Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Acknowledges Sending Erroneous Balance Due Notices to Some Married Couples

    By:
    Ruth Singleton
    |
    Jul 29, 2022
    The IRS has issued a statement acknowledging that some payments made for 2021 tax returns were not correctly applied to taxpayers’ accounts and that, as a result, the taxpayers who made these payments are receiving erroneous balance due notices. The IRS said that these are largely payments that were made by the second taxpayer listed on a married filing jointly return submitted through an online account. But it noted that some other taxpayers may also be affected outside of this group. 

  • Reversing His Recent Position, Manchin Now Says He Agrees to Climate and Tax Bill

    By:
    Ruth Singleton
    |
    Jul 28, 2022
    Sen. Joe Manchin (D-W.Va.) yesterday agreed to a bill that would provide hundreds of billions of dollars for climate and energy programs and also include tax increases, reversing a position he took less than two weeks ago,. The package would also subsidize health care and lower the cost of prescription drugs. The bill, now called the Inflation Reduction Act of 2022, includes several provisions of the Build Back Better package supported by President Joe Biden and congressional Democrats. 

  • Member of Congress Asks IRS for Information About Its Approval of Fake Charities

    By:
    Ruth Singleton
    |
    Jul 25, 2022
    A member of Congress is seeking answers about why the IRS approved multiple fake charities that sought tax-exempt status.. House Ways and Means Oversight Subcommittee chairman Bill Pascrell (D-N.J.) sent a letter to IRS Commissioner Chuck Rettig last week, requesting answers to three questions about the controversy. 

  • IRS Encourages Tax Pros to Convince Clients to Use Identity Protection Program

    By:
    Ruth Singleton
    |
    Jul 20, 2022
    The IRS—along with state tax agencies and representatives of the tax industry—announced an effort to encourage tax professionals to step up their efforts to let clients know about the IRS Identity Protection PIN Opt-In Program as a safeguard against identity theft. Working together as the Security Summit, these partners said they need the help of tax professionals to get the message out that IP PINs are now available to taxpayers who can verify their identity. 

  • Manchin Announcement Makes Passage of Tax Increases This Year Much Less Likely

    By:
    Ruth Singleton
    |
    Jul 18, 2022
    Late last week, Sen. Joe Manchin (D-W.Va.) said that he would not agree to President Joe Biden’s proposed economic agenda—including tax increases on high earners—until he saw another month of inflation data. Since his vote is needed for Democrats to achieve a majority, there is now only a small window of time in which Congress can act on that agenda because the special rules allowing Democrats to bypass a GOP filibuster will expire at the end of September. 

  • TIGTA to Investigate Intensive Audits of Comey and McCabe

    By:
    Ruth Singleton
    |
    Jul 8, 2022
    The IRS has asked the Treasury Inspector General for Tax Administration (TIGTA) to look into how former FBI Director James B. Comey and his deputy, Andrew G. McCabe, were both subjected to intensive audits that are meant to be random and rare.

  • Recipients of Digital Assets Must Report Senders' Identity to IRS Starting in 2024, or Face Penalties or Criminal Charges

    By:
    Ruth Singleton
    |
    Jul 7, 2022
    A little-known provision of the infrastructure law passed last November will, starting in 2024, require certain taxpayers who receive more than $10,000 in digital assets a year to reveal to the IRS the senders’ identity. Civil penalties for those who accidentally overlook the requirement can reach as high as $3 million. And recipients  who intentionally disregard it can be charged with a felony and face up to five years in prison and higher civil penalties. Some wealth advisers appear to be unaware of the requirement and its potential impact on clients.
Page

Trending Articles