

  • Despite Fla. Bill Targeting Disney, Big Tax Breaks for the Company Remain Intact

    By:
    Ruth Singleton
    |
    Apr 25, 2022
    Although Florida Gov. Ron DeSantis has signed a bill to strip the Walt Disney Co. of its special tax status, in retaliation for Disney’s opposition to legislation that bans discussion of gender identity in kindergarten through third grade, he has left intact $578 million in tax credits that the company can use to lower its state income taxes through 2040.
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