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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Enters into $32M Contract for Data Delivery Services

    By:
    S.J. Steinhardt
    |
    Jan 5, 2024
    The IRS awarded a four-year, $32 million contract for data delivery services to government services provider Maximus.

  • Congress to Consider Limited Tax Changes in 2024

    By:
    S.J. Steinhardt
    |
    Jan 4, 2024
    Congress may enact changes in tax policy this year, but only in a few areas, and the chances of any such package passing by midyear remains at 50-50.

  • Conference Speaker Discusses Tax Implications of Working from Home

    By:
    S.J. Steinhardt
    |
    Dec 27, 2023
    Mark S. Klein, chair of law firm Hodgson Russ LLP, led a discussion on the tax implications of a global workforce, including employer withholding and new local case law, at the Foundation for Accounting Education's New York and Tri-State Taxation Conference on Nov. 29. The session was titled “Taxation of the Mobile Workforce—An Employer’s Perspective,” 

  • IRS Announces Voluntary Disclosure Program for Businesses that Received Refunds for Erroneous ERC Claims

    By:
    S.J. Steinhardt
    |
    Dec 22, 2023

    The IRS is fulfilling its pledge to help businesses that received and deposited refunds after filing erroneous Employee Retention Credit (ERC) claims. It now has a voluntary disclosure program for such ERC claims.

  • IRS Commissioner Warns Taxpayers Not to Fall Prey to Tax Debt Settlement 'Mills'

    By:
    S.J. Steinhardt
    |
    Dec 22, 2023
    The IRS recently announced that it is waiving nearly $1 billion in late-payment penalties for many taxpayers who were not sent automated collection reminder notices for 2020 and 2021. But because the notices will resume in January, IRS Commissioner Danny Werfel, during a press call, warned those receiving them not to let their fear compel them to engage tax settlement companies that promise to reduce their outstanding debts, including penalties.

  • Senator Asks IRS for Info on Impact of TCJA's Repeal of Deduction for Theft Loss

    By:
    S.J. Steinhardt
    |
    Dec 20, 2023

    Sen. Robert P. Casey Jr. (D-Pa.), chairman of the Senate’s Special Committee on Aging, is asking for information from the IRS about what it is doing to help fraud victims facing large tax bills resulting from a Trump-era tax change.

  • IRS to Waive $1 Billion in Late Payment Penalties for Certain Taxpayers

    By:
    S.J. Steinhardt
    |
    Dec 20, 2023
    The IRS will waive nearly $1 billion in late-payment penalties for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the COVID 19 pandemic.
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