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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Urges Tax Pros to Develop Security Plans

    By:
    S.J. Steinhardt
    |
    Jul 19, 2023
    The IRS and its Security Summit partners began their annual education effort by releasing a Written Information Security Plan (WISP), which was developed by and for tax and industry professionals to keep customer and business information safe and secure.

  • OECD Gives U.S. More Time to Implement Global Minimum Tax

    By:
    S.J. Steinhardt
    |
    Jul 18, 2023
    U.S.-based companies will have an extra year before foreign countries can start imposing new taxes on them under the global tax reform rules published by the Organization for Economic Cooperation and Development in 2021. The extension stems from an agreement negotiated by the U.S. Department of the Treasury. U.S. companies deemed to pay too little tax in the United States will have until 2026 before foreign countries can start imposing taxes on them.

  • AmeriCorps Recovered $84 Million in Tax Benefits for Low-Income Taxpayers

    By:
    S.J. Steinhardt
    |
    Jul 17, 2023
    AmeriCorps, the federal agency for national service and volunteerism, recovered a record $84 million in overlooked deductions, credits and tax breaks for low-income Americans in the 2023 tax season, CNN reported. That is $70 million more than the organization recovered last year.

  • IRS Notice Defers Implementation of Rules for RMDs Under SECURE Act to 2024

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

    The IRS and the Treasury Department have issued Notice 2023-54, which defers the implementation of rules related to required minimum distributions (RMDs) from retirement accounts in light of the SECURE 2.0 Act. These rules will apply no earlier than the 2024 distribution calendar year. 

  • National Taxpayer Advocate Dings IRS for Incorrect Notices

    By:
    S.J. Steinhardt
    |
    Jul 13, 2023
    The Internal Revenue Service (IRS) has told taxpayers in federal disaster areas that they have to pay their taxes, despite having told them previously that they have more time.

  • Senators Solicit Input for Digital Assets Tax Policy

    By:
    S.J. Steinhardt
    |
    Jul 12, 2023
    The two leaders of the U.S. Senate Committee on Finance have asked the public for policy ideas regarding the taxation of digital assets.

  • Democrats Introduce Bill to Expand Child Tax Credit to Include $2K for Newborns

    By:
    S.J. Steinhardt
    |
    Jun 21, 2023
    Democratic members of the U.S. House of Representatives, who have been trying to revive a child tax credit that expired in 2021, have introduced legislation that would permanently expand and the Child Tax Credit (CTC) by including a $2,000 payment for newborn babies.
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