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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • 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."

  • Early IRS Filings Show Average Refund Down by $600 from Last Year

    By:
    Ruth Singleton
    |
    Feb 14, 2022
    According to IRS statistics from the first week of this year's filing season, the average refund is $2,201, down by roughly $600 from the average last year,

  • Sen. Manchin Open to Billionaires Tax to Fund Domestic Spending Bill

    By:
    Ruth Singleton
    |
    Oct 25, 2021
    Sen. Joe Manchin (D-W.Va.), a pivotal vote in the Senate, appears to be open to a tax on billionaires’ assets to fund the Democrats’ reconciliation domestic spending bill. This tax would replace the originally proposed increase in the corporate tax from 21 to 28 percent.  Sen Kyrsten Sinema (D-Ariz.), another crucial Senate vote, has signaled her opposition to the corporate tax hike. 
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