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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • Yellen: U.S. Can't Sign Global Tax Treaty in Time to Prevent Levies from Other Countries

    By:
    S.J. Steinhardt
    |
    Oct 17, 2023
    The United States will be unable to sign a treaty on a global minimum corporate tax—one that it had a large role in bringing to fruition—in time to uphold a deal that prevents other countries from imposing new levies on some of the largest U.S technology companies. Treasury Secretary Janet Yellen made that announcement after a meeting with E.U. finance ministers.

  • NAEA Urges IRS to Resume Sending Balance Due Notices

    By:
    S.J. Steinhardt
    |
    Oct 17, 2023

    The National Association of Enrolled Agents (NAEA) has asked the IRS to resume sending reminder notices immediately to non-filers and those with balances due of more than $10,000.

  • 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.
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