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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Issues Reminder to Report Income from Gigs, Virtual Currency and Foreign Countries

    By:
    Ruth Singleton
    |
    Mar 3, 2022
    The IRS issued a reminder to taxpayers that they have reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets.

  • Colorado to Be First State to Accept Cryptocurrency for Tax and Fee Payments

    By:
    Ruth Singleton
    |
    Mar 1, 2022
    Jared Polis, the governor of Colorado, has announced that the state will begin to accept tax and fee payments in cryptocurrency this year. Gov. Polis said in a tweet that Colorado would accept crypto payments converted into a dollar value, which would then be deposited in the state’s treasury. 

  • Preparers Confront a Particularly Challenging Tax Season

    By:
    Ruth Singleton
    |
    Feb 25, 2022
    Because of a host of expiring tax provisions, preparers and their clients are reporting that this tax season is a source of uncertainty and anxiety.  Approximately 40 tax provisions, including the enhanced Child Tax Credit, expired in 2021, 34 at the end of the year and six after the third quarter.  

  • IRS Announces Increased Interest Rates for Second Quarter of 2022

    By:
    Ruth Singleton
    |
    Feb 24, 2022
    The IRS announced that it will increase interest rates for the second quarter of 2022,  beginning April 1.

  • GOP Senator Calls for All Americans to Pay Federal Income Tax, Even Lowest Earners

    By:
    Ruth Singleton
    |
    Feb 23, 2022
    Sen. Rick Scott (R-Fla.) released a plan that would require all Americans to pay some federal income tax, even if it is a nominal amount. The proposal was part of what he called an “11-point plan to rescue America”

  • IRS Warns of New Scams Aimed at Tax Professionals

    By:
    Ruth Singleton
    |
    Feb 18, 2022
    The IRS has issued a warning about new email phishing scams that seek to steal tax software preparation credentials. Tax professionals are the prime targets, as the scammers seek to steal their identities and obtain client data in order to file fraudulent tax returns for refunds.

  • Mazars Cuts Ties with Trump, Withdraws Financial Statements

    By:
    Ruth Singleton
    |
    Feb 15, 2022

    Mazars USA has cut ties with former President Donald Trump and stated that 10 years’ worth of financial statements that the firm prepared for his company should not be relied upon. In a Feb. 9 letter to the chief lawyer for the Trump Organization, Mazars said that “the Statements of Financial Condition for Donald J. Trump for the years ending June 30, 2011 - June 30, 2020, should no longer be relied upon."
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