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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Encourages Tax Pros to Convince Clients to Use Identity Protection Program

    By:
    Ruth Singleton
    |
    Jul 20, 2022
    The IRS—along with state tax agencies and representatives of the tax industry—announced an effort to encourage tax professionals to step up their efforts to let clients know about the IRS Identity Protection PIN Opt-In Program as a safeguard against identity theft. Working together as the Security Summit, these partners said they need the help of tax professionals to get the message out that IP PINs are now available to taxpayers who can verify their identity. 

  • Manchin Announcement Makes Passage of Tax Increases This Year Much Less Likely

    By:
    Ruth Singleton
    |
    Jul 18, 2022
    Late last week, Sen. Joe Manchin (D-W.Va.) said that he would not agree to President Joe Biden’s proposed economic agenda—including tax increases on high earners—until he saw another month of inflation data. Since his vote is needed for Democrats to achieve a majority, there is now only a small window of time in which Congress can act on that agenda because the special rules allowing Democrats to bypass a GOP filibuster will expire at the end of September. 

  • TIGTA to Investigate Intensive Audits of Comey and McCabe

    By:
    Ruth Singleton
    |
    Jul 8, 2022
    The IRS has asked the Treasury Inspector General for Tax Administration (TIGTA) to look into how former FBI Director James B. Comey and his deputy, Andrew G. McCabe, were both subjected to intensive audits that are meant to be random and rare.

  • Recipients of Digital Assets Must Report Senders' Identity to IRS Starting in 2024, or Face Penalties or Criminal Charges

    By:
    Ruth Singleton
    |
    Jul 7, 2022
    A little-known provision of the infrastructure law passed last November will, starting in 2024, require certain taxpayers who receive more than $10,000 in digital assets a year to reveal to the IRS the senders’ identity. Civil penalties for those who accidentally overlook the requirement can reach as high as $3 million. And recipients  who intentionally disregard it can be charged with a felony and face up to five years in prison and higher civil penalties. Some wealth advisers appear to be unaware of the requirement and its potential impact on clients.

  • Lax Gatekeeping Has Led IRS to Approve Host of Fake Charities as Tax-Exempt

    By:
    Ruth Singleton
    |
    Jul 6, 2022
    A fast-track application system introduced in 2014 has led the IRS to approve a large number of fake charities as tax-exempt. The denial rate for new charities—which had been as high as one in 53 applicants under the previous system—fell to one in 2,400 under this one. 

  • IRS to Require New Electronic Fingerprinting Process for Practitioners’ E-file Applications

    By:
    Ruth Singleton
    |
    Jun 30, 2022
    The IRS has notified tax practitioners that, as of Sept. 25,  it will require a new electronic fingerprinting process for their e-file applications. In an email it sent tax professionals  Wednesday, the IRS announced that individuals would be required to use an IRS-authorized vendor for fingerprinting. Each new principal and responsible official listed on a new e-file application or added to an existing application needing fingerprints will have to schedule an appointment with the IRS authorized vendor.  

  • Issuing Her Midyear Report, Taxpayer Advocate Says Backlog 'Is Still Crushing the IRS'

    By:
    Ruth Singleton
    |
    Jun 27, 2022
    Issuing her midyear report to Congress, National Taxpayer Advocate Erin M. Collins expressed dismay over the IRS’s large backlog of paper returns and resulting refund delays. “The IRS has said it is aiming to crush the backlogged inventory this year, and I hope it succeeds," Collins  wrote. "Unfortunately, at this point the backlog is still crushing the IRS, its employees, and most importantly, taxpayers. As such, the agency is continuing to explore additional processing strategies." 
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