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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS to Resume Issuance of Collection Notices

    By:
    S.J. Steinhardt
    |
    May 25, 2023
    Taxpayers and tax preparers should expect a resumption of automated collection notices from the IRS.

  • IASB Issues Amendments to Ease Transition to Global Tax Reform Rules

    By:
    S.J. Steinhardt
    |
    May 24, 2023
    The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes, intended to give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development (OECD)’s international tax reform.

  • Supreme Court: IRS Can Secretly Obtain Bank Records of Taxpayer’s Relatives

    By:
    S.J. Steinhardt
    |
    May 24, 2023
    The U.S. Supreme Court has ruled unanimously that the IRS can summon bank information without notifying account holders under appropriate circumstances.

  • Senate Bill Would Raise 1099-K Reporting Threshold to $10K for Third-Party Platforms

    By:
    S.J. Steinhardt
    |
    May 22, 2023
    Two U.S. senators have introduced legislation to raise the dollar threshold for required reporting on third-party transactions. The Red Tape Reduction Act, introduced by Sens. Sherrod Brown (D-Ohio) and Bill Cassidy (R-La.), would raise that threshold from $600 to $10,000. The senators said that their proposal would ensure “that fewer small businesses and casual sellers receive excessive paperwork for online sales.”

  • TIGTA Assesses IRS’s Active Shooter Preparedness and Training

    By:
    S.J. Steinhardt
    |
    May 19, 2023

    The Treasury Inspector General for Tax Administration (TIGTA) has released a report on the IRS's efforts to institute an active shooter situation response program that aligns with the U.S. Department of Homeland Security (DHS) guidelines.

  • Corporate Tax Executives Brace for More Disclosure on Global Liabilities

    By:
    S.J. Steinhardt
    |
    May 17, 2023
    As investors and regulators demand more disclosure about corporate tax liabilities, corporate tax executives fret about the implications of more disclosures. Chief among them are the costs of collecting the necessary details and how they will be understood by investors and regulators.

  • IRS Commissioner Promises to Fix Bias in Audits of Black Taxpayers

    By:
    S.J. Steinhardt
    |
    May 16, 2023
    In response to a recent finding that Black taxpayers are audited at higher rates than non-Black taxpayers, IRS Commissioner Daniel Werfel assured the U.S. Senate Finance Committee chair that the agency is taking steps to address and fix the discrepancy.
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