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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • House Bipartisan Tax Bill May Change in the Senate

    By:
    S.J. Steinhardt
    |
    Feb 13, 2024
    The tax legislation passed by the House of Representatives last month contained extended tax breaks for businesses and an enhanced child tax credit for millions of lower-income families, but the latter may be changed when the Senate takes up the bill.

  • AICPA's Melancon Discusses Pipeline Challenges and Pending Tax Changes

    By:
    S.J. Steinhardt
    |
    Feb 12, 2024

    In his annual speech to the Accountants Club of America on Feb. 1, AICPA President and CEO Barry C. Melancon presented an overview of the accounting profession, including some of its challenges, as well as a summary of pending tax legislation.

  • Tax Bill Ending Employee Retention Credit Could Affect Some Financial Advisers

    By:
    S.J. Steinhardt
    |
    Feb 12, 2024
    A bipartisan tax bill passed by the U.S. House of Representatives last month would be paid for by ending the Employee Retention Credit (ERC) and increasing penalties against promoters involved with submitting faulty ERC claims, and those two changes could affect some financial advisers.

  • IRS Warns Tax Pros of Scams Targeting EFINs

    By:
    S.J. Steinhardt
    |
    Feb 9, 2024

    The IRS and its Security Summit partners have raised an alert about fraudulent mails that impersonate various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs).

  • Businesses Need to Be Prepared for Filing More 1099s

    By:
    S.J. Steinhardt
    |
    Feb 8, 2024
    Many tax and accounting firms face a busier reporting season due to new Form 1099 reporting rules.

  • IRS Updates 1099-K Guidance

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The IRS has revised and updated its frequently asked questions (FAQs) for Form 1099-K, which reports on payments received from credit, debit and stored value cards, as well as payment apps and online marketplaces. These FAQs supersede earlier FAQs that were posted on March 22, 2023.

  • Treasury Report Shows High Return on Investment of Inflation Reduction Act

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The $80 billion allocated to the IRS by the Inflation Reduction Act (IRA) if fully appropriated, would yield a signficant return on investment, allowing the tax collection agency to recover nearly $561 billion in overdue and unpaid taxes over the next 10 years, higher than earlier estimates, a Treasury Department analysis showed.
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