CPA Practice

JUNE 15, 2023

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The results of a TIGTA audit, which was released on June 14, found that: 6,833 taxpayers potentially received $10.5

Tax 131

Tax tax return tax accountant Technology 131

TaxConnex

FEBRUARY 27, 2024

For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%). million accountants and auditors in the U.S.

Sales 219

Sales Tax Account accountant 219

Withum

JUNE 24, 2022

When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. See generally Notice 2021-20, Q&As #23-28.

Tax 126

Tax audit tax return tax services 126

Withum

JANUARY 8, 2024

Until the proposed regulations are published, taxpayers can rely on the excluded product right exception for R&E expenditures paid or incurred in the taxable years beginning after December 31, 2021. However, automatic changes in accounting methods can be filed on Form 3115 and are not due until the extended due date of the tax return.

tax return 78

tax return audit Tax income tax 78

Going Concern

NOVEMBER 24, 2023

EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”. Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e., Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e.,

auditor 112

auditor audit tax return cpas 112

Cherry Bekaert

JANUARY 18, 2024

2024-9 relieves the need for certain taxpayers to file non-automatic accounting method changes by year-end specifically, Rev. 2024-9 allows taxpayers to comply with the guidance in Notice 2023-63 by filing an automatic accounting method change for taxable years beginning after December 31, 2021. Specifically, Rev.

tax return 89

tax return Tax Account accountant 89

ThomsonReuters

JANUARY 28, 2022

If you spend a lot of time hiring temporary employees just to help with tax season, you could be missing out on a lot of potential talent—those employees who are looking for long-term positions. Tax accountants who only need office space for a few months out of the year must spend a lot of time before tax season looking for good options.

Tax 102

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