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Taxation

  • IRS Warns Tax Pros of Scams Targeting EFINs

    By:
    S.J. Steinhardt
    |
    Feb 9, 2024

    The IRS and its Security Summit partners have raised an alert about fraudulent mails that impersonate various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs).

  • Businesses Need to Be Prepared for Filing More 1099s

    By:
    S.J. Steinhardt
    |
    Feb 8, 2024
    Many tax and accounting firms face a busier reporting season due to new Form 1099 reporting rules.
  • IRS Updates 1099-K Guidance

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The IRS has revised and updated its frequently asked questions (FAQs) for Form 1099-K, which reports on payments received from credit, debit and stored value cards, as well as payment apps and online marketplaces. These FAQs supersede earlier FAQs that were posted on March 22, 2023.
  • Treasury Report Shows High Return on Investment of Inflation Reduction Act

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The $80 billion allocated to the IRS by the Inflation Reduction Act (IRA) if fully appropriated, would yield a signficant return on investment, allowing the tax collection agency to recover nearly $561 billion in overdue and unpaid taxes over the next 10 years, higher than earlier estimates, a Treasury Department analysis showed.
  • Bill to Raise SALT Deduction Cap to $20K Advances in House

    By:
    S.J. Steinhardt
    |
    Feb 5, 2024
    Legislation that would increase, for the current tax-filing year, the $10,000 cap on the state and local tax (SALT) deduction—but only for married couples who file taxes jointly and make up to $500,000—has passed the U.S. House of Representatives’ Rules Committee. The bill, sponsored by Rep. Michael Lawler (R-N.Y.), would increase the cap to $20,000.
  • 13 Republican State AGs Seek to Stop IRS’s Free Direct File Pilot Program

    By:
    S.J. Steinhardt
    |
    Feb 2, 2024
    Thirteen Republican state attorneys general have sent a letter demanding that Treasury Secretary Janet Yellen halt the IRS's free Direct File pilot program, calling it “unnecessary and unconstitutional.” 
  • House Passes Bipartisan Tax Bill, Expanding Child Tax Credit and Reviving Breaks for Businesses

    By:
    S.J. Steinhardt
    |
    Feb 1, 2024
    The U.S. House of Representatives voted overwhelmingly in favor of tax legislation that would enhance the child tax credit for millions of lower-income families and extend tax breaks for businesses.