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Taxation

  • IRS Sues FDIC Over Silicon Valley Bank Debts

    By:
    S.J. Steinhardt
    |
    Feb 15, 2024
    The IRS has sued the Federal Deposit Insurance Corporation (FDIC), seeking to recover an estimated $1.45 billion tax debt owed by the failed Silicon Valley Bank.
  • Taxpayers Should Look out for Seven Warning Signs of Bad Employee Retention Credit Claims

    By:
    S.J. Steinhardt
    |
    Feb 14, 2024
    As has been well-documented by now, the IRS has been coping with fraudulent claims for the Employee Retention Credit (ERC), going so far as to announce a moratorium on processing claims last year. As it works toward resolving the issues surrounding the ERC, the IRS has shared seven warning signs of an incorrect ERC claim.
  • Proposed Bill Would End Federal Taxation of Social Security Benefits

    By:
    S.J. Steinhardt
    |
    Feb 13, 2024
    Rep. Angie Craig (D-Minn.) has introduced a bill to eliminate federal taxes on Social Security income, beginning in 2025.
  • 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).