CPA Practice

MAY 3, 2024

We are overhauling compliance efforts to advance our commitment to fair, equitable, and effective tax administration and hold ourselves accountable to taxpayers we serve,” he says in the strategic operating plan update. “We Our findings supported the conclusion that Black taxpayers are audited at higher rates than other taxpayers.” “We

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audit Tax Technology Government 120

Going Concern

APRIL 19, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. The Big Four accounting firm is considering adding about 85 U.S.

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cpas accounting firms Account accountant 87

ThomsonReuters

OCTOBER 7, 2022

These appropriations are to remain available through the end of 2031. The money dedicated to taxpayer services will help the IRS improve pre-filing assistance and education, filing and account services, and taxpayer advocacy services. Thomson Reuters Checkpoint Edge is the industry’s leading tax and account research solution.

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audit Tax tax return Start-ups 90

CPA Practice

JUNE 2, 2023

The AICPA Foundation , established in 1922 to advance accounting as a learned profession and promote its future, is offering more than $75,000 in scholarships for CPA Exam candidates and college accounting students. According to the Bureau of Labor Statistics , employment of accountants is expected to grow steadily through 2031.

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CPA cpas Account accountant 52

ThomsonReuters

MARCH 10, 2022

If your tax and accounting firm’s clients are concerned about increasing gas and energy costs, “go-green” tax credits will reduce their carbon footprint and save them money in the long run. In both BBB versions, this credit was set to increase to a lifetime maximum of $1,200 and extend through 2031. Electric vehicle (EV) tax credits.

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CPA Practice

FEBRUARY 6, 2024

In fact, the report states that if the Inflation Reduction Act funding is renewed after it runs out at the end of fiscal year 2031, estimated revenues could be as much as $851 billion. However, Treasury warned that if $20 billion is cut from the IRS’s funding allotment, it would reduce revenues by over $100 billion.

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audit Tax Technology Account 130

Withum

AUGUST 24, 2022

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 allocating approximately $80 billion, in addition to its regular appropriations, to the IRS through September 30, 2031. This includes approximately $45.6 billion for enforcement, $25.3 billion for operations support, $4.8 billion for taxpayer services.

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audit Legal Tax accounting and finance 72

PYMNTS

JANUARY 15, 2021

7 and are due in 2031, Bloomberg said. Half of Latin Americans don't have bank accounts, making digital transactions especially important, Maria Paula Arregui , chief operating officer of MercadoLibre's payments service, told PYMNTS in an October interview. MercadoLibre’s bonds started trading on Jan.

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Sales Real Estate Start-ups Account 82

TaxConnex

JULY 12, 2022

Sales tax is the largest source of state funding for the state budget, accounting for 59% of all tax collections. Taxable purchases and leases of equipment must be at least $15 million for any calendar year, with additional conditions effective Jan. Texas sales tax revenue for the three months ending May 2022 was up 15.7%

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Sales Tax Oklahoma Illinois 177

CPA Practice

MAY 2, 2023

By Paula Laurenti, Key Accounts Manager at SAPRO. accounting profession is facing a severe shortage of certified accountants. Projections indicate that demand for accountants and auditors will increase by 13% between 2021 and 2031, with an estimated 136,400 job openings between 2021 and 2023. pre-pandemic to 62.1%

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cpas auditor accounting firms accounting and finance 69

Withum

JULY 26, 2023

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year. billion in 2031.

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Tax income tax Manufacturing accounting and finance 52

CPA Practice

AUGUST 16, 2023

The IRS’s strategic operating plan for 2023 through 2031 lays out the agency’s intention to ramp up enforcement action related to digital assets, according to Green Tree, PA-based accounting firm H2R CPA. Coinbase didn’t comply with an IRS summons to produce the account information and Mr. And that’s just the beginning.

cpas 98

cpas tax return Real Estate Tax 98

ThomsonReuters

AUGUST 9, 2022

The post Superfund Chemical Excise Tax FAQ: What companies need to know appeared first on Tax & Accounting Blog Posts by Thomson Reuters. What does the excise tax apply to under the new law? Under the new law, the excise tax applies to the use, sale, or import of 42 taxable “chemicals” and 151 “hazardous substances.”

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Tax Manufacturing tax return Sales 97

ThomsonReuters

JANUARY 9, 2024

” Per the IRS’s Strategic Operating Plan for fiscal year (FY) 2023 through 2031, expanded enforcement is on the radar for large partnerships and large corporations, with additional focus on the employment tax returns these and other entities file. “Tax is really just the story of people’s lives,” Creech said.

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audit Legal Tax tax return 98

ThomsonReuters

AUGUST 16, 2023

118-5) clawed back some of the IRS’s funding during federal government debt ceiling negotiations, the Service has continued with the plans in its Strategic Operating Plan for 2023 through 2031. Although the Fiscal Responsibility Act of 2023 (P.L. Adding more electronic filing.

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tax return Tax Government Account 52

DMCL

APRIL 11, 2022

Introduction of the new Tax-Free First Home Savings Account (FHSA). Similar to TFSAs, income earned in the account is tax-free and withdrawals are tax-free provided withdrawals are for purchases of a qualifying first home. for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040.

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Non-Profits Real Estate Tax Construction 52

ThomsonReuters

JUNE 28, 2023

An MOU with New York that started on  June 13, 2022 states that the agencies “will share information about the identification and investigation of complex or fissured employment structures, including single or joint employer, alter ego, and business models designed to evade legal accountability, such as the misclassification of employees.”

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