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The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Warns of Improper Art Donation Deduction Promotions

    By:
    S.J. Steinhardt
    |
    Oct 6, 2023
    The IRS has been seeing a rise in fraudulent schemes involving tax deductions for donated art and has issued a warning to taxpayers, particularly high income filers seeking a way to lessen their tax liabilities.

  • IRS to Reduce PTIN Fees

    By:
    S.J. Steinhardt
    |
    Oct 5, 2023
    In response to a federal court decision, the IRS is reducing the cost of an annual Preparer Tax Identification Number (PTIN).

  • IRS Releases Guidance on Energy Efficient Home Credit

    By:
    S.J. Steinhardt
    |
    Sep 28, 2023
    The Internal Revenue Service (IRS) has released new guidance on the new energy efficient home credit as amended by the Inflation Reduction Act (IRA), which extended and enhanced the energy efficient home credit in Section 45L of the Tax Code.

  • IRS Suggests Businesses Use Pause on Processing ERC Claims as Opportunity to Consult Qualified Tax Pros

    By:
    S.J. Steinhardt
    |
    Sep 22, 2023
    The IRS's recently announced moratorium on processing Employee Retention Credit (ERC) claims has also prompted the agency to encourage businesses to work with qualified tax professionals to determine their eligibility for what it calls “an incredibly complex credit’ with very specific eligibility requirements.” The IRS has received a spate of dubious claims for ERC credits promoted by so-called ERC mills.

  • IRS Establishes New Unit to Focus on Pass-Throughs

    By:
    S.J. Steinhardt
    |
    Sep 21, 2023
    The IRS has established a special unit to focus on large or complex pass-through entities, as part of its overall effort to devote more attention to high-income compliance issues.

  • FTC Warns Five Tax Prep Companies Against Unauthorized Personal Data Usage

    By:
    S.J. Steinhardt
    |
    Sep 21, 2023
    The Federal Trade Commission (FTC) told five tax preparation companies that they could face civil penalties for the use of their customers’ confidential data for unrelated purposes, such as advertising, without first obtaining their consent.

  • IRS Previews Proposed Changes to Research Credit

    By:
    S.J. Steinhardt
    |
    Sep 18, 2023

    The IRS previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities. The Credit for Increasing Research Activities is also known as the Research Credit.
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