Advice

New York authorities investigating whether President Donald Trump’s company inflated the value of its assets for loans and tax breaks are seeking more records of the company’s communication with an engineer who helped appraise its property. New York Attorney General Letitia James on Thursday asked a state-court judge in Manhattan to reconsider October rulings that
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Changes for the year; partnerships’ reporting; building your brand; and other highlights from our favorite tax bloggers. Blunt truths Taxable Talk (http://www.taxabletalk.com/): Sometimes the IRS processing time “ain’t pretty” — though to be fair this tale does start with a return sent certified mail taking nearly a month to get from Las Vegas to Ogden,
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The general disruption in life caused by COVID-19 has accelerated the pace of the mobilization of the workforce, creating tax policy considerations that have been slowly surfacing over the past decade. “The fact that states, employers and workers were all suddenly forced into remote work settings has provided an unexpected opportunity for a discussion about
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France is hoping for a quick end to the simmering transatlantic trade battle over its tax on technology giants such as Facebook Inc. as soon as President-elect Joe Biden takes office. French Finance Minister Bruno Le Maire will speak with members of Biden’s team on Monday with the aim to end the bilateral conflict by
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President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another U.S. downturn. In Yellen, Biden is likely to find
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The Internal Revenue Service is planning to ramp up audits of smaller businesses and their investors by about 50 percent next year, following years of persistently low examination rates, an agency official said Tuesday. The result could be a surge in audits of companies ranging from mom-and-pop retail stores and technology startups to investment funds
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The IRS Advisory Council, a federal advisory committee that provides a public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public, sees a danger in chronic underfunding of the agency. IRSAC made the point in its annual report, which also highlighted the importance of the Taxpayer First Act
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Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report. The report, released Friday by the advocacy group Tax Justice Network, in collaboration with Public Services International, the Global Alliance for Tax Justice
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The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from
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Employees working from home during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets. Emburse, an expense management software company, released a compilation Wednesday of some of the craziest expenses it has seen claimed this year, some of which were actually approved. That included $1,895, which was
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Even before the pandemic hit, states were looking for ways to increase their revenue. Of course, as a result of the pandemic and the accompanying shut downs it engendered, many states are facing unprecedented shortfalls in revenue. States have sought to remedy this by raising taxes, broadening their tax base, and going after remote sellers
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The Internal Revenue Service’s Criminal Investigation unit has been initiating fewer investigations of abusive tax return preparers this past year, while also recommending fewer prosecutions, and seeing fewer indictments and prison sentences this year, according to a new report. However, the IRS CI division managed to identify $2.3 billion in other types of tax fraud
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Tax policy for the next two years, and therefore tax planning strategies, may be determined in Georgia early next year. On Jan. 5, 2021, the state will hold runoff elections for two Senate seats, which may determine whether Republicans retain control of the Senate or whether Democrats will have a trifecta — control of the
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What a POS; bad bet; too sick to go to prison; and other highlights of recent tax cases. Moss Point, Mississippi: Preparer Talvesha Glaude has been sentenced to 22 months in prison for preparing false returns. She owned and operated a tax prep business under multiple names, including TMG Tax Service and Regional Tax Service.
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The Internal Revenue Service said Friday it intends to start “masking” sensitive information on business tax transcripts, beginning Dec. 13, to safeguard taxpayers against the threat of identity theft. Friday’s announcement gives taxpayers and tax professionals 30 days to make any necessary adjustments. The IRS began telling tax professionals about the upcoming change during its
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