IRS to begin audits of personal, business use of corporate jets
IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers. Read More
The ERC: Practitioners’ responsibilities to amend income tax returns
Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed. Read More
Helping sole proprietors choose between a solo 401(k) and a SEP-IRA
Understanding the differences between these two types of retirement plans can help sole proprietors make the best choice for their bigger-picture tax and retirement savings goals. Read More
No ‘gotcha’ enforcement of BOI regulations, FinCEN chief vows
Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule. Read More
On Form 1099-K delays, Werfel says IRS must protect taxpayer rights
IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday. Read More
A&A Focus recap: ASB update, technology spotlight, AR-C Section 70, and CECL
The February AICPA accounting, audit, and attest webcast brought together experts, including the chairs of the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC), to provide updates on recent news. Read More
Return-to-office politics: 4 tips for reducing talent attrition
A survey finds that high-performing workers often balk at being forced back into the office, giving companies plenty to consider before mandating a return. Read More
7 warning signs that an ERC claim is questionable, from the IRS
As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims. Read More
EFIN scam targets tax professionals
The IRS warns that the scammers want to gain access to data and identities so they can file fraudulent tax returns. Read More
Form 1099-K frequently asked questions revised
Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for payment card industry about which organizations should send Forms 1099-K. Read More
Privacy and profits: How responsible data protection can drive revenue
Many companies report a solid return on investment from their actions to protect and promote privacy, but a few simple steps could boost both profitability and security. Read More
Study: IRS could collect billions more with full funding
A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written. Read More
