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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • Six Particular Situations Could Prompt an IRS Audit

    By:
    S.J. Steinhardt
    |
    Mar 13, 2023
    Audits are not personal, the IRS wants emphasizes. They are random—but there are certain inconsistencies in a tax return the agency's computer system may focus on.

  • President’s Proposed Budget Targets Breaks That Favor Wealthy and Companies

    By:
    S.J. Steinhardt
    |
    Mar 10, 2023
    President Joe Biden’s proposed $6.8 trillion budget for fiscal year 2024 contains an end to tax breaks for private equity fund managers, oil and pharmaceutical companies, and investors in crypto and real estate.

  • Senate Confirms Werfel as IRS Commissioner

    By:
    S.J. Steinhardt
    |
    Mar 9, 2023
    The U.S. Senate has confirmed Daniel Werfel as the next IRS commissioner. The Senate confirmed Werfel by a vote of 54-42, with six Republicans voting in favor of confirmation and one Democrat, Sen. Joe Manchin III (W.Va.), voting against.

  • IRS Renews Warning Over False Employee Retention Credit Claims

    By:
    S.J. Steinhardt
    |
    Mar 8, 2023
    The IRS has, once again, warned employers to review the Employee Retention Credit (ERC) guidelines carefully before trying to claim the credit, as third-party promoters continue to persuade ineligible people to file.

  • Republican Members of Congress Question IRS Free E-File Study

    By:
    S.J. Steinhardt
    |
    Mar 7, 2023
    The IRS is working on a study about the feasibility of setting up a new new, free e-filing system in May, but two leaders of the U.S. House of Representatives’ tax-writing committee objected to the parties chosen to carry out the study.

  • IRS Warns of Fraud Schemes Involving W-2s

    By:
    S.J. Steinhardt
    |
    Mar 6, 2023

    The IRS is warning taxpayers not to fall victim to new tax season scams that promise them a large refund.

  • Two Senate Bills Would Target Tax Havens and Protect Whistleblowers

    By:
    S.J. Steinhardt
    |
    Mar 3, 2023

    Two pieces of legislation were recently introduced in the U.S. Senate, one to require public companies to disclose their financial reporting on a country-by-country basis, and another to strengthen the IRS's whistleblower program.
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