Taxation

  • IRS Individual Audits Drop to Lowest Rate Since 2002

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    In the fiscal year ending Sept. 30, 2017, the IRS audited roughly 1 in 160 individual tax returns. As reported in the Wall Street Journal, that represents the lowest rate--0.62 percent--since 2002, and it follows the sixth consecutive year of a decline in the percentage of individual audits.
  • IRS, State Tax Agencies Warn of Scam Targeting Tax Professionals

    By:
    Ruth Singleton
    |
    Mar 22, 2018
    The IRS, state tax agencies and members of the tax industry are warning about a "new client" scam targeting tax professionals. According to the IRS, in this scam, a supposed “new client” emails the tax pro about a tax issue, attaching documents to the email that the sender claims to be an IRS notice or prior-year tax information. The documents actually contain malware that, if opened, enable the criminals to steal taxpayer information.
  • Guest Blog Post: Individual Tax Extenders Included in the Bipartisan Budget Act of 2018

    By:
    Mark H. Levin, CPA, M.S. (Taxation)
    |
    Mar 9, 2018
    On Feb. 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 as P.L. 115-123 (the Budget Act). Division D, Title 1, of the Budget Act enacts many of the long-awaited extenders of provisions that expired at the end of 2016. Some of these provisions are extended only for the tax year 2017, while others are extended for multiple years.

    This article discusses those extenders that, in the author’s opinion, will have the greatest impact for CPAs.

  • To curb fraud, IRS will request more info on biz clients in 2018

    By:
    Chris Gaetano
    |
    Sep 26, 2017

    The IRS has announced that, in 2018, it will be asking tax preparers for more information about their business clients as part of an effort to curb identity theft and fraud. In a news release dated July 25, the agency was not specific about exactly what the new information would be, listing, instead, examples of the kind of information tax professionals “may be asked to provide when filing their business, trust or estate client returns.”

  • State Tax Department Simplifies Power of Attorney Form, Process Issues

    By:
    New York State Department of Taxation and Finance
    |
    Aug 8, 2017
    Based on feedback from tax professionals and taxpayers, the New York State Department of Taxation and Finance recently revised Form POA-1, Power of Attorney, and implemented a power of attorney (POA) web application to make it easy to file. The changes are part of the department’s ongoing effort to make its forms more user-friendly and to enhance its operational efficiency.
  • Preparing for tax reform under President Trump

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    With President Donald Trump now in office, what’s probable, according to tax planners in New York, is that there will be reform in taxes—from income and capital gains to estate and corporate—and taxpayers should prepare for several changes. 

  • Avoiding e-file penalties this tax season

    By:
    |
    Feb 11, 2016
    Prior to tax season, several NYSSCPA members expressed frustration and confusion on the Society’s Exchange Open Forum after the New York State Department of Taxation and Finance (NYSDTF) penalized them for filing paper returns on behalf of their clients—sometimes, they said, for situations that were beyond their control.
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